Auto insurance is a must-have for all car owners in the UK. The law requires that you have at least third-party insurance coverage for your car. However, insurance premiums can be quite expensive, especially if you are a young or inexperienced driver. The good news is there are several ways you can save money on auto insurance. In this article, we will share some tips for saving money on auto insurance in the UK.
1. Shop Around
One of the simplest ways to save money on auto insurance is to shop around for the best deals. Use online comparison sites to compare premiums from different insurers. Remember to compare like-for-like coverage to ensure you are getting the best deal. You can also contact insurance brokers who will help you find the best insurance premium for your car.
2. Increase Your Excess
Increasing your excess is another way to save money on auto insurance. Your excess is the amount that you pay towards any claim before your insurance coverage kicks in. If you increase your excess, your insurance premium will be lower. However, be sure to choose an excess that you can afford in case you need to make a claim.
3. Install a Tracker
Installing a tracking device in your car can help you save money on auto insurance. A tracker can help recover your car if it is stolen, reducing the risk of a total loss claim. As a result, your insurance premium may be lower if you have a tracker installed. Some insurers even offer discounts for customers who have a tracking device installed in their car.
4. Consider Telematics Insurance
Telematics or black box insurance uses a device installed in your car to monitor your driving behaviour. The device records how you drive, including your speed, braking, acceleration and the time of day that you drive. If you are a safe driver, you may be eligible for discounts on your insurance premium. Telematics insurance is particularly popular with younger drivers who may find it hard to get affordable insurance coverage.
5. Choose Your Car Wisely
The type of car you own can also affect your insurance premium. High-performance cars, luxury cars and cars with larger engines are often more expensive to insure than smaller, less powerful cars. Before buying a car, check how much it will cost to insure. You may be able to save money by choosing a car with a smaller engine or opting for a more basic model.
In conclusion, auto insurance can be expensive, but there are several ways to save money. Shop around, increase your excess, install a tracker, consider telematics insurance and choose your car wisely. By taking these steps, you can reduce your auto insurance premiums and keep more money in your pocket.