How can I lower my motor insurance premiums?

So many factors influence the cost of your motor insurance that it gets quite difficult to remember them. You are asked so many questions to get a quote that you could easily wonder whether all of them are important. They are important though. The motor vehicle you drive, your gender and your age all go towards calculating your premiums. Some of the factors we'll go through are not in your control, but some are, and those will be concentrated on.

First, think about consolidating policies. Insure multiple vehicles with the same insurer, or try and take out home and life insurance with the same insurer. You may be able to find valuable discounts by doing this, and you should definitely think about it when considering all of your personal finance needs.

You can choose where you live, and there happen to be more crashes in some places than in others. Urban areas see more crashes than in the countryside. A quick rule of thumb is that the quieter an area is, the lower your premiums should be.

You can pay more excess, which is the amount of a claim you have to pay. The more excess you pay, the less the insurer's risk, thus the less your premiums will be.

You can control your insurance premiums by driving less, because some insurers will offer discount for low-mileage drivers.

Where you park your motor vehicle overnight is influential, as if it is in a locked garage, your premiums should be cheaper than if you have an exposed car overnight in the street. Whilst we're talking about security, getting an immobiliser and an alarm can also help lower your motor insurance premiums.

Save up your no claims bonus years, and eventually, your insurer will allow you to pay a small extra premium in order to protect your no claims bonus. This can be very helpful if you end up having a crash.

Advancing your driving skills will also make a difference. The Institute for Advanced Motorists and the Royal Society for Prevention of Accidents offer memberships, which should earn you large discounts should you successfully take their tests.

Then there are the factors you can't control. Women get cheaper premiums because statistics have proved that women's accidents are less serious. Should you be a couple, you should think about insuring the vehicle in the name of the woman.

The older you are, the less likely you are to claim, which lowers your premiums, and finally, you should expect to pay less to insure a low maintenance and low profile vehicle that you only use for private matters than if you want to protect a flashy car which is expensive and used for business.

 

 

 

 

 

 

 

 

 

 

© AskFinancially.com 2008

Motor Insurance

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