subject: Who Will Give me Cheap Car Insurance? [print this page] Who Will Give me Cheap Car Insurance? Who Will Give me Cheap Car Insurance?
Insurance companies don't have a flat rate when it comes to offering cover. Each one has their own specific formula for calculating a policy, which often comprises dozens of individual factors. Therefore, an insurer that's cheap for one person may not be another.
In the modern market, where consumers are easily able to compare different providers in a matter of minutes, it's important for car insurance providers to be able to be competitive on price - particularly with their target customer group. This in itself has helped to keep costs down for many. However, it does put the emphasis on continued vigilance and hunting down the best prices. So in your hunt for the cheapest available car insurance, you have to look beyond the first quote you receive - even if this is from your current or preferred insurer. Have a good look around and see what offers are available. You might well find that for the same price you can actually get a lot more cover elsewhere, this in turn can lead to better value and protection for your vehicle.
Compare all available prices. Whether this is on a price comparison site or through the individual insurer websites, it's important that you get a spread of quotes. This way you can quickly remove many from future lines of enquiry and possibly identify a small selection of sites for further investigation.
Even before you get to this stage you need to have an awareness of exactly what it is that you're looking for. Comparing prices on third party cover and fully comprehensive policies is about as accurate as weighing up a computer against a television, yes they're similar, but there are fundamental differences that have a huge impact on price. So in order to get a cheap quote, you first of all need a level playing field.
At this point it is worth pointing out that a good way to immediately reduce the cost of insurance is to lower your level of cover. Whilst there are inherent and obvious issues with doing this, if a reduction in cost is your sole aim, then opting for a third party policy will knock a chunk off of your annual premiums.
That said, this could be a decision that ends up costing you more in the long run, particularly if your car ends up getting stolen or vandalised. In either instance, third party insurance would leave you without recourse and you'd be stuck with a bill and no car to drive. Evidently this wouldn't be the best financial decision you would have ever undertaken.
The best prices are generally reserved for those who have built up a healthy no claims bonus and are middle aged (even being female can prove to be a distinct advantage). Within this market there is also often greater competition when it comes to pricing up cover. This may mean that there might only be a few pounds separating a fair few different insurers.
However, in slightly riskier groups there is likely to be a huge disparity. This is simply caused by some car insurance providers simply not wanting to take a chance on insuring them and so they'll either not provide a quote at all or simply price themselves out of the competition. This is certainly not uncommon when it comes to young drivers, the elderly and those who have driving convictions against their name.
So the company who will offer you the cheapest deal is likely to be very different to the one that might offer it to your friend or partner. It's all dependent on your individual risk factor, how far and wide you seek as well as your ability to negotiate when sealing the deal.
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