Wednesday, 7 March 2012

Car insurance - how I save money

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It’s the time of year for me that I have a very important job to do – compare car insurance. I’m on a budget, so every penny counts, more so than it ever has before. My renewal notice comes around now and even if it hasn’t changed much, the cost always goes up and never down, doesn’t it? I thought I’d share my tips for ensuring you get the best deal.

Photo credit - blary54
It is however worth doing a comparison, because you are pretty much guaranteed to save something. Insurance companies want to win your business, so the prices you’re offered as a new customer will be lower than a loyal one. Madness I know, but that’s how it seems to work.

When you are comparing, make sure you check that you will save by whichever method you prefer to pay. Paying in one lump sum is always cheaper but if you can’t do that, then be wary of the varying finance charges as you might not save paying by instalments. Also, be sure to declare EVERYTHING before getting those comparisons – every accident, any recent or pending convictions, everything about your car, how you intend to use your car. Don’t skimp on your cover in that respect, because you could have any claim refused for missing something out, and that’s a false economy.

Even if you’re not intending to change insurers, it’s worth comparing prices then ring up your current insurance company and telling them that you can get it cheaper elsewhere. They will often reduce the price on the spot if they think they are going to lose you. They are depending on your inertia, but a quick check and a brief phone call should help you save money.

My final tip would be to investigate if the insurers you find are on the usual cashback sites. If they are, check those deals out as they will further reduce the final cost of your insurance, although you may have to wait a while for the money to come through. It’s worth doing though, as it can bring down the cost of some policies with better cover levels and lower excesses.

One thing is for sure – do not just accept the price you’re first quoted on your renewal notice. Put a little effort in, and you will save yourself money. Go forth and compare! 

I was paid a fee to write a post and include a featured link. All words and opinions are my own and are from my own personal experience. 
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