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Car Insurance. How can you lower your premiums
Many factors influence the premium for your Motor insurance policy. Your insurer will have
asked you many questions whilst producing your quote - some of which will affect your
premium and some will not. Below we discuss the key variables that are within the policyholder's control.
Consolidating policies
By insuring a number of vehicles with the same insurer, or by trying to take out home and life
insurance through your car insurer, you may be able to secure a ‘bulk buy’ discount.
Location
A big influence on the cost of your car insurance is where you live. The chance of your car being
broken into or stolen is a key concern for the insurer. More urban areas traditionally facing greater
risk of theft and therefore tend to be more expensive than countryside locations.
Excess
By agreeing to pay a greater excess on each claim you can reduce your car insurance premiums.
This is because you are reducing the liability of the insurer and therefore in return they are able to
offer you a lower premium.
Your Vehicle
The cheaper and slower your vehicle the lower your premiums are likely to be. If you are looking to
buy a new vehicle make sure you fully consider the cost of insurance – you may be able to buy the
car but can you afford to run it?
Mileage
You can control your insurance premiums by restricting your annual mileage. However, be aware that
if you exceed the restricted number of miles you'll then become uninsured!
Parking
Where you park your vehicle overnight is also very important to the insurers. If it is kept in a locked
garage, you should be offered a lower premium than if you leave it unattended in the street.
Security
Security devices that prevent or hinder theft may also reduce your premium. Common examples
include alarms and immobilisers, however, be aware that as we improve the quality of our security
devices the thieves just become better at bypassing them. No Claims Discount
Save up your no claims discount by avoiding making small claims upon your policy. After a set
number of years, 4 or 5 typically, you'll often be offered the option to pay an additional small
premium to protect your no claims bonus. This can prove very helpful if you subsequently end
up having an accident.
Advanced driving skills
By taking an advanced driving course you may also be able to reduce your premiums.
The Institute for Advanced Motorists and the Royal Society for Prevention of Accidents each
offer membership which provides you with discounts for both the cost of driving courses and
your car insurance premiums. Two key variables NOT within the policyholder's control.
Your Sex.
Women are statistically less likely to have an accident and, if they do, it's less likely to be serious.
Because of these statistics women benefit from lower premiums. It is also worth noting that if you
represent one half of a couple you should consider having the female as the primary driver with
the male as the second driver.
Your Age
The older you are, the less likely you are to make a claim. As a result insurance companies charge
lower premiums for more mature drivers.
One final piece of advice.
A large percentage of car insurance is now sold on the Internet. That's because it's convenient
and cheap. Many insurers now give a further 10%-15% discount if you buy online.
About the author:
Michael Challiner has 15 years experience in financial services marketing at senior level. Michael
now works as the editor of Brokers Car Insurance
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