We have some useful tips on how to drive down your insurance costs writes Geraldine Herbert
- Before you buy – Research the insurance costs before you buy your vehicle then consider the year, make and model.
- Think about dropping Fully Comprehensive Insurance for Third Party Fire and Theft as it is normally a lot cheaper. It is not an option for everyone but certainly it is one to consider if your car is worth less than €2,000. Also for young drivers it may be the only option when it comes to prohibitively high premium costs and once insured you can start building your no claims discount.
- Don’t modify your car – the more changes you make the more additional costs you risk accumulating so resist the temptation to give your car a “The Fast and the Furious” makeover.
- Raising your excess – If you have been accident free for a number of years than a way to reduce your overall premium may be to raise your excess.
- Ask about other discounts. You also might be able to pay less depending on your age, or if you’ve had no accidents. Some insurance companies offer discount for completion of advanced driving courses – Make sure you’re getting all the discounts you’re entitled to such as multi-car and loyalty discounts, money off for buying insurance online and the full no-claims bonus that you’re entitled to
- Think twice about paying in instalments. Pay your premium in one payment, if at all possible as it is always more expensive to pay in stages.
- Shop around for Insurance Quotes. The more you get the better your chance of finding the cheapest quote.
- Parking – The safer your car is tucked away at night the happier your insurance company will be and in some cases can save you 5% on your car insurance.
- Put a realistic value on your car. When asked to value our cars most of us have a pretty inflated price in our mind. Remember in the case of an accident the insurance company will only pay out what the car is actually worth at the time of the claim.
- Reduce Annual Mileage – The more you travel throughout the year the more of a risk you are to an insurance company
- Material Facts– It is always the best to disclose penalty points and anything else you feel might be irrelevant. Insurance companies apply different criteria so it may or not have an impact on your premium but in the event of an accident if your claim may be repudiated if you weren’t honest with the insurance company when taking out the policy.
- Take some driver training – If you pass an advanced driving test some higher quality insurers will take your extra skills into account and offer cheaper cover.
- Finally don’t be afraid to haggle
Geraldine Herbert
3rd February, 2016
