is compulsory, but it's not necessary to pay more than you have to. A few
simple steps combined with some time surfing for competitive car insurance
rates really can save you serious money at renewal time.
Step 1 - Cut the Risk and Cut the Cost
The easiest way to cut your car insurance premiums is to cut the risk and
accept a higher voluntary excess. An insurer's standard excess may be £100
but if you meet the first £250 of any claim, you'll see a reduction in your
premium. This is because you're taking on more of the risk so you get a
discount. But it's a gamble, be aware that you might have to meet the cost
of a broken window after an attempted theft or a bill for repairing bodywork
damage after a car park crunch.
Step 2 - Security Means Savings
Fitting security devices can also result in cheap car insurance premiums.
All major insurers insist on Thatcham rated security equipment, usually a
minimum of an alarm. If you live in a high-risk area for car crime, it makes
sense to fit extra security. It saves you money when your insurance renewal
is due and gives you extra peace of mind.
Step 3 - Annual Mileage, Less Means More in Your Pocket
If your annual mileage is, 5,000 miles or less, ask insurers if they offer
discounts for agreed mileage restrictions.
Step 4 - Named Drivers Trick
Adding a named driver to your policy can increase or reduce your premiums
depending upon the named drivers age, sex and driving record. Adding a young
driver will increase your premiums, particularly with a limited or poor
driving record. However, adding a driver over 30 years old with a long and
clean driving record can cut premiums, particularly if the named driver is
Step 5 - Shop Around and Save Even More
The biggest car insurance savings come from shopping around. There can be
massive differences between the lowest and highest car insurance quotes for
exactly the same car and driver(s). Start off using good comparitive online
quotation sites, take their best quotes and go direct to the cheapest car
insurance company for more specific quotes.
So next time your renewal quote arrives, don't just accept it and give your
money away to the insurance company. Use the steps above and get the right
cover at the right price.
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