How can I cut the cost of car insurance?

Car insurance is one that we would all rather not have to pay for, but unfortunately if you drive you have to have insurance. So what can you do to at least lower your costs? Well, a few things as it turns out, although there isn’t a lot you can do to dramatically cut your costs other than just shopping around. Here are a few simple tips on cutting the cost of car insurance:

Adjust your excess

When applying for quotes try experimenting with your voluntary excess to see how much money you can save. Don’t forget to consider the cost in the event you do have an accident. An excess puts more risk on you so that you will drive more carefully. Drivers with a higher excess are generally less likely to have an accident.

Adjust your job title

You have to be honest in your job title selection, but for most people there are at least a few different options which all fit equally well. Your job can affect your premiums though, so try all of the viable options.

Get a different car

It’s not an option for everyone, but if you really want to save money then get a car that is cheap to insure. Typical ‘boy racer’ cars are often more expensive to insure because they are usually driven recklessly. Classic cars on the other hand are often surprisingly cheap to insure because they are usually well looked after and driven carefully – which means that if you own a classic car you will probably save money (even if you don’t drive all that carefully).

Pay it all at once

For most people this is an easy way to save a couple of hundred pounds. If you have any savings at all it makes sense to pay your premiums all at once rather than monthly. Monthly premiums generally come with a 15-20% interest rate and chances are that your savings aren’t earning you that amount. It’s a big cost to swallow in the short term, but this will save you money over the year.

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