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How To Reduce Your Insurance Premium - Some Tips
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Finding the right insurance for your car may seem like a headache when first faced with the many different providers. However, with just a little bit of research and an awareness of how insurers judge your applications, you could find yourself saving a considerable amount of money.
Types of Cover
There are 3 main types of insurance cover and the best sort will depend on what car you have and how must it would cost to repair or replace it. They are; `Third Party`, Comprehensive and `Third Party Fire and Theft`. Third party is the minimum legal requirement as it covers liability to third parties and their property.
Competitive Rates
Most car insurance companies will have special or reduced rates for different customers, and it is certainly worth shopping around for those deals that are more exclusive to you.
Women Drivers:Whether it be shorter distances, changing lifestyles or simply a less aggressive attitude on the road, statistics prove that women drivers cost less to insurance companies. There are a number of companies that insure woman exclusively though they may not necessarily offer the best rates so look around.
Student Drivers: Some specialise in low cost insurance for students - it not only covers you if you hit someone or something, but can also cover any time off your studies as a result of an accident or urgent hospital treatment.
Classic Cars: Certain companies have realised that there is a special market for classic car insurance which includes veteran cars (those manufactured before 1903), Vintage cars and Classic cars.
Reducing Premiums
If you don`t fall into any of the above categories then fear not, there are a number of ways to reduce your premiums, aside from the make and model of the car, when it comes to renewing your insurance.
Mileage
Most insurers use 12,000 miles as an average annual mileage - if you don`t drive this much then you are considered a lower risk, particularly if you only use the car for supermarket or school runs where your top speeds are likely to remain.
Security
Having good security, including parking in a secure location, and anti-theft devices, can affect how much you pay. Owners of classic and sports cars in particular may benefit more from this.
Excess
Every car has an excess minimum but you can offer to pay more than the minimum excess which, as this reduces the financial risk carried by the insurer, you premiums will lower considerably.
Driving Safely
Newer drivers may benefit from the Pass-Plus scheme which gives added experience on motorways for newer drivers. Older drives are considered to be more experienced and this will help too - there will be a gradual decline in cost as you get older. Your occupation may also have an impact on your insurance levels, with some careers considered to be more `responsible` and therefore a possible reflection on the driver`s capabilities so make sure you provide the most `respectable` job title when applying.
No Claims
Drivers who have made no previous claims on their car insurance will be rewarded via the No Claims Discount. If you change insurance providers, see if your no claims can be transferable.
Shopping Around
Many insurance brokers offer an online discount and there are a number of price comparison websites available to help find the most competitive deal for you. Always shop around and try to get several quotes before committing.
To find out more information on getting the right deal for you, visit car insurance
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