Reduce Your Insurance Bill

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This checklist can help you save money if you’re fed up with high insurance premiums.

If your insurance premium is excessive, the first thing you should do is to switch to a lower-cost insurance category. All cars are ranked from 1 to 50. One is the cheapest to insure. For example, a Vauxhall Corsa 1.0 litre will be in the first bracket while a Porsche 911 or premium car like the Porsche 911 will be at the opposite end.

You can also save money by keeping your car as safe as possible. For a small discount, inner-city post codes are more expensive.

You can also fit theft deterrents like a Thatcham category 1 immobiliser. This will impress your insurer as the Thatcham Motor Insurance Repair Research Centre evaluates the effectiveness of car security products using British industry standards. These security items are not cheap so you should weigh the cost against the potential savings on your insurance premium.

You have the option to choose your risk. This means that you can decide how much you will pay for each claim if there is an accident. The excess is also known as the premium. It can range from 1000 pounds to 100 pounds. You have the right to choose what suits your needs best. The premium will be higher if the excess is lower than the premium.

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The renewal letter quote should not be accepted. If they refuse to offer you a better deal, you should always contact your insurance company. They will usually give you a better deal, but if not, get other quotes. New customers always get the best quotes from insurance companies.

It is worth the effort to shop around. It is time-consuming, but could save you some money. You can compare the prices and get multiple quotes using price comparison sites such as moneysupermarket.com and confused.com. Don’t forget about insurance brokers.

These sites are worth checking. If the broker or comparison site offers a good quote, you should contact the company to see if they can improve the price. Sometimes it can be cheaper to go directly.

Don’t get doubled up. Your insurance company might be offering you – or charging you – the exact same coverage as you have. Don’t pay for the same coverage on your insurance if your breakdown cover covers you paying for a hotel room.

Be precise. Don’t guess how many miles you drive each year, take the time and work it out. If your annual mileage is only 15,000 miles, why pay for 20,000 miles?

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You can tailor the deal to your needs. Insurers may take into account the years of driving experience. This could help you get a better quote. This can also apply if you’re a named driver under another policy.

Young drivers can take advantage of this discount to get a no-claims discount, even if they are on their parent’s insurance.

Some insurers offer discounts to motorists who have completed Pass Plus, which was developed by the Driving Standards Agency with the assistance of insurance companies.

You can become a better driver and reduce your car insurance premium.