Insurance companies generally provide a lot of options for people to reduce the premiums they pay. You can actively do a lot of things to help keep the costs down. These include:
- Parking your car safely. Securely parking your vehicle (either off street or in a lock-up garage) can reduce the risk of theft, vandalism, flood or storm damage claims.
- Maintaining a good driving record reduces the risk of you making a claim – many insurers offer sizeable discounts for drivers with good driving records.
- Buying a car fitted with safety and security devices like alarms or immobilisers to reduce the risk of theft and damage, or have them installed if this is feasible.
- Driving less often. It sounds silly but some insurers will offer lower premiums for drivers who don’t drive as much.
- Limiting the number of drivers you nominate on your policy, especially if they are under 25.
- Choosing a higher excess. This is a good option if you don’t think you’re going to need to make a claim any time soon. The higher the excess, the lower the premium
- Choosing to insure for market value instead of nominated value. For newer vehicles, this isn’t usually an issue but as a vehicle’s value depreciates quickly, the market value of your vehicle may not be enough.
- Bundling your car insurance with other types of insurance, such as home and contents, life or travel insurance.
As always, contact a broker to check how these may be taken into account.