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Lowering your risk factor to get a better car insurance deal
If you own a car, you know how expensive it is to drive and insure one. With the rise in comparison websites, more and more people are searching for the best possible deal. However, if you still feel you are being overcharged or simply aren’t getting the best possible deal, there are still things you can do. The main route to go down to get a better deal is to lower your risk factor as a driver. There are many different ways to do this but we have listed the best ones below for you to try out.
Drive a car from a low insurance group
Driving an expensive car or a rare model can make it is a lot more expensive to insure your car. Insurers typically do not like taking a risk on something that could be difficult or expensive to repair should you be in an accident or need to make any sort of claim. If you already have a car, try trading it in for a cheaper model and if you are looking to buy, look at the lower end of the market. However, don’t go too far and buy an old banger as insurers are likely to see these as unreliable.
Make your car more secure
Making sure your car and yourself are as safe as possible is the key to lowering your risk factor. Your car should have an approved and working alarm alongside security devices which are Thatcham approved. Also, parking your car in a garage or on a driveway is deemed safer by insurers, significantly lowering premium costs.
Add an experienced second driver – but don’t lie!
Adding a second driver to your car insurance can greatly lower the price of your insurance premium. In particular, when you add someone with years of experience and no claims bonus, they don’t have to use the vehicle much either. Although, adding the experienced, low-risk driver as the second driver cuts costs, adding them as the main driver when they are not is lying. However tempted you may be to do this, please don’t! Giving false information to an insurance company can result in your insurance claim being invalid.
Include accurate mileage in your quote
When asked about your average mileage on a car insurance quote, many drivers do a quick estimate based on what they think they cover in a year. Some people manage to get it pretty spot on but for others, they significantly over or under estimate their claim. Overestimating means you will get charged more and underestimating can invalidate your insurance claim and any future claims you make. Simply checking your mileage, every year if possible, and working out an estimate based on that means you could save money and trouble in the long run.
Be a safe driver
The best and easiest way to lower your risk factor is to simply be a safe driver. Driving safely, not getting points on your licence and not claiming on your car insurance lower your risk factor. This proves you are a low risk driver, increases your no claims bonus and drops the cost of your insurance. For some drivers, especially young drivers, getting a black box in your car from your insurer improve your reliability.
Young drivers are typically charged through the nose for their insurance as they are seen as unsafe and reckless. This is not true for a lot of young drivers, who are still being charged too much for their car insurance simply based on their age. Telematics ‘black box’ technology is a great way for those drivers to prove how safe they are and lower their premium costs as a result.
There are many other ways to lower the costs of your car insurance but these are just some. Having a low risk factor is seen as very important to insurers so it is of benefit to you to work on this. We hope you find these tips helpful and that you save some money in the process.