Car insurance is a legal requirement if you plan on driving your vehicle on public roads. After all, it protects you and other drivers if you happen to be involved in an accident, plus some car insurance comes with a host of additional perks. However, you may be paying over the odds for your car insurance. Read on for five simple yet effective ways that you can slash the costs on your car insurance policy.
1. Avoid Mods
While it may be tempting to add that spoiler or modify your engine, it’s best to avoid any car modifications unless you’re okay with forking out some extra hard earned cash on your insurance policy. When you modify your car you are legally obliged to notify your insurance provider, who will then often raise your premiums to reflect the work that’s been done.
2. Pay Annually
While monthly payments may be tempting, you can cut costs on your insurance premium by paying on a yearly basis, as a lump payment will avoid those pesky interest charges.
3. Increase Your Excess
A clever way to lower your insurance costs is to raise your voluntary excess levels. By increasing the amount that you are required to pay if you do have an accidents, your annual policy will be reduced. Just be prepared to shell out the excess if it comes down to it.
4. Add a Named Driver
A little known cheat is to add a more experienced, or older, named driver on to your insurance policy to lower costs. Avoid adding anyone who has points on their license, and don’t try and be a named driver under your parents name when you are planning on being the main driver, as this is called ‘fronting’ and can void your claims.
5. Increase Security
Just a few small adjustments to the security of your car can dramatically lower your insurance premiums. Why not invest in an immobilizer or a car alarm? If you have access to a secure covered garage or driveway then notify your policy provider, as this may also save you money on your premium.
Try out one or more of the above cheats, and you will be sure to reduce your car insurance costs. Good luck!