For price-aware customers like young drivers and those on abudget, knowing how to get cheap car insurancecan be essential to keep the costs of keeping a car operational down.
There are several different options you can use to reducethe cost of your car insurance. Some of them require more preparation thanothers. They include:
Often, different cars will receive very different quotes forthe same insurance cover. There are many possible reasons for this, from theage of the car (older cars are more likely to experience failure, and mucholder cars may be more expensive to service) through the cost (more expensivecars costing more to repair if they’re damaged) to the type (with some fastcars considered a greater risk).
The ideal car for cheaper insurance premiums is aninexpensive recent-model car known for its reliability. In 2018, many insurersrecommend recent models of Nissan Micra, Kia Rio and Volkswagen Polo as threeof the cheapest cars to insure.
Young cardrivers’ insurance is offered specifically for younger, newerdrivers. Some policies in this range are designed to reduce the costs that manyyoung drivers face due to their perceived experience, higher likelihood theymay take risks on the road, and the lack of time they’ve had to collect ‘noclaims bonus’.
By carefully comparing policies within this range, youngdrivers can often find a better deal than they expected.
Black box insurance,also known as telematics insurance, is a car insurance policy which requiresyou attach a ‘black box’ to your car. It wirelessly broadcasts GPS dataallowing your location, speed, and direction to be tracked. This means that ifyou experience an accident, it’s possible to show whose fault it was. Thatreduces the risk to the insurance company, and they pass that benefit on inreduced costs.
Black box insurance has also been shown to encourage driverswho might have had high-risk premiums to drive more safely, too. This reducespremiums, but it also makes you safer – which is a huge benefit.
While it isn’t advisable to reduce your cover below what youneed, there are some ways to cut down on your cover – and thus your costs –which may be appropriate for some circumstances.
For example, students who use their car only while livingaway from home may be able to take advantage of limitedmileage car insurance (available if you travel less than 5,000 milesin a year) or short term insurance policies – insured only for those parts ofthe year the driver will be active.
Be careful not to exceed and void your protection!
Even if your current policy was the best available to youwhen you last signed up, by the time you need to renew your car insurance itmay not be any longer. In fact, it’s almost never true that renewing yourcurrent policy is the cheapest way to get the car insurance cover you want.
Instead, take the time to compare car insurance quotes eachtime. This technique is probably the most effective of any of the options we’velooked at here, and best of all, it works alongside them.