THE overarching advice is hewn from the same old piece of advice.
To save money on car insurance you have to actively shop around.
Usually the effort expended is directly proportional to how much you save. Not always, but usually.
So here six some tips designed to help you cut the cost of your car cover this year.
Don’t just renew.
You should never automatically renew your policy.
Remember, competition is fiercest among car insurers for new customers.
Consider yourself a much sought-after customer and work to have it reflected in your quotes.
Get a quote.
The best approach is to get a quote online from a broker like CoverinaClick.ie or McCarthy Insurance Group, which provide quotes from a range of firms.
Alternatively, contact a broker you know. You could get quotes directly from insurers, but this could take some time.
Then contact your current insurer. See if they can match your best quote.
If not, then it could be time to switch.
How to switch
If you are going to switch you will need to complete an online or offline application form, and send on a copy of your driving licence and existing no-claims bonus (NCB) letter, which you should get from your existing insurer, and your payment details.
Consider your excess.
The ‘excess’ is the amount you pay of your own money when you make a claim. The higher the excess, the lower the premium.
Obviously, you need to ensure the excess is still affordable or this strategy is a bit pointless.
Having insurance is of little use (legally, of course, you must have it) if, when you make a claim, you have to pay the first €1,000 because that is the excess you have chosen so be careful how high you pitch your excess.
Accurately assess the value of your vehicle.
When you are looking for quotes, make sure you don’t overestimate the value of your beloved motor or you will end up paying a higher premium than is necessary.
Pay your premium annually.
If you can pay your insurance once a year, do so.
Paying monthly is the same as taking a high-interest loan from your provider, with interest as high as 20pc imposed on top of the premium.