Most of us have already made New Year resolutions list to ensure that the upcoming year is more productive and peaceful. Apart from losing those extra pounds and learning new skills, we should also add ‘cheaper car insurance’ in our list of resolutions.
The reason for adding this particular point is that many of us are overspending on motor insurance and cutting it down can actually push us towards achieving some of our financial goals. Having a vehicle could be a necessity or a luxury for some, but, maintaining them well is a big favour that one does to oneself. It is not only important to buy a high tech car which gives lower mileage but it is equally important to maintain it in a manner that is pocket friendly and long lasting.
Now, the main question is how to cut down on your car expenses in the coming year. Well, there are many ways in which you can cut down your car insurance cost and keep it well maintained. We will take a glance at some of the points that insurance experts suggest for car drivers in the UK.
How to reduce car insurance cost in 2017?
Correct job title matters: You might not have noticed but your job title can have a big impact on the cost of car insurance. For example, a chef gets a quote that is £98 higher than kitchen staff. It is the same case with music teachers who pay £86 more than teachers. One thing that needs to be noted here is that if your job falls under more than one category then you need to check all of them and select the alternative that defines your job to the hilt. In case, you are retired or a stay home parent then do not forget to check the ‘unemployed’ option as it is the key to save around £300.
Add another experienced driver to the policy: It always helps to add another driver to your policy but you need to choose the right person for it. Adding your retired parents or teenage brother may not earn you any rewards. In fact, it may put the insurers off and you may not get any benefits over the premiums. Instead add a person with a clean driving license and decent no-claims history. This would cut down your premiums by a good margin.
No last minute renewals: Experts suggest that you should shop around and switch to better car insurance provider when you are at least three weeks ahead of your renewal date. This will save you an average of £280 when compared to last day renewal. Also, it is very important to compare and switch so that you get the most affordable deal to make big savings.
Pay up front to save: You might not be aware but car insurance providers charge interest on premiums spread over the year. If you have the money then paying the entire premium cost upfront would save you at least £62. This step needs to be taken with precision as there is no point getting into debt for paying a complete premium cost in one shot.
Slay the extras off your cover: You must check the extras in your car insurance cover. Is it the breakdown cover, windscreen cover, driving abroad clause etc.? For every extra security, you get charged by your motor insurance provider. More so, some of them would be already covered as part of your travel insurance or home insurance policy. It is important to keep a check on things for which you may be paying twice. You can remove the extras that are not required in order to reduce the premiums.
Check the excess: You must have a clear idea about the excess on your policy. This is the amount you pay while making a claim and the lower it is; the higher would be the premiums. Therefore, set you excess in such a way that it is affordable as even a small amount like £50 can make a huge difference.
To conclude, these are some of the easiest ways to cut down your car insurance cost. All that you need is a little precision and planning.
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