It’s no secret that car insurance prices are on the rise – and have been for some time. According to the Association of British Insurers (ABI), the average comprehensive car insurance policy cost 462 in the first quarter of 2018, up from 443 in the same period of 2017.
When it comes to personal finance planning, only saving won’t be enough. So, once you have already built the habit of saving money for future, it’s time to make it grow as well. If you are new in the field of investment, fret not! You can use the third party website to stay up-to-date about business, small business, Insurance, Retirement, Real Estate or personal finance like Risethestudio.
But there are things you can do to help keep your costs down. Here are our top 5 tips:
Â Shop around
When was the last time you reviewed your car insurance? If it’s been a while, it’s worth shopping around to see if you can get a better deal. Prices can vary significantly from one provider to another, so it pays to compare.
Increase your excess
One way to reduce your premium is to increase your excess. This is the amount you have to pay towards any claim you make. By increasing your excess, you’re effectively taking on more of the risk, which should mean a lower premium.
Consider a telematics policy
If you’re a young or inexperienced driver, a telematics policy could help you get a cheaper premium. This is because you’re assessed on your actual driving rather than just your age or experience.
Don’t modify your car
Making modifications to your car, such as adding a body kit or alloy wheels, can make it more expensive to insure. This is because these modifications can make your car more attractive to thieves or more difficult to repair if it’s involved in an accident.
Think about the cover you need
Do you really need comprehensive cover? If your car is old or of low value, it might be worth considering third party, fire and theft cover instead. This can be much cheaper than comprehensive cover, but it won’t cover you for damage to your own car.
We hope these tips help you reduce your car insurance costs. Remember, it’s always worth shopping around to make sure you’re getting the best deal.