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How to Save Money on Your Motor Insurance Quotation

April 23, 2012 | Comments: 0 | Views: 291

Shopping Around

Whenever you are buying new financial products you need to shop around. There are many different car insurance providers offering different packages and deals. You need to find the deal that can offer you the right cover at the right price.

  • You need to go online when you are shopping for your new car insurance policy.
  • The Internet is a great place for top discounts and you can save a lot of money on your policy.
  • Get quotes for at least three different policies and compare them carefully. The cheapest policy may not always be the best choice. Make sure you get the cover you need before you choose your next policy.
  • You should also contact your existing insurance company and ask if they can do you any special deals.
  • Although renewal quotes are not always cheaper than moving your policy to a new provider the company may be able to offer you an attractive deal.

Annual Payment

Insurance companies typically charge extra for the privilege of paying policies off monthly. This means if you choose a monthly payment schedule you could be adding costs to your car insurance unnecessarily. By opting for upfront annual payments you can save quite a bit of money on your car insurance.

No Claims Bonus

The no claims bonus is one of the main ways in which you can save on your car insurance.

  • Remember insurance is all about evaluating risk.
  • The more risk the insurance company thinks you are as a car owner and driver the more your insurance premiums will be.
  • No claims bonuses show that you offer a low risk of making a claim.
  • This can increase your suitability in the eyes of the insurance company and gains you access to more competitive premiums.
  • You could save as much as 60% on standard car insurance premiums if you have 5 years + on your no claims bonus record.
  • To help build up your no claims bonus where possible avoid making claims on your insurance for small amounts of money.
  • You can also invest in a no claims bonus protection feature. This will carry a small fee but will be worth it to get the savings from your no claims bonus on your main policy.

Policyholders

Many families share insurance policies. If you are going to have more than one driver on your policy then you need to consider the policyholder carefully. Some drivers in the family will have a better insurance profile than others. For example one person may be older with more driving experience and a good no claims bonus record. Other drivers in the family may be under 25 years without any no claims bonus. It makes sense to list the more experience driver as the main policyholder for the insurance. This can reduce the premiums significantly.

Advanced Driving

If you are under 25 years old and have just passed your test then you will be in a high risk category for car insurance. By taking the time to complete advanced driver training you could improve your overall driving skills and could also reduce your car insurance premiums.

Anthony Saxon is financial content writer currently working in the insurance industry for http://www.tiger.co.uk. Tiger is one of the leading compare car insurance sites in the UK and our focus is to find the right insurance policy for the right price. You can compare over 140 of our insurance partners to find the best deal and save money.

Source: EzineArticles
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