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Top tips on saving money on car insurance

by Saima Omar | 21 Aug 2019

Some motorists find it challenging to find a car insurance quote that is affordable. We’re faced with the prospect of renewing our insurance annually and we all know that having suitable car insurance is both smart and necessary, but there's no question that it adds to the expense of driving.

The problem that motorists face is that premiums can vary by a couple of hundred pounds depending on numerous factors. Nimblefins have done some research to help motorists save money on car insurance. We’ve rounded up their top tips to help you save some money.

Follow these simple steps to reduce the bottom line on your car insurance policy.

Third-party only policy is not necessarily the cheapest

As a car insurance shopper, you’ll understand that there are three types of policies:

  • Comprehensive
  • Third Party, Fire and Theft
  • Third party only

You might be tempted to shop for third party insurance only, but it is not always the cheapest option. It is recommended that you check the prices for all three types of policies for your car before you purchase your policy.

Be mindful of insurance group ratings when purchasing your car

Cars which have a smaller engine are usually categorised in a low insurance group and tend to have lower premiums.

Car insurance companies define premiums based on a car’s insurance group, which ranges from 1 to 50 with 1 being the cheapest. The cars that belong to the lower insurance groups often are cheaper to repair and replace parts for. To save money on your car insurance, you may want to buy a car from one of the lower insurance groups.

It pays to shop around for Insurance Quotes

It is not a great idea to auto renew your car insurance. You will find better quotes if you shop around using car insurance comparison websites. This is because the price of a certain level of coverage can differ considerably across insurers.

Get a black box fitted

Telematics car insurance uses actual data about your driving, which is recorded by either a black box fitted in the vehicle or a mobile phone app.

This works by having a GPS tracker fitted into your car to measure how well you drive – this in effect gives insurance companies reassurance that you are a safe and responsible driver. Using a black box is particularly useful for new and/or young drivers, who have no no-claims bonuses and who tend to pay more for insurance because they do not have much driving history.

Raise your voluntary excess

By choosing a higher voluntary excess on your car insurance, you can expressively lower your premium costs. Of course, be sure you have enough money set aside to pay the higher amount in the event you have a claim.

Pay annually rather than monthly instalments

Paying monthly for car insurance is classed as a loan, with interest added on, so paying for your car insurance in one go is cheaper.

If you do not have the whole amount of money to hand, then it may be worth looking into options of paying on a 0% interest credit card. Ensure you make at least the minimum monthly repayments and pay off the balance on the card before the interest-free period ends.

Modifications to your car can increase the insurance premium

Modifications on your vehicle - whether they're advancements to styling, audio or performance - could mean a big increase in the price of your insurance.

Things like adding alloy wheels, body kits and performance upgrades could make your car a lot more attractive to thieves and that is the reason insurance companies hike up the price. Plus, it will be more expensive to repair or replace car parts on a modified car.

Use approved garages for your MOT or car Repair

To find a reputable garage to your MOT or repair of your motor vehicle, simply visit our homepage, input your postcode and you’ll find a list of vetted garages in your area.

Quick steps to selecting your Approved Garage…

1

Firstly, pop in your postcode or town

2

Select a garage near your location

3

Speak to a trusted mechanic, send an online enquiry or book online

4

Then, sit back in the knowledge that your vehicle is in safe hands