How to save money on car insurance

Owning and running a car comes at a cost. We all like to save money, especially when it comes to auto insurance and cutting the costs of your premium. Using online insurance comparators is the first thing to do. What else you need to do as a driver? Here is how to save money while getting the coverage you need.

Save money on car insurance

© iStockphoto - AndreyPopov

How to find the best car insurance?

1. Compare insurances online

To get started, the best way to find the best insurance policy for you is to use an online insurance comparator! Comparing online is easy, convenient and often cheaper: it's a real time-saver. You can compare different car insurance offers with equivalent warranties. Be aware that you do not have to simply accept the first quote you get from an insurer. It is up to you to choose the insurance with the best value for money.

2. Choose the coverage that meets your needs

Make a list: Are you a first-time driver? How old is the vehicle? Is it a new or used car? What is your annual mileage? Is there any valuable equipment in the car? Do you have a garage or do you leave your car on the road?

Check whether your situation has changed over time. this might allow you to cut the cost of your cover.

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3. Tyre damage is costly

Insurance contracts do not automatically cover a puncture of a tyre (that always comes unexpectedly). If your tyres are damaged, either accidentally or by a malicious act a tyre insurance covers part of the unexpected cost of repair or replacement. Peace of mind against punctures!

This type of insurance does normally not require a traditional car insurance company. The most common place you can find tyre insurance is from tyre retailers, tyre manufacturers, car manufacturers or specialist motor insurance companies.

4. The choice of a car

Insurers assess the risk potential of the vehicle to be covered for vandalism, theft and accidents. In order to benefit from an interesting premium, these are the key factors that could help you save money:

  • Vehicle more than 4 or 5 years old
  • Car with a lower engine power
  • Low emission car
  • The least likely car to get stolen
  • Availability and prices of spare parts

5. Keep an eye on your mileage

One of the main factors used to calculate your car insurance quote is the amount of miles you drive on average per year. Drivers in the UK drive around 7000 miles a year.

The higher your annual mileage, the higher your insurance is likely to cost. It is a matter of risk and time spend on the road. What happens if the annual mileage is exceeded or not reached?

If you want to restrict your annual mileage, because you did not reach it, inform your insurer and you might save some money. If the mileage is exceeded only the defined mileage is covered in the event of an accident.

Some insurance companies offer a telematics insurance or "pay as you drive" contracts. An electronic box is installed in your vehicle and sends your monthly mileage statement to the insurer.

6. Pay your insurance annually

Paying your car insurance on a monthly basis might be quite convenient to manager your expenses in the short term, but it will make your cover more expensive in the long run.

7. Bundle contracts

It can be an advantage to have several contacts with the same insurer. Loyalty pays off!

8. Pay for minor damage

It is best to ask your insurer whether it is worthwhile to claim for smaller damages. In the case of minor damage to your vehicle, it may be cheaper not to report it and taking charge of the reparation yourself. Otherwise, insurance costs could rise.

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