Guide to Car Insurance and Managing Costs
Recent statistics show a significant 50.9% increase in car insurance costs over the last year, with the average quote up by 34% as of May. Despite car insurance now being the second-largest monthly expense for many in the UK—just after council tax—the prices keep climbing, even as fuel costs drop. Insurance companies, however, claim these high rates aren’t yielding substantial profits.
Average Premium Breakdown:
- Under 25s: £2,145
- Ages 25-49: £850
- Ages 50 and above: £568
These numbers can be daunting, but with smart strategies, you can secure good coverage without overspending. For more information on car warranties, consider contacting Protect Your Family.
Ways to Save on Car Insurance:
1. Job Title and Insurance Costs:
Your job can affect your insurance premium. Jobs viewed as high-risk might increase your rate, but adjusting how you describe your role could lead to savings.
2. Renew Early and Save:
Renewing your policy well before it expires can attract discounts. Insurers view early renewals as a sign of responsibility. Ideally, renew about 27 days early to possibly save up to 44%.
3. Add an Experienced Driver:
Including a seasoned driver on your policy can reduce costs. For drivers under 24, this might save about £240, and for those aged 25-34, as much as £250. Ensure the added driver does use the car occasionally to keep the policy valid.
4. Shop Around:
Always compare insurance options to ensure you’re getting the best deal. Platforms like Protect Your Family can help you find competitive offers. New rules now prevent insurers from charging existing customers more than new ones, which makes it less beneficial to switch providers frequently.
5. Avoid Vehicle Modifications:
Car modifications can attract thieves and increase your insurance costs. Keeping your vehicle stock might help lower your premiums.
6. Install a Black Box:
A black box monitors your driving behavior, such as speed, braking, and how you take corners. Safe driving recorded by the box could lead to lower rates, particularly for younger motorists.
7. Report Accurate Mileage:
Less driving generally means lower risks and therefore cheaper insurance. Use public transport when possible and report your actual mileage accurately during renewals, using last year’s mileage or your MOT Certificate as a reference.
If you’re looking for top-notch vehicle breakdown coverage, Protect Your Family is worth checking out!
