Renewal Checklist for a Cheaper Car Insurance Deal
Renewal Checklist for a Cheaper Car Insurance Deal
If you are planning to take out a new car insurance policy, change provider, or renew an existing policy, don't do anything else until you've checked through this list of must-do activities.Be Security ConsciousBasic alarms can earn you a small discount on your premium, so make sure you mention them in any application. More sophisticated tools such as immobilisers and trackers can lead to bigger discounts. Don't necessarily assume that such equipment is only worthwhile if it quickly and clearly pays for itself through lower cover costs: after all, peace of mind and security is a benefit in itself.Look At Two for One DealsMany car insurance companies offer heavy discounts if you are prepared to insure two cars with the same company. There are several reasons for this: it attracts customers who might otherwise be lost, and households with two cars rarely drive twice as much as those with only one car.Consider A Bigger ExcessThis could save a healthy chunk on your premium. Whether it's a good deal for you is a gamble, but an informed one. As a general rule, if you think you are more likely to claim for small amounts, such as a minor prang with no other cars involved, or vandalism, then a smaller excess may be better. If you're main concern is an unlikely but potential expensive incident such as a major crash, then a larger excess might be more viable.So, whether your next renewal premium is less than you expected or causes a sharp intake of breath, there are still plenty of options available to help you take control of your insurance premiums. As long as you don't just blindly accept your renewal quote and spend just thirty minutes doing your homework, there's a really good chance you'll be paying less next year.Look For A Low Mileage Deal if AppropriateIf you don't use your car much, consider a policy that charges a lower premium but restricts you to a certain mileage, either weekly or annually.Prepare To Pay UpfrontIf money is tight and you are tempted to take the option of paying in instalments, be wary as some insurers will charge you heavily for the privilege. Crunch the numbers and see whether it may actually work out cheaper to borrow the money from another source and pay the annual premium in full. Remember that under an instalment plan you are committed to the full schedule (and associated interest), whereas if you get the money from, say, an overdraft you can pay back as quickly as you are able to and cut the interest costs. Of course, do bear in mind any penalty fees you might be risking.Check Your CreditWhile it might not seem an obvious factor, some insurers do admit that they carry out credit checks on applicants and that this can affect premium rates. This means its a good idea to check your credit record with the major agencies such as Experian and Equifax, which should only cost around 2. This will let you spot any mistakes that might affect your credit rating. Depending on the type of inaccuracy you will either be able to demand a correction, or attach a note explaining your side of the story.Leverage The Power of The WebThe internet has without a doubt been responsible for a reduction in car insurance premiums as insurers compete for your business in a lower cost environment. But even bigger savings are possible when you leverage the power of car insurance price comparison sites that compare hundreds of policies at once. These savings can even be multipled further when you combine the reach of these websites by using more than one. By getting quotes from at least three of the big names you are comparing your car insurance needs with the vast majority of the market within minutes and achieving a comparison reach far greater than any traditional broker would be able to offer.So, whether your next renewal quote is what you expect or causes a sharp intake of breath, remember that there are still options available to help you take control of your motor insurance premiums. As long as you don't just accept your current insurers renewal quote and spend as little as thirty minutes doing your homework, there's a good chance you'll be paying less for your car insurance next year.
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