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Car Insurance - How Can You Lower Your Premiums?
by Michael Challiner
Many factors influence the premium for your Motor insurance
policy. Your insurer will have asked you many questions whilst
producing your quote - some of which will affect your premium
and some will not. Below we discuss the key variables that are
within the policyholder's control.
Consolidating policies
By insuring a number of vehicles with the same insurer, or by
trying to take out home and life insurance through your car
insurer, you may be able to secure a 'bulk buy' discount.
Location
A big influence on the cost of your car insurance is where you
live. The chance of your car being broken into or stolen is a
key concern for the insurer. More urban areas traditionally
facing greater risk of theft and therefore tend to be more
expensive than countryside locations.
Excess
By agreeing to pay a greater excess on each claim you can reduce
your car insurance premiums. This is because you are reducing
the liability of the insurer and therefore in return they
Cars at up to
90% off the book value!
are
able to offer you a lower premium.
Your Vehicle
The cheaper and slower your vehicle the lower your premiums are
likely to be. If you are looking to buy a new vehicle make sure
you fully consider the cost of insurance - you may be able to
buy the car but can you afford to run it?
Mileage
You can control your insurance premiums by restricting your
annual mileage. However, be aware that if you exceed the
restricted number of miles you'll then become uninsured!
Parking
Where you park your vehicle overnight is also very important to
the insurers. If it is kept in a locked garage, you should be
offered a lower premium than if you leave it unattended in the
street.
Security
Security devices that prevent or hinder theft may also reduce
your premium. Common examples include alarms and immobilisers,
however, be aware that as we improve the quality of our security
devices the thieves just become better at bypassing them.
No Claims
Get a free brand new car!
Discount
Save up your no claims discount by avoiding making small claims
upon your policy. After a set number of years, 4 or 5 typically,
you'll often be offered the option to pay an additional small
premium to protect your no claims bonus. This can prove very
helpful if you subsequently end up having an accident.
Advanced driving skills
By taking an advanced driving course you may also be able to
reduce your premiums. The Institute for Advanced Motorists and
the Royal Society for Prevention of Accidents each offer
membership which provides you with discounts for both the cost
of driving courses and your car insurance premiums. Two key
variables NOT within the policyholder's control.
Your Sex.
Women are statistically less likely to have an accident and, if
they do, it's less likely to be serious. Because of these
statistics women benefit from lower premiums. It is also worth
noting that if you represent one half of a couple you should
consider having the female as the
primary driver with the male
as the second driver.
Your Age
The older you are, the less likely you are to make a claim. As a
result insurance companies charge lower premiums for more mature
drivers.
One final piece of advice.
A large percentage of car insurance is now sold on the Internet.
That's because it's convenient and cheap. Many insurers now give
a further 10%-15% discount if you buy online.
About the author:
Michael Challiner has 15 years experience in financial services
marketing at senior level. Michael now works as the editor of
http://www.life-assurance-bureau.co.uk/car-insurance/ Futher
reading
http://www.life-assurance-bureau.co.uk/car-insurance/faqs/car-ins
urance-faq-home.htm Futher reading
http://www.one-stop-car-insurance-shop.co.uk
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