You’re in the market for a brand new lease car – great decision! With so many great makes and models on offer you’ll no doubt be comparing and contrasting prices, specifications, fuel economy and more.
One element of your brand new car not to be forgotten is the cost of insurance.
Every car needs to be insured and it can be pricy. According to the Association of British Insurers the average car insurance premium in the UK for comprehensive cover is £484 a year. Age, driving experience and of course the type of car you drive are all factors that can change the price so we have listed a few hints and tips so you can be safe in the knowledge you’re not paying too much for your car insurance.
Check your insurance costs before committing to a car
Some makes and models cost more to insure simply because they are considered to be ‘high risk’ whether that’s because they’re a high performance car or particularly desirable. High insurance premiums aren’t always the reserve for cars with a high list price so do your research before you commit to that lease contract.
ALWAYS shop around
Sorry, we didn’t mean to shout but it’s really important that you shop around for your insurance as 99% of the time you will save yourself some money!
Many people will use comparison sites when they’re researching their car but then take the easy route renew their car insurance with the same insurer. Does this sound like you? Well, you could be paying over the odds.
Car insurance is a competitive industry, so if you shop around you will almost always find a better deal than the one you have now, but be consistent in doing this every year and make sure you’re comparing like for like. Set aside some time to do your comparisons and have your paperwork handy so you know what cover you currently have.
Don’t accept the first offer
If you find a cheaper price when shopping around, you can always call your insurer and ask them to match it. This is a worthwhile call to make, especially if you’d really rather not switch your insurer. If they won’t agree to match the price or come close, take your business elsewhere. It is a pretty simple process to switch these days so be astute and save yourself some money.
Consider a black box recorder
Some insurers are now offering reduced premiums if you agree to have a black box driving recorder fitted to your car. This device records your driving style and assesses your level of risk – so if you drive sensibly, your insurance premium is reduced.
It’s controversial because people dislike the Big Brother aspect of insurance with such telematics, but if you’re looking for the biggest savings possible, it’s worth considering.
A friend of mine has a 20 year old son and with a black box his premium is half what it would be without! So do consider this as an option (especially for younger drivers.)
Clear out your garage
Keeping your car in the garage – controversial we know if you’re anything like us and your garage is packed with ‘stuff’ you don’t really need!!
Take a look on comparison sites and you will often find that changing ‘on street parking’ to ‘garage parking’ can make a significant change to the price quoted.
Check what added options are on your premium
Insurance quotes will often bundle in features like European cover, additional driver cover and other things which you may not need. If you opt out of these extras, you may find a worthwhile drop in the price.
A note about mileage
Consider your annual mileage when checking insurance premiums. If you only do 6,000 miles per year in the car, there’s no need to be insured for 10,000 miles. Again, if your mileage starts to go up, you can call the insurer and have the cover increased to allow for the extra mileage.
Don’t bend the truth
Fibbing, bending the truth – ok lying on your insurance forms is never ok. If you provide incorrect information to the insurance company, you face the risk that your cover will be void if you ever try to claim on it.
- Don’t say you have secure garage parking if you don’t.
- Don’t say you drive 8,000 miles a year if in reality it’s 20,000.
- Don’t fail to declare speeding fines or modifications.
When you make a claim these details will be checked and any discrepancies might mean your claim is rejected!
We hope you’ve found this information useful. Happy Motoring