Motor Insurance

Reduce the Cost of Your Motor Insurance

Many drivers look first for a low-cost quote when purchasing car insurance. Prices can vary considerably from one motor insurance company to another, but can also vary considerably between the policies provided by the one company, with a number of factors determining your final premium.

What Makes Your Motor Insurance Premium Higher?

First and foremost, the make, model and year of your car will have the greatest impact on price. Any modifications, even opting for metallic paint, can affect your premium.

Where you live, the crime rate in your area, if your car is left outside in the drive or on the street overnight, your previous driving record, your age and the age of others who drive the car – all these potentially drive up your premium.

While choosing the type of car you buy can be within your control, you may have little choice about where you park your car, and you can do nothing about your age. If you’re under 25, you can still put some of the strategies in place that are outlined in the next section – strategies that will still result in substantial savings.

How to Reduce Your Premium

Most companies offer three base levels of cover – comprehensive car insurance, Fire, Theft, Third Party Only and Third Party Property. For those with older vehicles you could consider Fire, Theft, Third Party to keep the costs down but you need to weigh this option carefully against the negative impact of potentially having to purchase another car.

When purchasing comprehensive cover, look out for premium - reducing options such as Restricted Driver options specifying no one under 25 drives the vehicle, Agreed or Market Value, Security Device discounts, Agreed Excess and Windscreen Excess, Low or Limited Kilometres and more.

Providing a secure garage or enclosure for your car, and installing an anti-theft or security system, immobiliser or tracking device can also impact on the final fee.

Achieving Rating 1 for Life, and other No Claim Bonuses can, overtime, add up to substantial savings – as much as 50%. Naturally only claim-free driving can work to achieve these discounts, however, some companies also offer No Blame discounts.

Lastly, search for quotes and purchase your cover online to find the cheapest prices. Some motor insurance companies offer a discount for online purchases, and there are a number of companies that operate wholly online to keep their premiums as low cost as possible – simply type in “cheap car insurance” to start your search.