When that car insurance renewal letter drops on your door mat, are you the type of person to ignore it and let the premium renew automatically, or do you compare deals to see if you can get a better deal? I will admit that in the past I have let my policy renew automatically, perhaps meaning to compare prices and then forgetting about it. After being stung by price increases I learned to always make sure I was getting the best deal for me and save money on car insurance.
I often find the thought of comparing car insurance policies is worse than actually doing it. In reality it doesn’t take very long at all, and will often save you some money. It just doesn’t pay to be loyal to one company anymore when perhaps years ago it was.
You could also phone your current insurer and ask if the renewal premium is the best price they can offer. Let them know you’re thinking of leaving and see what happens.
If you’ve had an accident and claimed on your insurance, you can expect your premiums to rise. Insurance companies paying out for accidents can only have a knock on effect for the customers. Since 2016 the government have published a paper on whiplash reform, meaning that there will be different tariffs against a whiplash claim. This should see drivers policies reduce by £40 a year as false whiplash claims are reduced.
How much is your voluntary excess amount on your policy? Tweaking this amount higher if you can afford it can reduce the amount of your policy. Don’t ever set it to an amount that you’re not comfortable paying in the unfortunate instance that you are involved in an accident and need to pay the excess.
It’s also a good idea to consider paying for your premium annually rather than monthly. Paying monthly often has an added charge of interest that you may not realise. This bumps the price up even more. Why not put aside a set amount every month to pay for the premium in full when it’s due.
Did you know that driving fewer miles can have an effect on your premium price. It’s worth checking the standard mileage written on your premium quote as adjusting this if you don’t drive many miles during the year could save you some money.
Does anyone else drive your car? Adding another more experience drive to your policy can have an effect on the premium you will pay. It’s always worth looking into.
I hope these tips will help save money on your car insurance renewal when it’s due.
**This is a collaborative post**