Car insurance is a legal requirement in the UK, but that doesn’t mean you should pay over the odds for it. By arming yourself with some information on how car insurance premiums are calculated, and what you can do to help reduce them, you’ll be more likely to find the right cover at the right price.
Car Insurance Rates Change Regardless of What You Do
One of the biggest misconceptions about car insurance is that rates go up due to the actions of motorists alone. You might go an entire year without getting into any collisions or being cited for traffic violations and still see your rates edge up a bit. If you notice your auto insurance going up, you have to think about what other changes you have experienced in life as of late. Did you move into a neighbourhood where there is a higher crime rate? What about a divorce or a separation? Auto coverage providers look at a lot of different factors when they give quotes and calculate insurance rates.
In addition, your renewal quote from your existing provider is almost always higher than you’d find elsewhere, which is why it’s important to shop around each time your policy is due for renewal.
Changing Coverage Amounts and Policy Details can Save You a Lot of Cash
Want another way to get your car insurance premiums as low as possible? Look at all of the details and figure out ways to consolidate costs. For instance, if you’re a car collector who owns multiple cars might want to look into motor fleet insurance rather than purchasing individual policies for each of those vehicles. You can use the site quotezone.co.uk when looking for policies as they let you compare prices for fleet insurance policies, as well as other types of insurance you may need.
A homeowner may also want to consider bundling their insurance policies by taking out car insurance, home insurance and pet insurance with the same provider, which can sometimes result in healthy discounts.
The More Vehicles You Insure, the Bigger the Savings
Even if you don’t own several cars yourself, there are a few other ways to benefit from a multi-vehicle discount. For instance, family members can all save on their car insurance by taking out a joint multi-car policy, and even flatmates can do the same provided the flat they share is their permanent address.
It might also be worth looking into taking a defensive driving course, which can help to reduce the cost of your car insurance even more.
If you drive, you are going to need car insurance, but you don’t have to be stuck paying more than you would like to. There is almost always a good way to reduce costs associated with car ownership, but you also need to consider the type of car you are driving. If you have a luxury vehicle, you are simply going to have to pay a little more for coverage. Those with entire fleets of vehicles might also have larger auto insurance premiums, but they also get bigger discounts based on the number of vehicles covered.