Shop around
Don’t accept your first insurance renewal quote. Shop around to see what same or similar policies are out there and at what price. You may also be able to negotiate a deal with your insurer if you’ve found a better price for a similar product elsewhere
Don’t assume third-party insurance is the cheapest
Third-party insurance is the minimum legal cover for what’s needed to drive a car on the UK’s roads. This covers someone else’s car or property, or it covers the person themselves if you injure someone whilst driving. It doesn’t cover any damage to your own car.
Because this is the lowest level of cover, new drivers often opt for this as it is traditionally viewed as the cheapest. This isn’t always the case however as those who take out a third-party policy are statistically more likely to make a claim
Pay annually when possible
Paying monthly is almost always more expensive than paying annually. If you can afford to do so, pay for your policy on an annual basis as it prevents the additional interest charges that inflate the price
Increasing your excess can reduce your premium
If you opt to have a higher voluntary excess you will likely see a reduction in the price of your policy. This is because you will need to cover more of any claim than you were previously agreeing to. However, be careful not to volunteer to pay more than you can afford
Adding a named driver
Adding a named driver, particularly one with lots of experience and a big chunk of no claims, will help to bring your price down. This is because the insurer will assume driving responsibilities will be shared and you’ll therefore be spending less time behind the wheel
Make sure you list the actual main driver as the person who will be driving the car most often though. If you put a more experienced driver as the main driver to lower the cost, but you do most of the driving, you’ll be committing an offence called ‘fronting’.
Consider a black box
Black boxes may be seen as a hindrance to those that use them but they can bring your premium down if they help to prove you’re a safe driver. Minimising heavy or emergency braking and adhering to speed limits are two quick wins
Build up your no claims discount
The longer you’ve lasted without making a claim the bigger the discount you’ll get on your insurance policy.
You can also buy no claims discount protection. This means a driver can make a claim without losing their no claims discount altogether – although there are usually limits about how many claims can be made in a given period, so check this with your insurer.
Think about your job title
Data has shown some job titles are riskier than others. Job titles can at times be vague, so although you need to adopt one that describes your profession, you may be able to try out a few different ones to get a lower premium. Some of the most expensive job titles include fruit and vegetable pickers, waiters and labourers, whilst retirees, secretaries, PAs and clerical assistants are amongst the cheapest.
Improve your security
Adding alarms, steering wheel lockers, immobilisers and keeping your car locked away in a garage (if possible) will all help to reduce your premium
Avoid modifications
Insurers don’t typically like modified cars. Adding a turbo, body kit, or amending your car's transmission will significantly hike your premium price. In some cases, motorists will pay way over double what they would’ve done for an unmodified car
Not all modifications are bad however, adding parking sensors can reduce your premium by around 20%!
