Some things in life are certain – and if you own a car you are almost certainly paying for car insurance. You could be surprised however that these expenses could be minimised somewhat – to help out we have compiled a list of our top tips to cut those insurance costs.
That’s right – often 3rd party insurance, fire and theft (TPF&T) is more expensive than fully comp. This is because according to insurer’s stats the cost-per accident under TPF&T insured incidents is often greater overall (so there is some method to their madness).
Insurers like secure cars – simple. The older the vehicle the likelihood of it being easier to steal goes up – however this is not always the case. For older cars, fitting them with an alarm approved by your insurer will help to lower your costs. For newer cars, watch out for more modern methods of theft such a relay attacks. In this method the criminals work in pairs using the signal from your key fob (often in your house) to relay it to the car and open the door. Something like an RFID signal blocking wallet/pouch can help counter this.
Ultimately, if you have no insurance claims, your no-claims bonus will surely keep your costs down.
This tip could help younger drivers as insurance providers may see the risk a being shared. If your policy is quite pricey, adding one of your parents may prove to bring your costs down in the mid-long term.
Especially relevant for young / new drivers. Insurance policies are often based upon the companies perception of the risk you and your vehicle pose. Taking a government mandated Pass Plus 6 hour extra driving course may encourage your insurance company to offer you a lower rate – something they can be tempted to do upon completing this course as they see your risk of having an accident in the first 12 months of car ownership as having been lowered.
In order to get your policy to reflect your responsibility behind the wheel rather than the perceived threat you pose, you may consider a ‘black-box insurance policy’. This is essentially a small device that gets installed near your engine to track that your are driving responsibly within the limits of your insurance policy. This can be useful for new drivers who may get a lower insurance premium if they drive responsibly. Be careful though as these policies sometimes have maximum mileage penalties – so be sure to read the small print.