How to get the best insurance deal

With a new year on the horizon, you may be considering how you can cut costs in 2023 - maybe saving money is your new year’s resolution. One way you can look to make savings is your car’s running costs, and your car insurance premium is an amount associated with motoring that you can try to reduce. 

There are a few techniques you can use to try and get the best car insurance deal; today we’re exploring the top ones… 

Compare

Shopping around for the best deal makes good financial sense in any case, and is especially prudent when it comes to your car insurance. Despite the so-called ‘loyalty penalty’ being banned, which puts an end to higher premiums for existing customers, you still might be able to find a better deal elsewhere. It’s worth spending time on comparison sites, which makes this process so much easier. 

Negotiate

Keen to stay with your existing supplier but not happy with the price they’ve given you? A phone call could be all it takes to get the best of both worlds. If you’ve done your comparison homework, you’ve got yourself a bartering tool in the form of a quote from another insurance company, which will motivate your existing supplier to match it and retain your business. 

Pay annually 

Paying monthly typically increases the amount you pay overall, as is the case with avoiding a lump sum payment in several areas of your life. If you’re in a position to, pay your premium annually to save money - you could even put a certain amount away each month to make this possible.

Be accurate about your mileage

Whilst we can’t always predict every journey we’ll need to make over the course of the year, you can make a generally accurate estimate depending on the frequent journeys you have to make. These could include the school run, commuting, and any annual trips you take in the car.

Calculate the extras

Insurance companies will often offer added extras like breakdown cover and key protection to, in theory, make motoring easier by providing peace of mind. Whilst these add-ons are important, consider the amount that they’re adding to your premium, and work out whether it would actually work out cheaper to buy this cover separately. 

Keep your car secure

A secure parking spot and a robust security system go a long way in reassuring an insurance provider that the vehicle they’re insuring is adequately protected, and can therefore reduce your premium. Investing in keeping your car safe and secure can pay dividends when it comes to what you pay for insurance.