If you’re a regular driver, chances are one of your biggest motoring outgoings is your car insurance. Shopping around for the best value deal can be exhausting, so chances are, once you’ve found a provider that works for you, you’re not going to look at switching for a long time. Although this may seem like the easiest option, by not keeping your finger on the pulse as the market changes, you could end up paying much more than you need to. Here are some handy hints to help you cut down on your insurance costs.
Ask About Discounts
Many providers offer discount if you are insuring more than one vehicle, or if you buy a different type of coverage as well, such as homeowners. A quote you obtain for insuring one vehicle will almost certainly be higher than if you inquired about insuring several drivers and/or vehicles with that company, so think carefully about this before you shop. Generally speaking, multiple drivers must live at the same residence and be related by blood or by marriage. Some insurers also offer discounts if your car has antilock brakes, air bags, automatic seat belts, alarms or antitheft devices, or if you complete a driver education course, as well as potential deals available if you are a member of certain professional, business or alumni associations.
Consider Your Deductible
When choosing your car insurance, you can typically choose a deductible, or the amount of money you would have to pay before insurance picks up the tab in the event of an accident, theft or other type of damage to the vehicle. Depending on the policy, deductibles typically range from £150 to £1000. Generally speaking, the lower the deductible, the higher the annual premium, so a way to cut costs is to check with your insurance company how your premium might be affected if you raised your deductible. In some cases, raising your deductible may make your annual premium considerably more affordable.
Check your Cars Reputation
Something to keep in mind when it comes to choosing a car is its reputation on the road. That’s because insurers track the average insurance claim for every car make and model, and they use the data to help determine their rates. If drivers of a specific vehicle tend to have more accidents, incur more frequent or higher claims, or have their cars stolen more often, insurance companies will charge higher rates for everyone who drives the same type of car. It’s also a good idea to get a quote directly from your car manufacturer – you can check out insurance from BMW here.
Reassess your Coverage Package
Certain types of insurance, like collision coverage, may not be worth paying for in the long run. If your car is worth less than £1,000, the cost of collision coverage could potentially be more than what you’d recover if the car were in a crash. The best thing to do is determine your car’s value, and decide which (if any) elements of your coverage you can live without.