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Car Insurance On The Rise – How To Beat The Trend

Car insurance premiums are set to break the £600 barrier this year, following tax hikes in the Chancellor’s Autumn 2016 statement. So what can you do to beat the trend? Here are our top ten tips to reduce your Car Insurance:

lady sitting on top of a car

  1. Shop around before you get to the 30 day before renewal date. Buyers tend to get significantly lower quotes if they by 30 days in advance rather than the day before cover is required.
  2. Buy according to how many miles you drive each year. If you only drive 8,000 miles a year, don’t insure for 15,000.
  3. If you park off road make sure you tell your insurer. Use your garage if you have one.
  4. Look into adding a spouse or parent as a named driver – particularly if you are a young driver, adding a parent can make your insurance significantly cheaper.
  5. Protect your no claims bonus. This is the best long term strategy to cutting insurance costs.
  6. Avoid souping up your car with exhausts, spoilers etc. but it’s worth fitting a tow-bar – for some reason it can lower your premiums by 20%! And fit an alarm, immobiliser or tracking device. Many newer cars have these as standard, so check before you buy.
  7. Increase your voluntary excess. Agreeing to pay more towards the cost of any accident repairs will bring down insurance premiums, but make sure you can afford this if the worst does happen.
  8. If you change your car check with your insurer what effect this will have on your premiums before you buy it. Insurers may also charge for mid-term changes to policies, so check this too.
  9. Sign up to a blackbox – an insurer will install a system in your car to monitor your driving and reward those who drive carefully, or drive at particularly light times e.g. early in the mornings. Some insurers offer an upfront discount for taking out this type of policy – sometimes referred to as a telematics policy.
  10. And finally for the hard core, sign up to an advanced driving course. If you pass you could get discounts off your car insurance because you are perceived to be a safer driver. Check with your insurer if they accept this.

At TFS we offer Guarantor Loans for a range of purposes including Guarantor Loans for Car purchase and repairs. Apply for a Guarantor Loan from £1,000 – £15,000.  Representative APR 44.9%, subject to status.

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