A guide to saving money on your car insurance premiums
By Andrew C., 30 Aug, 2010. 0 Comments
As we all know if you drive a car, insurance is compulsory and it is without a doubt the most expensive part of motoring. Cheap car insurance can be hard to find but there are ways to drive down your premiums.
Have you ever wondered how insurance companies work out the cost of your premiums? How much you pay is based on how much the car is worth, the safety record of the vehicle and the risk of theft with the particular model. However this is not the only things that they will take into consideration. Your gender will be an important factor in the amount you pay for your car insurance. Studies have shown that men and women have different driving patterns with women more likely to have bumps in their cars and men more likely to have serious collisions. Men are often thought to be higher risk takers and as such are less likely to find cheap car insurance. In addition to this age will come into play. It is not just younger drivers that are penalised. Drivers in the 25-40 age group will have higher premiums due to the simple fact that they are likely to accrue more hours when driving. Continued after the jump!
So how can you save money on your car insurance premiums? There are a few simple steps that you can take to reduce the amount you pay.
Before you take out a policy look at the amount of excess that you will be expected to pay. Excess is the amount you have to pay towards a claim if and when you need to make one. If you offer to pay the insurance company more excess than expected there is a good chance your premiums will be reduced which could save you money in the long run. In addition to this if you are in a position to pay all of your premiums for the year in advance you could look to reduce the amount you pay by 30%. Paying in advance is often favoured by insurance companies over paying monthly. Could you remove a younger driver from your policy or add an older named driver to it? This could save you an additional 10% on your car insurance premiums.
Knowing what you should mention to the insurance company when getting a quote is very important. For example many insurance companies will offer cheaper insurance premiums if a motorist has taken advanced lessons or has a first-class driving record. Any additional security you have on a vehicle is also worth mentioning such as quality locks, alarms and security codes on windows. If you happen to have no claim bonuses this will also work in your favour.
One of the most successful ways to get cheap car insurance is to get multiple quotes from companies by shopping around. As little as one in five drivers take the time to compare car insurance as they are under the impression that it will be difficult and time consuming. However with the help of price comparison sites it could not be easier to get cheap car insurance. Moneysupermarket.com is one of the leading price comparison sites and helps millions of people to get cheap car insurance. Why not visit their site today to see how much you could save.
www.moneysupermarket.com
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