How to find the best insurance deals

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Sticking with the same motor insurance provider, year in, year out is the perfect way to waste money and lose out on some great deals. It is becoming more and more common to switch insurance policies regularly, even once a year or more to take advantage of rapidly changing deals and rewards. So, read on to find out how to stop missing out and start spending more wisely.

Get the facts right

Knowing the make, model and age of your car is essential when opening a car insurance policy, but have you used that information to shop around a bit first? Cars are all sorted into insurance groups, based on its overall value, power and potential repair bills. The lower the group your car is in, the less you will typically need to shell out on insurance. Other factors include facts about the driver, where you live and where the car will be kept when not in use. Go online to compare policies to see which one will give you the best deal for your own particular set of circumstances.

Welcome to Carol

Another fact you need to know is that a new, interactive car management service called Carol is planned to launch later on this year that will help you organise your car insurance and track your costs. Carol will allow users to purchase insurance, schedule servicing, track and make vehicle tax payments and analyse their driving in real time, all through a single, online platform. User will benefit from real-time insurance information at their fingertips.

Choose your policy

Not all insurance policies are born equal. Whether you opt for a comprehensive policy that covers pretty much all eventualities, or a third-party only one, which only pays out for damage done by others is up to you, and the price will vary wildly. Then again, so will the benefits you receive, should you need to make a claim. Adding in fire and theft obviously covers those two risks, which is wise to do. If your vehicle is especially old, valuable, or highly powered, find a specialist insurer to make sure you get exactly what you want – you may need to pay a little more, but it will be worth it to have full peace of mind.

Watch your age

Young drivers can be penalised for their lack of experience, just as older drivers can face barriers finding good deals due to concerns over illness and the potential for reduced reactions in an emergency. Again, specialist providers exist to help in these situations. Younger drivers could also consider having a black box fitted to their car to record their driving patterns and opting for a policy linked to analytics.

No claims deals

If you have built up a significant period of time without making a car insurance claim, your resulting ‘no claims’ status can be very valuable indeed. Choose a policy that rewards your careful driving with cost savings. A few policies will also allow named drivers to build up their own no claims status, which is well worth considering in a car that is regularly driven by more than one person. You may also wish to protect your no claims bonus by taking out additional insurance for it, which a number of policies will allow.

Security

Finally, motor insurance companies welcome extra security measures aimed specifically at preventing theft or damage to your vehicle. These include covered, or off-street parking, immobilisers and car alarms and additional ID. The extra investment into such measures could prove more than worthwhile if it results in lower insurance payments over the longer term.