Five Tips For Getting The Best Price For Car Insurance
You know you need car insurance for your vehicle
, but you don't want to pay too much for it. Luckily, here is a list of five things you can do to make sure you are paying the lowest price possible for the cover you need.This list should be used every year when it's time to renew your policy so that you can remain with a competitive premium year after year.
1. Pay the Entire Premium:
The first thing you can do is pay off your premium all at one time. The car insurance companies always make it look as though you're saving money when you pay your premium in monthly instalments. That's just not the case, however, as you will be charged interest. Sometimes, this interest can reach upwards of 24%. That's a lot of money you'll be saving if you pay the entire premium off in one shot. You could even put it on a credit card. Even if it takes a few months to pay the balance off, it'll likely be at a lower interest rate than you would've paid had you stuck with monthly instalments.
2. Renewal Quotes:
Even if you've never had an accident, do not accept a renewal quote from your current insurance provider. The truth is, car insurance companies are more interested in new customers than they are in the customers they currently have. Sometimes, new customers get charged half the price current customers pay for the same cover. A good tip is to apply to your current provider as a new customer to see how much they're over charging you!
3. Shopping Around:
You can often find the lowest price on vehicle insurance by doing a side by side comparison. It's best to compare at least five companies at the same time in order to get the best assessment. Look at the premium amounts compared to the amount of cover you get for that price, and also check to see if any of the companies you're comparing offer certain discounts you may be able to take advantage of.
4. Don't Claim on Small Amounts and Keep Excess High:
If you make any small claims, anything up to 500 pounds, for example, your premium is likely to go up the next time you renew. Not to mention the fact that you can be dropped from your insurer for making too many claims in a certain period of time. Therefore, make sure your claims are worth the trouble before you make them. Also, set your voluntary excess level high when you apply for your car insurance as this can drastically reduce your premium.
5. Specify Your Occupation:
Some occupations aren't favoured by insurance companies. These include journalists, estate agents, sales representatives, entertainers, and more. However, you may be able to cut your premium down a little if you are more specific about what you do for a living. For example, while journalists may pay a lot more for car insurance, editors pay a little less. Just remember that you must always be honest when dealing with insurance forms because if you provide inaccurate information, you may cause any claims you make in the future to become invalid. Whatever job you list must accurately describe how you make an income.
These five tips can help you find cheap car insurance that also provides the best cover. However, these are just a few. If you're really smart about your search, and you're really detail oriented, cheap car insurance will just leap off the screen and it'll become apparent which insurance company and premium are right for you.
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