Collaborative post. If you drive a car, you’ll need car insurance. Car insurance prices are affected by various factors. These include the type of car we drive, its age, the mileage, etc. With the cost of everything going through the roof, we look for various ways in which we can save money to help make living our lives that much easier. In this post, we look at Ways to Save Money on Car Insurance.
Ways to Save Money on Car Insurance
Type of Car You Drive
For those that think ahead, the type of car we drive will affect the price of our car insurance. You need to consider this when looking to buy a car and not just worry about saving money when buying a car. Insurance costs will be based on various factors such as the car’s value, repair costs, engine size, age, safety rating, etc. All should be strongly considered prior to making your purchase especially when money is tight.
Shopping Around
These days, most companies will hike up renewal payments in the hope that customers are too busy to shop around for a better deal. When money is tight, you’ll make more of an effort to find the best deal. But the best deal for one person isn’t necessarily the best deal for you. Not only does it help to shop around when looking for a good price it is also important to compare what is included under each policy. A price may look great but if the policy doesn’t cover things you need it might not be worth taking out.
Also, another thing to consider is the reputation of the insurance company. Is it popular, what are the reviews of the insurance company saying. Is the prospective Insurance company brimming with positive reviews? You’ll find loads of online reviews like the Liberty Mutual Insurance Review. Also, check to make sure they have a good Trust Pilot rating?
Type of Policy
There are different policy options available for car insurance. Those that want to find the cheapest possible option may automatically look at third-party insurance assuming it’s the cheapest. That isn’t always the case. In some cases, fully comprehensive insurance, often considered the most expensive can actually work out cheaper. The reasoning behind this is that statistically, those with third-party car insurance are more likely to make a claim than those with fully comprehensive.
Raising or Lowering the Excess
The excess you’ll pay if you are involved in an accident will affect your insurance price. When you take out car insurance, you often have the option of lowering the excess (amount paid in the event of an accident) which will increase the insurance cost. Increasing the excess paid on the other hand when you have an accident will reduce the overall cost of your car insurance. Although you never know what the future will hold, how often you drive, and where you drive will affect the probability of an accident and influence which option you should consider.
Multi Car Discounts
If you have several related drivers within your home each with their own vehicle or an equal share in a vehicle you can consider insuring them all with the same provider. This can be a great way to get a discount on your car insurance. In addition, some insurance companies will give a car insurance discount if you have other insurances with them such as homeowners insurance.
Anti-Theft Devices
Some insurance firms will give clients discounts if they install anti-theft devices. You’ll need to check which companies do this and which devices are acceptable. If this is something you are considering, you’ll also need to decide whether the saving itself makes it worth the expense and effort to do this. Various options include a thatcham approved alarm, faraday pouch for keys, a disklok steering lock, security tire clamp, etc.
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Extras
When we take out insurance we often have extras included. Check through and see what you may or may not need. For example a courtesy car, legal and windscreen cover are often included but may not be something you want on the policy. Where extras add additional charges to the policy, these can be removed to lower the overall rate. It may be cheaper to buy add-ons separately.
Pay Annually
Where you can it can be worth paying for your car insurance annually. If you pay in monthly installments an additional fee is added to each monthly payment. This increase the amount you’ll be paying for the year. If you are unable to pay the whole amount for the year when due it may work in your favour to use a 0% credit card. This will allow you to spread the cost of your repayments making it more manageable.
Consider Your Mileage
You may find you are using your car far less than ever before. There are options here that can work in your favour. If you are able to limit your mileage then it’ll help lower your policy prices as you are a far lower risk for insurers.
Alternatively, consider looking for a pay-by-the-mile option. This is measured using a tracking device and can work well if you don’t use your car often.
Where Are You Parking?
There are various ways to save money on car insurance. Where you park your car overnight is something we sometimes overlook. A car parked on a street has a higher risk of being vandalised or stolen than one parked on a drive, in a garage, or in a gated private car park. Where the risk is lower you’ll find the cost of insuring can also be reduced.
These are some of the Ways to Save Money on Car Insurance. Are there any others you would add to the list?
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I have a lot of these on my car for some discounts. They are nice, because it seems insurance gets higher every year!
We are all about saving money and looking for ways to budget better! This is great advice.
Always looking for ways to save money…especially with a young driver in the house.
My car insurance is expensive. I will have to try some of these tips.
It’s always nice to be able to save when you can, especially when it comes to car insurance. I think it’s a great idea to always shop around and find a great price that works for you.
Thank you for the valuable and important tips. Some of these can be overlooked when in the moment.
I have to have commercial insurance since I am a delivery driver part time. It is expensive compared to normal comprehensive coverage. I feel like a teenager all over again with the prices. Lol
I have to have commercial insurance because I’m a delivery driver part time in addition to my blog. My rates are more expensive than your typical comprehensive policy.
This is a really informative post! These are really great tips to save money on Car Insurance. I’m gonna share this with my sister who recently purchased a new car!
Thanks Richelle. I hope she finds it helpful.
What a timely post! I have to renew my card insurance this month. I have an anti theft lock and will ask the insurance provider for some discount on that account, thanks to your post.
It can be helpful when you are able to get a discount.
These sound really great, and in today’s economy any little bit saved helps!!
I never knew the type of car you drive could affect what you pay for insurance.
We have shopped around before, but since our car insurance is through the military bank, it’s one of the best. Now when we have to add our oldest in a few years, we are going to have to look at everything again because a teenage boy changes everything! We also weigh the different benefits… would dropping coverage down be worth it to save a few dollars every month but it would make it a bigger deductible if we need it, things like that.
We paid through the nose for car insurance for years until we started shopping around. We found a new company that has a program that records your driving and gives discounts that way, and we’ve saved a ton.
Oooh. I didn’t think about anti-theft devices affecting your rate. That’s a great tip! Insurance is always a bummer of an expense to have to pay, but it’s necessary.
There are some points that make the difference. I prefer to check and find online the best insurance at the best price!
I agree, it is important to compare prices from different insurers.
This has some really good tips. I never considered that where I park could have an effect on the cost!!
I know it’s crazy isn’t it. A car in a garage is less likely to be stolen or damaged.
We sold my car a few months ago! It has been an adjustment because our public transport is basically Ubers but it has worked out so much cheaper.
It helps when you don’t need to travel much or far. Ubers can become expensive otherwise.
My husband and I will be renewing ours soon! In fact, I must get online and see what we currently need to do.
I hope you can get a great discount.
So many good points. I always shop around and check out alternatives to my renewal to make sure it’s the best price. Sometimes adding a second person to your insurance can help reduce the cost x
I’ve some people saving money on car insurance and it’s cool that we can save money on it. Great tips you have on this post. Thank you for sharing!
Awesome post that is very useful to car owners. It is also very timely as everyone is wanting to save money for the current inflation going on. Everyone must consider it as a great reference to help us in this area of having to own a vehicle!
We pay a lot on our car insurance, a lot!!! I never thought about paying yearly instead of monthly!!! I will call them up today. Thank you so much…
These are some top tips here. It’s well worth trying to adjust some things to see if you can get a better price before committing. Thanks!
Very timely! We are planning to get a car soon – this post is such a BIG help!
Great points covered and helpful information. Insurances can be so expensive though necessary. Thanks for sharing.
I raised my deductibles a few times and I have three cars on my policy now. These have been my coping mechanisms for car insurance pricing. I have switch carriers in the past, too, but Progressive tends to be the one that gives me the best deals.
Shopping around really does help! Also just asking fo a lower rate!
Our car insurance is renewing soon and it’s so much more expensive than it was! Thank you for these tips, we will shop around and see what we can do to lower it.
I’ve had the same policy for years. I wonder if I could get a better deal. I may look into it.
Good luck. I hope you can make a good saving.
Yes, we bundle ours too. We also cancelled a policy when we realized we really weren’t using one which saves some money too.
So much I was not aware when it comes to car insurance. All these tips were a big help to me, thanks for the share!
We recently renewed my insurance, to start with I shopped around and got cheaper quotes and then started to add bits I did want and it worked out the same as my renewal. We have also just been looking for insurance for C as a learner driver on her own car and got a great price with having me and her dad as named drivers
Every year, when my car insurance is due for renewal, I first check the comparison websites. Then, I call my insurer and ask them to give me the lowest price I can find there, otherwise, I will leave. They always do.
That’s good to hear. Some are not always willing to do that.
Definitely pays to shop around. Sometimes the extras will save you money and give you peace of mind – like giving you roadside assistance.
That’s very true. That can be very useful for those that drive often and long distances.
Fab post on how to save money on your car insurance. I’m learning to drive at the moment so it’s really handy to know what can help me to save money on my policy in the future.
Oh wow, good luck. I hope this saves yo loads when you come to get an insurance x
I have tried most of the tips here. Considering mileage worked the best for me
It is important and can make a difference.
When it’s getting close for me to renewing my car insurance, I always shop around to find the cheapest. Being loyal doesn’t always pay.
I agree, there is no point in being loyal quite often. It’s a shame it has to be like this.
I think we find our car insurance rates creeping up every so often. These are good points to consider and to keep in mind for insurance rates. Sometimes we bargain and change our company when rates seem to just keep rising.
It’s essential to shop around and change to get better rates.
Very nice tips. Definitely anyone who drives needs to consider all these factors and not just risk it.
Some good tips there. I always shop around using comparison sites.
We are due to renew so so great tips to check out to make sure we get the best deal and price
I always shop around each year, and also make sure I keep an eye on my yearly milage as I have found this makes quite a difference!
Thank you for your valuable advice, at the moment it is important to make savings wherever possible.
I find it cheaper to add my partner onto the policy as an additional driver, although he never drives my car!
This is helpful – I always look around for the best deal – good tip on updating mileage!
Thanks Ashleigh. I am so glad you liked the post x
What a comprehensive post. Can’t think of any additional ways to save money. Every penny counts at the moment so appreciate the suggestions.
I know what you mean, we are all struggling to save here and there so these sorts of posts will come in handy to help x
Reading makes me so glad I don’t have a car nor do I know how to drive. I know for a fact that new time drivers have to pay more
We always shop around and try to use cashback sites for a bit of a saving too
When I update the calendar for the next year I always write the date the insurance is due with a couple weeks spare so I can shop around. Unfortunately this year I stupidly missed it and it auto-renewed and I was so annoyed at myself, I definitely won’t be doing that again!
Useful ways to try to save money, especially trying to shop around and looking at the excess.
Its really important to shop around for the best possible deal and anti theft devices are really useful. Especially with the amount of car thefts these days.
This helped me enormously sort out my sons first car insurance, thank you x
Some useful ideas here, these costs are so expensive!
a great information post with plenty of useful tips. shopping around is a good idea its easier than you think