Car Insurance : How to Cut Car Insurance As Premiums Rise
Hard-hit motorists have been dealt a blow as a survey of underwriters reveals that 92 per cent expect an increase in car insurance premiums year by year.
So how can consumers keep their costs down?
According to the survey, insurers are attempting to make up for three or four years of offering competitive rates as well as coping with an increasingly tough economic environment and rises in the number of claims.
With car insurance premiums heading north, it would be easy for consumers to bury their heads and just accept that their costs are going to increase. However, that does not have to be the case.
Firstly, drivers should ensure they shop around whenever their renewal is due. Don’t accept what your existing insurer offers you – at least take the time to see if you could find a better deal elsewhere. This needn’t involve approaching insurers directly or even dealing with brokers – it can be done in minutes with a quick search on a comparison website which will highlight the cheapest deal for your circumstances.
If you have the money ahead of time, pay your car insurance premiums annually instead of monthly as this will cut out monthly interest charges. Reduce the number of named drivers on your policy, park in a garage overnight if one is available and increase your voluntary excess to earn further savings.