How to get the bare minimum car insurance
Car insurance is mandatory, but that doesn’t mean you have to pay more than necessary. With a few straightforward steps and some research on competitive rates, you can save hundreds when it’s time to renew. Here are five tried-and-true strategies that won’t cost you a penny but could lead to significant savings.
Step 1: Cut the Risk and Cut the Cost
One effective way to lower your premiums is by accepting a higher voluntary excess. For instance, if your insurer’s standard excess is £100, opting to cover the first £250 of any claim can lead to a discount. This means you’re taking on more risk, which the insurer rewards with a lower premium. Just remember, you’ll be responsible for those initial costs in the event of a claim.
Step 2: Security Means Savings
Installing security devices can also help lower your car insurance costs. Most insurers require Thatcham-rated security equipment, which typically includes at least an alarm. If you live in an area with a high risk of car crime, enhancing your vehicle’s security not only reduces your premiums but also gives you added peace of mind.
Step 3: Annual Mileage – Less Means More
If you drive 5,000 miles or less annually, inquire with insurers about discounts for mileage restrictions. Many companies offer lower premiums for drivers who limit their annual mileage.
Step 4: The Named Drivers Trick
Adding a named driver can impact your premiums depending on their age, gender, and driving history. While including a young driver might increase your costs, adding someone over 30 with a clean driving record—especially if they’re female—can help reduce your premiums.
Step 5: Shop Around and Save Even More
The most significant savings often come from comparing quotes. There can be vast differences between premiums for the same car and driver(s). Start with reputable comparison websites, gather the best quotes, and then contact the cheapest insurer directly for potentially better offers.
When your renewal quote arrives, don’t just accept it. Use these strategies to find the right coverage at the best price.