Over 60% Of Brits Suffer Surge in Car Insurance

Budget-conscious Brits are given top tips on saving money on their car insurance policy after nearly a third admit to reconsidering driving due to costs.

According to a recent survey by price comparison specialists Quotezone.co.uk, 61% of people said their car insurance policy is more expensive this year even though their circumstances remain the same, with nearly a third (29%) of respondents noticing an increase of over £150 on their premium.

The results show people are shopping around more than ever in search of savings, with 74% saying they are shopping around more than usual when looking for car insurance this year – with 91% saying they use comparison sites to compare prices.

One of the most critical money-saving tips is to do homework, compare different providers, and never let a policy automatically renew. Drivers must strike a good balance between cost and coverage, ensuring the policy has all the essentials they need at a competitive price.

Among the list of money-saving hacks are shopping early, improving vehicle security, building up the no-claims bonus and being mindful of where the car is kept overnight.

These simple tips can come in handy for those looking to cut their insurance expenses without making any significant changes.

Quotezone.co.uk Founder and CEO Greg Wilson said: “It’s concerning to see car insurance prices rise. The soaring cost of repairs, materials and even paint have all knocked on premium prices. The volume of claims is also increasing, partly due to the extreme weather we’ve witnessed over the last 12 months.

“However, we can help. There are ways to save, and using our comparison site is an ideal platform to compare products to ensure you’re getting the cover you need at a price you can afford.

“We’ve noticed a surge in the volume of customers to our site since the start of the year, up nearly 50% on this time last year as people hunt for savings.

“While aiming to secure cost-effective coverage, it’s crucial for drivers to ensure they’re not compromising on protection in case of accidents or unforeseen circumstances. Often there’s very little difference in price between third-party cover and fully comprehensive, so if you can, it’s best to safeguard your finances and go fully comprehensive.

“It’s also important to always give accurate information when getting a quote, as any incorrect information can invalidate your policy and leave you unprotected.”

Quotezone.co.uk has named ten money-saving tips for motorists to get a good deal and help keep their costs down.

Here are Quotezone.co.uk’s top 10 tips to help get a cheaper insurance premium:

 

1. Shop Early

It’s better to plan ahead and buy your policy early to lock in the price, as premium prices tend to increase closer to your renewal date. The optimal time for bagging the cheapest deal is three weeks before the new policy starts.

2. Pay Annually

It’s best to pay the entire annual premium upfront to save hundreds in the long term. Insurance providers look at monthly instalments as loans and can have high-interest rates. Consider paying it all in one go to knock cash off your policy.

3. Improve Vehicle Security

Most vehicles should have an alarm and immobiliser as standard. Still, it’s worth installing anti-theft devices such as a tracker and dashcam – it will upgrade the vehicle’s security and could get you cheaper premiums. Get the policy quotes first to consider whether the extra cost of fitting the devices will be worth it for the insurance savings.

4. Review Your Policy

Make sure to only pay for what you need and avoid driving up the premium by adding unnecessary add-ons – such as annual mileage. Make sure your estimation is accurate. Also, check your vehicle use. If you use it to drive to the train station for your commute to work, it still needs to be noted as used for your daily commute. If you work from home full-time, switching the vehicle used to social only might be worth changing. It could result in considerable savings.

5. Add Another Driver

If you add another driver to the policy, you may be eligible for a multi-driver discount, plus you can split the cost of the premium. It can be particularly beneficial if the other person is an experienced driver with a clean record as they pose less risk to the insurance company, which could lead to lower premiums. Just make sure the person who uses the vehicle the most is noted as the main driver. Incorrect use of this information is known as ‘fronting’ and is illegal, likely resulting in a criminal record and a void insurance policy.

6. Park in a Safe Place

Car owners that use their garages, driveways or carports for overnight parking can make significant savings on their car insurance – parking on driveways rather than on the road can save you over £140 every year. Carport owners can do even better, with average savings at £230.

7. Build up Your No-claims Bonus

Avoid filing small claims to build up your no-claims bonus. Opting to pay for minor damages out of your pocket instead of filing a claim can prevent potential premium hikes.

8. Opt for a Telematics Product or Black Box

Getting a telematics device or black box fitted allows drivers to showcase their safe driving, which can lead to cheaper premiums. This is a good option for young drivers and those with previous motoring convictions who are charged more as they are seen to be more at risk. Using the device gives the insurance company data on which to base its risk analysis.

9. Avoid Penalty Points

Penalty points on your licence may result in a steep fine and bump up your insurance costs. Drivers can expect premiums to rise by 5% for three points and 25% for six points if they start from a clean licence.

10. Compare Everything

Don’t allow your policy to renew automatically or settle for the first insurance quote you receive. Research and compare rates from multiple sources to get the lowest price on your premium. You can save time and utilise price comparison websites to help you compare providers, compare products, and, of course, compare prices.

To compare up to 110 UK car insurance providers, visit https://www.quotezone.co.uk/car-insurance.