Handy tips for cutting the cost of car insurance

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Let’s be honest, most of us dread the time of year when we’re reminded our car insurance is due for renewal.

For many drivers, it’s a major expense and it can be a chore trying to find a good deal.

However, there are plenty of ways to cut the cost of your premium — and many of them don’t involve a lot of effort.

We’ve teamed up with GoCompare Car Insurance to highlight some money saving tips which will ensure you find the right car insurance policy at the right price.

Once you’ve cut the cost of your policy as much as you can by following the advice below, there’s another way to save yourself some cash.

We’re offering our members an exclusive £36 cashback* with new valid car insurance policies, so buy from GoCompare through us and save yourself even more.

You’ll need to get a brand new quote and purchase a policy from GoCompare to qualify for cashback.

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Money saving tips

One of the most expensive mistakes you can make with your car insurance is letting your policy automatically renew.

If you do this instead of looking for a better deal, your insurer can take advantage and push your premiums up.

While shopping around is one of the best ways to get a cheaper deal, here are some other handy tips.

Cut your mileage: while some journeys will be essential, you should try and limit the number of miles you do each year. Fewer miles means you’re a lower risk for insurers and therefore cheaper to insure. However, you should always give an accurate estimate of your mileage as your policy could be invalid if you don’t.

Pay annually: paying monthly for car insurance is a loan, with interest added, so paying up front is cheaper. If you can’t afford to pay in one go, think about options such as paying on a 0% credit card (making sure you pay the minimum monthly repayments and clear the balance before the interest-free period ends).

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Improve security: think about installing devices such as alarms, immobilisers and locking wheel nuts. Get quotes before fitting any security upgrades to see if the extra cost will be worthwhile.

Increase your voluntary excess: choosing a higher voluntary excess will reduce the price of your insurance. You just need to remember that if you make a claim, you’ll have to pay that excess, so make sure you can afford it.

Build your no claims bonus discount: this will help you get a cheaper policy as insurers reward motorists who are claim-free with discounts on their premiums.

Park with care: if you have a garage or driveway, you should park your car there overnight. Parking off the road could lower the chance of it being vandalised or stolen, meaning insurers will deem you as less of a risk.

Take care with extra drivers: putting an additional driver on your policy can bring the premium down — if they’re experienced. However, you need to be honest about who the main driver of the vehicle is.

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Buy at the right time: you can buy car insurance up to 29 days before the policy start date and lock in the price quoted on that day. Research shows it’s better to buy early as the closer you get to the renewal date, the more you could end up paying.

Your job title: the way you describe your job can affect your premium. A chef might pay a different premium to a cook and a hairdresser might pay a different price to a barber. You should be honest, however, or you risk invalidating your policy.

Don’t forget, you can save with us by earning an exclusive £36 cashback* when you take out a new GoCompare car insurance policy through TopCashback.

* The cashback rate displayed is what Plus members will receive. The Classic rate may vary.

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