Five top tips to reduce your car insurance bill and save HUNDREDS on driving expenses

FUEL PRICES and energy bills are set to skyrocket and many are rightly concerned about the cost of their monthly bills.

With the average Brit paying over £400 each year, here are some tips that will reduce the cost of your car insurance bill…

There are many ways to lower the price of your insurance


There are many ways to lower the price of your insurancePhoto credit: Getty

So that you get the best price have outlined the top six ways to ensure you get the best price.

shopping spree

A new law was enacted this year that prohibits insurance companies from charging existing customers more than new customers for policies.

This is intended to put an end to the practice of “price walking”, in which insurers increase the premiums for existing customers every year. Although this means the end of discounts for new customers, it could still be worth switching insurers.

The new law doesn’t mean your insurance bill will remain the same and insurers could continue to increase your premium based on your potential risks. This includes, among other things, your neighborhood and your annual driving license.

Not all insurers consider risk in the same way. So when you buy your first policy, renew coverage, or switch to another insurer, you can still save money by comparing rates from different companies. We recommend getting a few quotes from insurance providers to find the best deal for you and your car.

Lower your mileage

Have you started working from home since the pandemic but haven’t changed your annual mileage? You could save yourself a hefty chunk by calculating and updating your award with your new mileage balance.

If your mileage isn’t affected by the pandemic, you can try other ways to reduce your travel time. We’re all guilty of getting in the car for even the shortest journeys, but it might be time to get your walking shoes for shorter journeys as it could lower the cost of your car insurance bill.

Many companies offer discounts if you have lower mileage as this reduces your travel time – meaning you are less likely to make a claim.

If you want to reduce your car use, you can do the following:

  • run more
  • Carpooling with colleagues
  • For extra long journeys, take a train or coach
  • Start cycling

Buy a cheaper/insurance friendly car

When you’re looking for a new car, it’s worth considering which vehicle is doing the best on your insurance.

Insurance quotes evaluate a number of factors including the vehicle, its model, engine size, purchase price, repair costs and safety history.

In general, more expensive cars will cost more to repair and replace if damaged in an accident, so it may be worth looking for higher quality vehicles.

Get multiple car insurance policies

A family of motorists could also lower the cost of their bill by purchasing multi-car insurance if two or more vehicles live at the same address.

A joint car policy is not only more convenient to take out and saves time when taking out a policy, it is also often cheaper because the coverage for all vehicles is combined.

In some rare cases, however, separate policies are cheaper – so it pays to do some thorough research first.

Get a black box

Some insurance companies offer “black box insurance” that records data about your driving behavior and transmits it to your insurer.

If you are a high-risk driver and have previously had accidents, driving offenses or points on your driver’s license, this type of insurance may be more suitable for you as it could help you become a safer driver and ultimately lower your premium.

If, as mentioned in point 2, you want to reduce your mileage in order to save costs, many companies also offer an odometer with a black box transmitter. You can agree to limit yourself to a certain number of annual miles, which will affect your car insurance costs.

Pay in advance

Although it may seem expensive upfront, paying your auto insurance bill in one purchase is a great way to reduce your overall bill.

Most major insurers offer a discounted rate for a one-time payment because they guarantee your payment for the 12-month period. In addition, you avoid taking out a loan agreement where you have to pay interest on the amount charged by your insurance company. Five top tips to reduce your car insurance bill and save HUNDREDS on driving expenses

Fry Electronics Team

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