Reducing your car insurance payments can be a daunting task. There are so many factors that go into determining your premiums, from the make and model of your vehicle to your driving record. However, there are a few things you can do to help reduce your costs and keep more money in your pocket. With this in mind, we’re going to discuss some tips for reducing your car insurance payments in 2023.
Play Around with Different Cover Types
When it comes to car insurance, one of the best ways to cut costs is by testing different cover types. You can save money by opting for a third-party or comprehensive policy rather than an all-inclusive package. Talk to your insurer and get quotes on different levels of cover to find out which one works best for you and your vehicle.
Shop the Market
Shopping around for car insurance is one of the best ways to save money. Make sure you get quotes from multiple providers and compare them against each other. Don’t just go with the first provider you look at—take your time, shop around, and find the best deal available. Especially when renewing, it pays to shop around because companies try to squeeze as many pounds as possible from customers.
Cover Multiple Vehicles at Once
Next, if you have multiple vehicles, consider getting them all insured at once. Insuring multiple cars under the same policy can help you save money on your premiums. You can also save money with multi-car policies by combining different levels of coverage and increasing your deductible.
Why does this save money? Because providers recognize the fact that families have multiple cars and are willing to lower rates when customers use their policies for multiple vehicles.
Don’t Buy the Extras
When it comes to car insurance, try not to get involved in the extras. For example, you can often choose add-ons like breakdown cover, legal protection, and personal injury. These extras can add up to a significant amount in premium costs. Consider what you really need before buying any policy because you can find the best auto locksmiths in the UK and breakdown services outside of your insurance policy.
Set the Mileage Accurately
Your annual mileage is one of the key elements in calculating your premium. It’s important to set it accurately because if you underestimate it, your insurer may refuse to pay out in the event of a claim. Try to stick to the mileage you stated and if it does need to change, make sure you update your insurer.
Drive Carefully and Build Your No Claims Bonus
If you accumulate more years without making a claim, you will be rewarded with a No Claims Bonus. This can be transferred to a new insurer, saving you money on your car insurance premiums. Driving safely and avoiding accidents or getting tickets can also result in lower premiums. If you claim, your premium will go up more than if you hadn’t claimed.
Choose Your Car Carefully
Security features such as alarms, immobilisers, and tracking devices can reduce the cost of cover. Choose a car with low insurance groupings, as well as a small engine size, to reduce your premiums.
Pay Annually Rather Than Monthly
Most insurers will give you a discount for paying the full premium upfront at the start of the year instead of in monthly instalments. If you have the money, this can be a great way to save some cash on your car insurance payments.