3 Ways to Save Money on Car Insurance – Get The Best Deals

When you are looking to buy a car, it’s not just the price of the car and its associated costs that you need to think about. You also need to factor in the cost of insuring your car, which can be particularly onerous if you have a high-performance or sports car that is expensive to repair. Your insurance might be almost as much as you paid for the car in the first place. However, there are plenty of ways in which you can save money on your car insurance.

Whether it’s taking out a policy with an insurer that offers cheaper premiums for telematic devices installed in your car, having a premium loyalty scheme with the same insurer, or taking out additional policies like third-party property, fire, and theft cover. Read on for some excellent tips on how you can cut down on your costs and get better value for money from your car insurance provider.

Find Cheaper Car Insurance By Shopping Around

One of the easiest ways to cut down on the cost of your car insurance is to shop around and get multiple quotes from different providers. Although it’s not always easy to find time to do this, it is essential if you want to get the best value for money. Insurers set their premiums based on various risk factors, including your age, where you live, and the type of car you drive.

If you don’t shop around, you could be missing out on the opportunity to get a much lower premium from a different insurer just down the road. It may also be worth getting a few quotes from online providers. Although most traditional insurers will have their own websites and offer online quotes, you can also get quotes from online-only providers such as Swiftcover. These providers have access to the same information when setting your premium as their competitors, and can also offer you a better deal through their own online platforms.

Installing a Telematics Device

If you’re an occasional driver, then you might want to consider installing a telematics device in your car. These are devices that are fitted to your car and monitor how you drive, helping you to drive more safely and efficiently. In turn, they promise to reduce the cost of your car insurance by a significant margin.

By installing a telematics device in your car and using a regular insurer, you can earn a lower premium for three years. Many insurers are now offering this as an alternative to the traditional loyalty schemes that used to be the norm. If you have a young driver in the family who is just about to take their driving test, you can also consider installing a telematics device in their car to reduce the cost of their insurance premiums.

Get a Loyalty Discount

If you are a long-term customer of your current car insurance provider, you may be able to earn a loyalty discount on your premiums. Many insurers offer loyalty discounts to their long-standing customers, and the longer you have been with them, the greater the discount you can expect to receive.

By keeping your policy with the same insurer, you can earn a long-term loyalty discount, helping you to reduce the cost of your car insurance. The amount of the discount will vary from insurer to insurer, but it is typically worth around 10% of the cost of your monthly premium.

Ask For a New Customer Discount.

If you have taken out car insurance for the first time, you might be offered a new customer discount by your insurer, helping you to save money on your premiums. By asking about a new customer discount, you can reduce the amount that you pay out each month for your car insurance policy. The amount of the discount will vary from insurer to insurer, but you can ask your insurer about it when they call you to renew your policy.

Check to See if You’re Paying Too Much for Warranty Repairs

Some insurers offer a warranty repair service with their policies, allowing you to receive repairs to your car without having to pay the full cost out of your pocket. Although this might seem like a good idea, it’s worth checking if the cost of the repairs outweighs the amount you would receive if you paid out of your pocket.

If you have an expensive car, it’s unlikely that the cost of the repairs will be less than the amount you would have to pay otherwise. It’s therefore worth checking with your insurer to see if you would be better off paying out of your pocket. Bear in mind that if you have a car that is worth a significant amount, you may be able to obtain a cheaper premium by taking out additional cover for your car.

For example, if you own a sports car that is very expensive to repair, then you might be able to reduce your premium by taking out third-party property cover. This type of cover will pay out if your car is damaged or written off in an accident.

Summing up

Car insurance is a necessary expense when you own a car, but it doesn’t have to be a huge burden on your budget. By taking these steps, you can reduce the cost of your premiums and make your car insurance as affordable as possible.

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