If you’re a bad driver, insurance cover gets to be expensive pretty quickly. All it takes is a little speeding, and your bill will skyrocket. Fortunately, it’s not the end of the world. You can hold down those premiums using one of several tactics.
Become a Better Driver
It’s obvious, but maybe you should consider a little rehab when it comes to your driving. Take professional driving lessons, monitor your own driving habits, and work to become a better driver. It’ll pay off within a year or two, and you’ll be rewarded with lower premium rates.
· Pass Plus
Pass plus is the Driving Standards Agency’s course to help you become a better driver. This course consists of 6 hours of practical training. You’ll drive in town, in various weathers, on rural roads, at night, on motorways, and on duel carriageways.
All modules for the course will be practical sessions and will be based on local conditions. There’s no test you have to pass, but you will be assessed throughout the course. By the end, you should be a better driver.
You’ll also receive a certificate of completion when you’re finished. This certificate can be handed to your insurance company – most will give you a discount on your premiums. If you don’t have a car right now, that’s OK. A lot of insurers will put your discount on hold for up to 2 years.
Shopping for the best coverage is not a new tactic, but it’s one that people consistently overlook. Just because you like your insurance broker doesn’t mean you shouldn’t shop for better coverage. The average insurance renewal quote from insurers is right around £405. However, renewal rates from competitors – using comparison websites and online brokers – can be up to 18 percent lower than what your insurer is offering you.
It seems strange, since your insurer wants to keep you as a customer. However, the insurance marketplace is competitive. To get your business, insurers often offer discounts for first-year clients. Take advantage of it. It’s usually comparable to the cover you have now.
Examine Excesses On Your Cover
How much are you willing to pay before the insurer kicks in and covers you? Your excess amount could be increased, if you’re willing to shell out more money before filing a claim and receiving insurance coverage. Most people keep their excess pretty low. However, raising your excess means your premium will come down – sometimes substantially.
This becomes critically important when you have a lot of coverage on your vehicle. For example, if you have comprehensive, fire, and theft, changing your excess may save you enough to start a meaningful savings on the side.
Add a Named Driver
Insurers will sometimes lower your premium if you add a more experienced driver to your policy. This could be especially helpful if you’re young, and you have some tickets. For example, add your mum to the policy – or ask to be added to hers. Offer to pay for the portion that makes up your part of the cover.
If the cost for insurance increases dramatically for her, offer to compensate her more. It may be worth the additional cost to you when compared to maintaining your own coverage.
Gillian Kearney enjoys sharing money saving tips through blogging. Gillian is a financial consultant. For more money saving tips and ideas, visit the Monkey website.