January is the month in which many of us are motivated to get our finances in order. If you're one of those people then use these five tips as a simple checklist to ensure you've taken every step you can to drive your car insurance costs down.
- Tip one: Check your policy - Ensure you're not paying for policy options you don't really want or need. For example are there named drivers on your policy that no longer use the car? Are you paying for business use of the car when you only use it for commuting and domestic use?
- Tip two: Declare your security steps - Have you added a car alarm or immobiliser to your vehicle to reduce the chance of theft? Do you park in a garage overnight rather than on the street and do you use a well-lit secured parking area during the day? If so, then make sure your car insurance provider has been informed as discounts may be available.
- Tip three: Provide accurate personal details - If you've changed your job, address, or any other personal circumstances then make sure your car insurance provider has been informed. It could be that your new job is deemed less of a risk than your previous employment - perhaps because you drive fewer miles - or that your new address is in an area with lower crime. Getting married too could save you money on your car insurance as you will be deemed a more responsible driver. So if your circumstances have changed, let your car insurance provider know.
- Tip four: Assess your excess - The higher your voluntary excess is, the lower your premiums will be. So think about what you could comfortably afford in the event of an accident and adjust your policy accordingly.
- Tip five: Analyse the market - Make sure you compare car insurance policies from other providers whenever your renewal date is close.
Most car insurance companies offer their best deals to new customers so consider taking advantage of these deals by switching.
