UK car insurance continues to rise. It is increasingly expensive for motorists to maintain on the road. The Association of British Insurers reported that average fully comprehensive costs reached £622 by June 2024. This is up 21% from the year before.
There are ways the driver can still lower his expenses. Here is a guide about what affects your car insurance rate and how to keep those costs low.
Primary Determinants of Insurance Premiums
1. Age and Experience: Younger drivers are the costliest to pay as they experience a greater frequency of accidents. For instance, a 17-year-old might pay as high as £2,776 for one year. On the other hand, above 38 years, it drops below £1,000.
2. Insurance Group: One of the biggest factors for insurance prices is the group. The higher the insurance group, the more expensive it is. You can enter the registration plate into a car checker service to reveal the group for free.
3. Gender and Vehicle Type: Even though there is no insurance on gender differences, males will always have to pay more since most males prefer performance cars that have higher repairing costs.
4. Location: Higher premiums in the urban areas especially in London. This is attributed to the risk of theft and vandalism. Areas in the rural setup, for instance, Scottish Borders, receive lower rates.
5. Usage and Storage of the Vehicle: Cars that are parked off street or in garages and used rarely have lower premiums.
Tips to Cut Down Insurance Premiums
1. Compare: Start by comparing using comparison sites or tools like MoneySuperMarket, GoCompare, and Comparethemarket. Some might not be able to find this on comparison websites, so try comparing with these providers directly in case they too offer the same deals.
2. Pay Annually: Monthly payments carry interest. The premium is usually cheaper if paid upfront. If paying in one go is impossible, a 0% interest credit card can be used instead.
3. Add an Experienced Driver: Adding a responsible, older driver to your policy may lower premiums. However, the primary driver must always be listed accurately to avoid invalidating the policy.
4. Increase Your Excess: Taking a higher voluntary excess cuts premiums. Just be careful, though, and make sure you can afford the excess if you need to claim.
5. Select the Correct Job Title: Various job titles can bring about different quotes. Terms such as “cook” instead of “chef” or “lawyer” instead of “barrister” might attract lower rates. Be honest but flexible while filling in job details.
6. Improve Security: Fitting alarms, immobilisers, or steering locks may help decrease the premiums. Keyless entry systems should have added security features against theft.
7. Avoid Car Modifications: Modified cars often attract higher premiums due to greater repair costs and higher theft risks. Stick to standard specifications for savings.
8. Build a No-Claims Bonus: Safe driving rewards motorists with lower premiums. Protect your no-claims bonus to preserve discounts, even after making a claim.
9. Limit Mileage: Driving fewer miles reduces risk exposure, translating to lower premiums. Be realistic about your estimated mileage to avoid invalidating your policy.
10. Consider Telematics Policies: Black box insurance monitors driving behavior and can reward careful drivers with lower premiums.
11. Install a Dash Cam: Dash cams provide evidence in case of accidents, simplifying claims and potentially lowering premiums.
12. The right car choice: Smaller and lower-power cars are placed into cheaper insurance groups. Cheaper options come in the likes of Hyundai i10 and Kia Picanto
Conclusion
Though the UK car insurance prices are rising, drivers have a lot to do with what they pay by planning and choosing wisely. The ways to reduce car insurance are plenty, starting from shopping around to improving security and reducing mileage. Keeping track of policy changes, which might help further down the line if the government indeed acts on these soaring premiums, is also something worth doing.
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