Here it is; part two of our “100 ways to save money on your insurance” article. This instalment takes us up to tip 20 — expect part three and the next 10 tips soon … have a merry Christmas!
11.Change your risk
This isn’t always practical of course, but worth considering. If you’re about to buy a new car and you’re torn between two models, check to see if one’s in a higher insurance group than another. It can make a big impact to your motorhome insurance premium too — do you really need a six berth vehicle?
Watch out with occupation too – if you play the guitar a bit but work in a bank, don’t tick the box for “musician” on occupation…
12.Improve your home security
You might be surprised how adding a little thing like smoke alarms could possibly have an effect on your premiums – ask the insurer what else you can do to your house to make it more secure – upgrading the locks on the front door might cost a few quid but save much more; not to mention making things a bit safer.
13.Get on a group policy
Some insurance might be available through your employer, or if you’re an employer you might be able to get better rates for yourself and your staff by using group policies.
14.Talk to the retention team
If you’re thinking about switching, talk to the retention team at your provider. It costs more to find a new customer than to keep an existing one, so it makes sense for them to help you stay where you are!
15.Review your limits
Make sure you check the values of things that you’re insuring at least once a year. If your car was £5K when you bought it but now, in all honesty, it’s worth £500 – then don’t pay to insure the more expensive value! Most insurers will tell you the book value of your car if you ask, but might not automatically adjust the value you’re insuring unless you ask.
16.Third party only
If you’ve got a low value vehicle, you might want to consider third party only cover – comprehensive might be a luxury you don’t need.
17.Watch out adding drivers
Because insurance rates are worked out mathematically, most of the time, based on rules it’s possible to investigate what happens if you take drivers off or add them on. Don’t always assume that adding a spouse will increase the cost – it might reduce it in some cases!
18.Don’t get tickets!
Got an SP30? Should’ve gone slower. One speeding ticket might not affect the price you pay, but get two or more and you’ll find loadings start to be applied to your rates.
19.Find a specialist
If you need specialist insurance, find a specialist broker – don’t just ask the default provider. Specialist brokers like the ones Quotiva work with often have special rates negotiated with insurers over the years. They know their business and what you’re trying to insure so can work the rates more accurately than a general provider.
20.Don’t go for those mods
… Unless you want to pay. Cool car, or cheaper insurance, you can’t have both..
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