The average cost of car insurance is around £1,500 a year – but that figure does not take in to account the most expensive policies for young drivers could cost up to £4,000 or more.
Driving down the cost of car insurance can make a real financial difference to many motorists.
Although the cost of fuelling is falling, other than loan repayments for a car, the cost of insurance is probably the main other expense for a driver.
Paying £4,000 a year for cover is equivalent to spending £77 a week, and just £5 sliced off the weekly bill will put £260 extra in a driver’s pocket over a year.
To help make driving cheaper – here’s a list of the top 10 ways to make car cover less expensive:
- Change your job description – make sure your job title isn’t pushing making your insurance more expensive when a more accurate title would be cheaper
- Change your car – Cheap cars with small engines are cheaper to insure
- Pay a higher excess – Raising the excess spreads risk for the insurer and gives a lower price
- Compare quotes – Check the price with at least three comparison sites or providers
- Challenge your insurer to match or beat the best quote
- Don’t pay for cover you do not need – make sure you are not spending for add-ons you won’t use
- Get quotes 29 days before renewal – they are often valid for 28 days, so if prices go up, the quoted figure still holds
- Look at fitting a telematics black box for ‘pay as you drive’ cover
- Park overnight in a garage instead of on a street – this will bring the cost down
- Pay in one go instead of taking credit
Many of these tips won’t deliver cheap car insurance on their own – but taken as a whole they can knock pounds off the amount a driver pays.