Life Motor Talk

Thursday 29 September 2016

Top 10 tips to reduce the cost of your car insurance

Published 14/06/2015 | 02:30

Consider dropping Fully Comprehensive Insurance for Third Party Fire and Theft as it is normally a lot cheaper.
Consider dropping Fully Comprehensive Insurance for Third Party Fire and Theft as it is normally a lot cheaper.

•1. Think before you buy - Research the insurance costs before you buy your vehicle then consider the year, make and model.

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•2. Reduce your insurance coverage - Consider dropping Fully Comprehensive Insurance for Third Party Fire and Theft as it is normally a lot cheaper. It is not an option for everyone but certainly it is one to consider if your car is worth less than €2,000. Also for young drivers it may be the only option when it comes to high premium costs and once insured you can start building your no claims discount.

•3. Don't modify your car - The more changes you make the more additional costs you risk accumulating.

•4. Raising your excess - If you have been accident free for a number of years then a way to reduce your overall premium may be to raise your excess.

•5. Ask about other discounts - You also might be able to pay less depending on your age, or if you've had no accidents. Some insurance companies offer discount for completion of advanced driving courses. The Aviva Ignition driving course or First Ireland offer DRIVEsafe, a driving tuition programme for learners.

•6. Think twice about paying in instalments - Pay your premium in one payment, if at all possible as it is always more expensive to pay in stages.

•7. Shop around for insurance quotes - The more you get the better your chance of finding the cheapest quote. Remember to compare all insurance quotes on a like-for-like basis.

•8. Park as safely as you can - The safer your car is tucked away at night the happier your insurance company will be and in some cases can save you 5pc on your car insurance.

•9. Put a realistic value on your car - When asked to value our cars most of us have a pretty inflated price in our mind.

Remember in the case of an accident the insurance company will only pay out what the car is actually worth at the time of the claim.

•10. Reduce Annual Mileage - The more you travel throughout the year the more of a risk you are to an insurance company. Anything over 15,000km may face a loading on your policy.

Sunday Independent

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