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How to reduce your car insurance premiums

30 June 2014

Car insurance premiums work off a range of different factors, including the driver’s age, occupation, no-claims record, where they live, the make and model of their car among several other considerations.
An example of someone in the highest price bracket would be a young Ferrari-owning professional footballer living in London. At the other end of the scale, a 50-year-old headteacher who drives a modest Renault Clio around their home county of Cornwall may have a little more luck when it comes to renewing their policy.

Until you can move house within a split second and find a new job by simply walking into a company, you may not be able to change all aspects of your life to suit the brokers. However, there is a small selection of relatively straightforward actions you can take to reduce the cost of your annual cover. Here are some of the easiest rules to follow.

Cover
The type of cover you opt for will invariably change the price of your policy for better or worse. Still, you should never assume that one policy will cost more than the other – you should seek quotes for all the available options.
Accident
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Third party is the minimum level of cover for British motorists and is generally considered to be the cheapest to buy. This type of policy will cover you for any damage to another person’s car in the event of an accident, but it won’t cover your own.

A fully-comprehensive policy on the other hand will offer you the broadest level of cover and includes the cost of replacing or repairing another person’s car as well as your own. However, this will often be priced at a premium rate, so do think carefully about whether you really need the added cover.

Pass Plus?
Additional driving qualifications not only teach you more about driving and the way of the road, they also help to bring down the cost of your car insurance.

Having a Pass Plus certificate in addition to your driver’s licence tells insurers that you’re an experienced motorist that has been taught in the correct manner. Thus, theoretically, you should be less likely to crash.
These courses take as little as six hours to complete and could save you money for years.

De-modify...
Remember that after-market spoiler you impulse bought? The insurers reckon you’re better off without such attractive additions.

Car modifications are known to increase premiums by hundreds of pounds, mainly due to the cost of replacing these expensive parts but also due to the reputation of boy racers who choose to modify their vehicles. Get rid of the mods and you could see a decline in the cost of your insurance.

But only in the right areas
In some cases you can actually reduce the cost of your car insurance premiums by adding certain features to your car. Security devices such as an improved alarm system or immobiliser will reduce the risk of your car being stolen and should help you get cheaper cover.

You may also wish to consider where you store your vehicle overnight. Some brokers will reward you for keeping your car in a garage as opposed to the road outside your house, but do not lie about its location to save money.

A small group of car insurers have started to use geospatial systems such as Google Earth to determine the true whereabouts of their customers’ vehicles. Failure to comply with the terms in your policy could mean that any claims you make in that year may be deemed invalid.

Add a driver
Adding an older or more experienced driver to your car insurance policy could prove to insurers that you have a sensible adult keeping an eye on you and your vehicle. Just try to resist the urge of naming them as the official policy holder. This illegal practice is called ‘fronting’ and could result in your failure to make a claim.

Change car
Finally, could now be the time to switch your vehicle in order to bring down the cost of your insurance?
Saying goodbye to your beloved two-seater convertible may not be the easiest thing you’ll do this year, but switching to a more modest vehicle could save you hundreds of pounds on the cost of your annual insurance.

Young and inexperienced drivers will often choose a small, fairly sluggish yet reliable vehicle due to their reputation in the eyes of insurance companies. Brokers see less power as less ability to speed, take corners at a frightening pace and put the lives of others at danger. It’s also worth mentioning that luxury cars contain expensive parts and the cost to replace your chrome front-grille may send alarm bells ringing.
Admittedly a switch in vehicles is a pretty drastic action to take, but reduce your power and you’ll be sure to see a reduction in your car insurance premiums.

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