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Start your search early
It is better to be an early bird when renewing your insurance as insurance companies believe that you are more responsible. You need to bargain your premium value before the last minute.
Insurers say it’s cheaper to be 21 to 26 days before your renewal date for better rates. If you wait until the day before your renewal date, you don’t have time to bargain and compare, and insurance companies don’t look favorably on you and instead charge you higher premiums.
Keep looking for the best
Premiums vary from £571 to £1,277 for experienced drivers to young drivers (aged 17 to 24). As per the rules, which came into effect in January 2022, insurance companies have been directed not to charge more premiums for existing policyholders. However, choosing new insurance companies is not harmful as people have been found to benefit by an average of £328 per year. Premium seekers can check out Confused.com and Moneysupermarket.
Third-Party Cover
Premium requires at least third-party cover, but please know that this is only sometimes the cheapest. Drivers always look for third-party premium rates as they are the most affordable. Maximum high risk drivers opt for this category due to low costs, hence claims are also very high. Therefore, a fully comprehensive policy is relatively inexpensive.
Black box support
You can also opt for a black box policy to reduce your premium costs. This device is installed in your car by the insurance company which provides them with real-time data about your speed, how you brake suddenly, how many times you have driven etc. The company combines all this to justify what the true premium might be. to charge you. Charges reduce over time and you will benefit in the long run.
Adding a driver to your policy
Be honest about who you are adding to your policy. If you add a young driver, be prepared to pay a premium on your rates, but don’t lie to the insurance company about car users. Having a separate policy on a specific vehicle is also a good option. In this way, the company blames the driver who was driving at the time of the accident.
Reduce your mileage
A great and surefire way to reduce the cost of premiums is to reduce the hours or distance you drive. Opting for public transportation and keeping your car in your garage most days can reduce premiums. Make sure the mileage claimed is as per the Ministry of Transport, or your premium may be rejected.
Avoid modifying your car
Car modifications like alloy wheels, silencer muffling etc. can increase your premium as they increase the performance of the car. If your car’s performance improves, you may be a high-risk driver. Check before you modify your vehicle, or you may run into problems.
Choosing your business
Don’t lie about who you are in the workplace. If you are a delivery man or a footballer, your premium will be higher. Select the business closest to you. For instance, a chef can also double as a caterer and that can reduce premiums.
The car you drive
You should buy a car that fits your annual premium. Some vehicles have a higher premium and you can choose a car that comes at a lower price. For instance, Mini Coopers command a high premium because young people often buy these cars. The Citroen DS3, a small car, carries a similar premium to the Range Rover. So, choose your car wisely for an affordable premium.
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