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Money Saving Tips

How to save money on your car insurance quote

Everyone would like to reduce their insurance premium to more affordable levels. Let's face it, car insurance is a big chunk of your hard-earned money that you'd rather be spending on other more entertaining things in life! By following as many of the tips below, you can help to reduce your car insurance premiums to lower amounts. Remember, be honest on your insurance quote application form at all times. Honesty is always the best policy, excuse the pun!

Tip 1 Shop around for the best car insurance price quote

There's nothing more satisfying than doing your homework to find the best price, whatever you're looking for. With so many car insurance brokers offering massively variable prices on their policies, it really does pay to shop around, and where better to do this than the internet? There are several websites that allow you to compare prices for car insurance online, allowing a side-by-side comparison of the prices that you would be paying for your insurance policy.

Don't forget that some car insurance providers don't advertise their prices on car insurance comparison websites, so have a quick look at other providers such as Direct Line, who claim not to advertise on price comparison services as they 'cut out the middle-man' to offer the best car insurance deals. Worth a look!

Tip 2 Park your car securely

Having a significant impact on the policy of your car insurance, where you park your car is a very important factor in the policy price. Park your car in a secure place especially overnight, either in a secure, locked garage or a designated off-road parking spot will have an impact on the price of your insurance policy.

Tip 3 Don't buy an imported car

For imported cars that have been shipped from abroad into the UK, the cost of maintaining and finding parts for an imported car may be more expensive than a vehicle that has been bought in the UK. However, this may not apply to popular cars, such as Ford, Honda, Mazda etc., so make sure you do your homework before you buy and check the availability of spare parts and repair costs.

Tip 4 Research the car insurance price bands

Different cars have different car insurance price bands. If you can just about afford a new Ferrari, good for you. But remember that the premium on a performance car is going to be way, way higher than a clapped out Ford Fiesta Mk1. However, also be aware that the car insurance bands issued by the ABI (Association of British Insurers) are advisory, and insurance brokers are not obliged to adhere to the ratings, although most do. Check out the car insurance price ratings on the left hand side menu.

Tip 5 Don't overstate your annual mileage

If you're only going to be using your car to pop down to the local shops once a week and you know you won't be travelling 10,000 miles a year, then reduce your estimated annual mileage accordingly. As you'll be spending much less time driving your car, the insurance broker will see you as a much lesser risk than a driver who is travelling 20,000 miles in a year.

Tip 6 Pay your insurance policy as a lump sum

Some insurance companies will charge more for paying by installments by direct debit for your policy, others less, so it's worth finding out whether you can reduce the cost of your policy by paying it off in a lump sum payment.

Tip 6 Female drivers get it cheaper!

Insurance providers will tend to put women drivers in a lower risk category than men, and insurance policies are typically less than their male counterparts. By choosing an insurance broker that specialises in providing car insurance to women, the ladies can often reduce their premiums. Not a lot you can do about this, lads, and don't even think about putting your girlfriend's dress on!

Tip 7 Secure your car with an anti-theft alarm or immobiliser

A tip that can definitely reduce your insurance premium price, fitting a Thatcham-approved anti-theft alarm or immobiliser will also help to save money. Most insurance providers are able to provide significant discounts to motorists who secure their cars with an approved alarm system, so it's worth forking out for a good security system for your car.

Tip 8 Watch your no-claims bonus/discount

You can save huge amounts off your car insurance by ensuring that you build up your yearly no-claims bonus/discount with your provider. Adding extra years no-claims to your insurance policy is one of the best ways of saving money off your car insurance. Companies will often see this as the biggest influence on the price of your car insurance policy, so drive carefully. People who make numerous claims against their car insurance policy will inevitably attract bigger premiums.

Tip 9 Get old - reach maturity quickly!

OK, so you have no control over this tip, but the age of the driver has a massive impact on the cost of the car insurance. When you're younger, insurance companies see you as a greater risk than more mature drivers. That's a fact of life, and there's not a lot you can do about it. However, bear in mind that the price of car insurance won't always go down... as you reach old age the premiums will start to creap up - as old age sets in the eyesight and reactions times tend to suffer and the car insurance companies will see you as an increased risk.

Tip 10 Check the price for spare car parts

Parts that are expensive to replace or difficult to get hold of will inevitably increase the price of your premium. The cost of a new side door panel will be much less for a Ford Fiesta than it will be for a Maserati Granturismo, so bear this in mind, as it won't be you that'll be paying for the spare parts, it'll be your insurer!

Tip 11 Buy your car insurance on the internet

Financial products tend to be pretty much cheaper on the web than they are in the bricks-and-mortar world, with car and vehicle insurance being up to 10% cheaper online.

Tip 12 Buy your car insurance with your other insurance policies

Many insurance providers will reduce the cost of the premium if you also take out their home insurance, life insurance and other insurance products with them, as a loyalty bonus.

Tip 13 Safer drivers pay less

Any penalty points that you accumulate on your licence will have some kind of effect on your insurance policy. It really does pay to drive safely at all times and abide by the law. The more points you get on your counterpart, the more your insurance provider will charge for your policy. Keep safe and save more!