Matt1-vts
6th April 2010, 17:56
Step 1: Ensure you're getting the correct cover
nsurance premiums (the name of payments made to insurance companies) depend on the insurer, the level of cover and how risky you're perceived to be. Therefore start by defining your cover and ensuring you’re as low a risk as possible.
Third Party
The minimum level of cover you need to legally be able to drive on the roads is called 'Third Party'. It used to be the cheapest type of insurance but now bizarrely fully comprehensive policies can often be cheaper. Never assuem one costs less than the other; quote both.
if you are in an accident and it is your fault, you will have to pay for any repairs to your own car yourself, as your insurance won't cover it. It's more expensive because it's assumed you care less about your car and are therefore more likely to have an accident.
Is it generally the most suitable for you?
do you fall into these bullet points
•With cars worth less than £1000
•Aged under 25
•Without a no-claims bonus
•Or living in a high risk area
if so then then Third Party could be for you.
Third Party Fire and Theft
Third party fire and theft has the same level of cover as third party insurance. However, self evidently, it also has the additional cover of assistance if your car is stolen or is set on fire.
Fully Comprehensive
This is the widest level of cover but can be the cheapest. The big advantage is if you have an accident and it was your fault you will be able to claim the cost of repairing your own car as well as those of the other drivers
The cover also includes accidental damage and vandalism, for example if somebody causes damage to your car when it is parked in the street and they then drive off. Plus you'll be able to drive hire cars or other people's cars if you have their permission, although this will probably only be Third Party
Fully Comp is a good idea if your car is worth more than £1,500 and gets more important the more valuable you car is. Many insurers will only offer fully comprehensive cover for higher value cars anyway.
There are a few ways of cutting the cost of fully-comprehensive cover, Tesco Value* insurance offers a comprehensive policy but limits the repairs to garages it has relationships with, which lowers the cost. However this doesn’t automatically make it cheapest,
Don’t think third party’s cheaper than comprehensive
Counter logically lesser third-party policies often cost more than fully-comp.
Why? Car insurance rates are set by actuaries, who’s job is to calculate risk. And it’s likely third-party buyers are on average a higher-risk group, perhaps as overall they care less about their cars, and so prices are pushed up. To illustrate this in one low risk driver quote, we found £290 for fully-comp compared to £406 third-party.
Step 2: Tips for lowering car insurance
If you’re trying to finesse the lowest price, there are a few more things to watch out for. Car insurance marketing is clever. Its aim is to make you feel you’re getting the best deal but to maximise the insurer’s profit at the same time
Get a ‘new’ quote from your existing insurer
Often applying to your existing insurer as a new customer produces a cheaper price than its renewal quote. Insurers put out more competitive prices to attract new customers so simply start again and you could be better off. really works try it.
Consider how much you’d really claim for?
It's worth considering going for a policy with a higher excess (the amount of any claim you need to pay yourself). Many people will find that claiming for less than £500 worth of damage both increases the future cost of insurance and can invalidate no-claims bonuses, meaning it’s not always worth making a claim.
So why pay extra for a lower excess? A few policies will substantially reduce premiums for a £1,000 excess, so try this when getting quotes. Of course the one downside with this is if you have a bigger claim you’ll have to shell out more, but often it’s a good balance of the risks.
Tweaking your job description to save money
Insurers decide prices depending on historic risk assessments, and your occupation plays an important part in this. To help we’ve built a fun tool to show the riskiest jobs and see if small tweaks to you job description could save you cash.
Example
When a Construction Worker pays £800.00
a Grave Digger would pay £795.20
a Maintenance Man would pay £788.20
a Contractor would pay £758.40
so tweek your job but never lie,
try smaller Comparison Sites link
www2.beatthatquote.com
www.quotezone.co.uk
Info from EX insurance advisor
if you need help on getting cheaper car insurance feel free to pm me
nsurance premiums (the name of payments made to insurance companies) depend on the insurer, the level of cover and how risky you're perceived to be. Therefore start by defining your cover and ensuring you’re as low a risk as possible.
Third Party
The minimum level of cover you need to legally be able to drive on the roads is called 'Third Party'. It used to be the cheapest type of insurance but now bizarrely fully comprehensive policies can often be cheaper. Never assuem one costs less than the other; quote both.
if you are in an accident and it is your fault, you will have to pay for any repairs to your own car yourself, as your insurance won't cover it. It's more expensive because it's assumed you care less about your car and are therefore more likely to have an accident.
Is it generally the most suitable for you?
do you fall into these bullet points
•With cars worth less than £1000
•Aged under 25
•Without a no-claims bonus
•Or living in a high risk area
if so then then Third Party could be for you.
Third Party Fire and Theft
Third party fire and theft has the same level of cover as third party insurance. However, self evidently, it also has the additional cover of assistance if your car is stolen or is set on fire.
Fully Comprehensive
This is the widest level of cover but can be the cheapest. The big advantage is if you have an accident and it was your fault you will be able to claim the cost of repairing your own car as well as those of the other drivers
The cover also includes accidental damage and vandalism, for example if somebody causes damage to your car when it is parked in the street and they then drive off. Plus you'll be able to drive hire cars or other people's cars if you have their permission, although this will probably only be Third Party
Fully Comp is a good idea if your car is worth more than £1,500 and gets more important the more valuable you car is. Many insurers will only offer fully comprehensive cover for higher value cars anyway.
There are a few ways of cutting the cost of fully-comprehensive cover, Tesco Value* insurance offers a comprehensive policy but limits the repairs to garages it has relationships with, which lowers the cost. However this doesn’t automatically make it cheapest,
Don’t think third party’s cheaper than comprehensive
Counter logically lesser third-party policies often cost more than fully-comp.
Why? Car insurance rates are set by actuaries, who’s job is to calculate risk. And it’s likely third-party buyers are on average a higher-risk group, perhaps as overall they care less about their cars, and so prices are pushed up. To illustrate this in one low risk driver quote, we found £290 for fully-comp compared to £406 third-party.
Step 2: Tips for lowering car insurance
If you’re trying to finesse the lowest price, there are a few more things to watch out for. Car insurance marketing is clever. Its aim is to make you feel you’re getting the best deal but to maximise the insurer’s profit at the same time
Get a ‘new’ quote from your existing insurer
Often applying to your existing insurer as a new customer produces a cheaper price than its renewal quote. Insurers put out more competitive prices to attract new customers so simply start again and you could be better off. really works try it.
Consider how much you’d really claim for?
It's worth considering going for a policy with a higher excess (the amount of any claim you need to pay yourself). Many people will find that claiming for less than £500 worth of damage both increases the future cost of insurance and can invalidate no-claims bonuses, meaning it’s not always worth making a claim.
So why pay extra for a lower excess? A few policies will substantially reduce premiums for a £1,000 excess, so try this when getting quotes. Of course the one downside with this is if you have a bigger claim you’ll have to shell out more, but often it’s a good balance of the risks.
Tweaking your job description to save money
Insurers decide prices depending on historic risk assessments, and your occupation plays an important part in this. To help we’ve built a fun tool to show the riskiest jobs and see if small tweaks to you job description could save you cash.
Example
When a Construction Worker pays £800.00
a Grave Digger would pay £795.20
a Maintenance Man would pay £788.20
a Contractor would pay £758.40
so tweek your job but never lie,
try smaller Comparison Sites link
www2.beatthatquote.com
www.quotezone.co.uk
Info from EX insurance advisor
if you need help on getting cheaper car insurance feel free to pm me