Have you noticed your car insurance premium is more expensive recently? With increasing costs, many of us are wondering how to get cheap car insurance. The rising cost of car repairs has seen premiums increase by almost 50% over the last 18 months. With predictions of another 11% rise in 2024 too, the average UK motorist is expecting to pay £956 on their motor insurance from January 2024.
Here are some of the ways you can reduce your car insurance premium without sacrificing your coverage. Please note these are potential options which can help you reduce your premium, but it is still your duty to make a “honest and fair presentation” to avoid any negative impact of your policy and/or a future claim. If in any doubt, please contact us to discuss your requirements or queries beforehand.
Change Your Car
The make and model of the car you drive affects the price of your car insurance. This is because more expensive cars cost more to fix due to the price and availability of parts.
So, the more expensive and powerful the car, the higher your insurance premium will be. For cheap car insurance, you could think about downgrading your car.
Change Where Your Car Is Kept
Where do you keep your car at night or when it’s not being used? Keeping your car somewhere safe like a garage or a driveway reduces the risk of theft and damage, lowering your premium.
Reduce Your Mileage
The number of miles you drive each year and your reasons for driving (such as commuting to work during rush hour) can alter the price of your car insurance. The more miles you drive, the more likely you are to be involved in an accident.
Can you reduce your mileage to reduce your premium?
Protect your No-Claims Bonus
For every year you drive without claiming on your car insurance, you get a no-claims bonus. Every year you add (up to around 8 years) gives you a higher discount on your next premium. It is always prudent to then secure your bonus by adding protection when you can as this will enable at least one “own fault” claim without loss of your hard-earned discount.
Most car insurance providers will allow you to pay extra to protect your no-claims bonus. This allows you to make up to 1-2 fault claims within 5 years without affecting your no-claims discount.
Cheaper Car Insurance If You Pay Annually
Many car insurance providers will add interest if you choose to spread the cost of your premium with monthly payments. However, if you can pay for the full year in one go, you can save money.
Agree a Higher Voluntary Excess
If you agree to pay a higher voluntary excess this can help to bring down the total cost. However, keep in mind that you’ll be required to pay this amount as well as the compulsory excess if you need to claim, so make sure it’s affordable for you.
Add a Black Box
Black box, or telematics car insurance, monitors the way you drive, reporting back to your car insurance provider. Typically used for younger drivers (but can be a great way to make savings for all ages) black box insurance rewards safe drivers with lower premiums.
Add A Named Driver
If another, more experienced driver frequently uses your car consider adding them as a named driver. Just be sure that the person who uses the car the most is the named driver to avoid committing car insurance fraud.
Avoid Auto-Renewal for Cheap Car Insurance
Even with the recent changes in the way providers can sell policies to new and existing customers, auto-renewing your policy might not be the cheapest option. We always recommend comparing policy prices before committing to another year.
The Bateman Group is an independent insurance broker with access to the entire market. We can obtain quotes from insurers that are not available on comparison websites. Use our Quick Quote form or get in touch for a no-obligation quote.
