Squeezing The Pennies Out Of Your Car Insurance

The insulation our no claims benefits gave are fast becoming a rarity and our cars are like a second mortgage! But there are ways to save money on car insurance premiums.

Owning And Insuring A Car Feels Like A Punishment

If I skip back a ‘few’ years in time, I can easily recall the days when my car insurance was cheap as chips. Well, ok, maybe not chips but it was lot less expensive when compared to todays prices. Over the last 5 years, the cost of car insurance costs has risen relentlessly. Let’s look at a few ways to knock out insurance premiums back to the 1990’s!

Why Is My Car Insurance Going Up?

Ok, I’m exaggerating slightly but doesn’t it feel like your car insurer is slowly chipping away at your retirement fund? It must be the fault of all those unwashed, uninsured drivers that litter the UK’s roads with their rusty piles of crap, right? Yes and No.

Whilst it’s true that uninsured drivers have helped to push up the annual cost of keeping your car legal they’re not the only culprits. So who else is making my life hell? Lawyers! No win, no fee has become the main way of getting money that, ‘I’m entitled to’! There’s also the effect of your postcode on your car insurance and, finally, there’s the fraudulent claims that rack up more misery for the honest drivers. So, where are the insurers going to claw that money back? From your premium, of course.

We can’t lay all the blame at the feet of the solicitors and the ‘bad people’. I agree that insurance companies do raise their premiums with almost clockwork regularity but they have businesses to run. The problem for any business is one of finding a balance between turning a profit and offering your customers the best value.

Car Insurance Premiums Can Be Cheap….

…without being all but useless. Here’s a few ideas to help cut back the amount of cash insurers claw back.

Ladies

I’m assuming you have a partner that she’s female! Fact: women pay less for their insurance. When you take out your new policy put it in your partners name and add yourself as a second driver. Easy money in the bank.

Multi-car Insurance

If you don’t have a female partner you might benefit from a multi-car insurance policy. Basically, if you have more than one car in your household then it’s time to take advantage of a multi-car policy. Some insurers claim savings as much as 20% off the price of two comparable single car policies.

Protect Your No Claims Bonus

Regardless of the type of policy you take out, single or multi, you’ll want to protect your no claims bonus. Losing just one years no claims in an accident can lead to a major jump in the cost of your premium.

Any decent insurance company will offer you no claims protection (if they don’t; run for the hills). Take the protection. If you’re involved in an accident and it’s your fault you will lost out – even an extra £5 on your monthly premium adds up to an extra £60 year.

Move Every Year

You’ve got your 5 years no claims and you know that every year your policy renewal will kick in with no effort on your part. But wait! Aren’t you missing a trick here? Competition in the insurance is ferocious and this means there are big savings to be had. Insurers are offering massive discounts in order to get customers through the door. The only problem is, that after the first year most premiums tend to launch skywards!

To get the best deals you’re going to have to move insurance supplier every year as you hop from one deal to another.

Cut Your Car Insurance Premium Now!

What are you waiting for? It’s time for you to force the insurance companies to earn your money instead of simply taking it.

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