Car insurance quotes seem to be ever-rising, many Irish motorists find it exasperating getting first time insurance as the prices often increase year on year. There are many factors that are aiding the rise of car insurance across the country. One of the factors that is widely argued to be contributing to the rise in premiums is compensation culture. Compensation culture is a phrase coined by the media that describes a society in which individuals pursue compensation for every slight infraction and injury by means of litigation. Irrespective of the cause, however, we still have to foot the bill when it comes time to renew our car insurance. While there always seems to be advice on how to lower your premium as a young driver, sometimes the over 25’s are forgotten about. If you’re getting car insurance in the near future here are some key tips to save a little:
1. Use an insurance broker.
Lots of people will stress the importance of shopping around when it comes to purchasing or renewing car insurance. They’ll tell you to do research on various companies, policies and supposedly ‘cheap premiums. It can be incredibly daunting trying to navigate your way through all the different companies and jargon when you’re just trying to get your car insured asap, that’s why using a broker can help.
Insurance brokers do the bulk of the shopping around, so you don’t have to. Specialists at brokerages are familiar with all the insurance providers so they know the ultimate best deal you can get.
2. Avail of every discount that applies to you.
Inform yourself of any discounts that might be applicable to you and avail of them. Some insurers offer multi-car discounts if you and a partner for example have two or more cars on the books. This discount could be anything up to 20% and it doesn’t kick in automatically so it’s worth asking about. If you have home insurance or fleet insurance etc with the same company you might also be entitled to something off, so it’s worth checking out.
While you won’t always be eligible for discounts, on the off chance you are, it could save you some cash.
Comprehensive car insurance is widely regarded as the best cover to invest in and we aren’t disagreeing. This type of cover protects you against a myriad of risks so it’s one of the most respected options.
However, if you’re really trying to cut down on your expenses then you could downgrade your insurance to third party fire and theft. Third-party fire and theft insurance cover are fairly self-explanatory. In the event of an accident, this type of policy will cover any damage to a third party or their property from an incident. It will also cover any damage to your own car resulting from fire or theft.
It’s worth consulting with your broker ahead of making a decision so they can inform you of how much money you will actually save. You will lose valuable benefits by downgrading so the conversation with your broker is a must.
4. Cut down on the extras.
By eradicating some of the extra’s on your policy you could save money. Typical add-ons to insurance policies include breakdown assistance, windscreen cover and no claims bonus protection. It’s essential to consult your broker about this aspect of your cover before you make decisions.
There can be large and very small variations in price depending on what extras you decide to cut out. So it’s good to get a clear idea on what will save you the most money. We rarely ever seem to need these additions until we get rid of them, so it’s a wise idea to remember that too.
5. Increase the excess.
An excess is the first part of any insurance claim that you have to pay yourself. Opting to pay a higher excess could save you money on your premium because you are assuming more of the risk. You should only consider a higher excess if the savings would be substantial in the long run.
It’s key to remember that if you opt to pay a higher excess and you have an accident then you will need to be in the financial position to cover the cost. Think about your financial situation and consult your broker before you up the excess.
6. Pay upfront
You could pay as much as 30pc more by paying your premium in monthly instalments instead of upfront. If you paid your premium in instalments instead of upfront, your bill could have been €150 higher this year. Some insurers have a lighter loading of around 8pc for those who pay in instalments but you will still save some money if you pay upfront.
7. Take a defensive driving course.
Sometimes insurance companies will provide a discount for those who complete an approved defensive driving course. Make sure to ask your agent/insurance company about this discount before you sign up for a class.
After all, it’s important that the effort being expended and the cost of the course translates into a big enough insurance savings. It’s also important that the driver sign up for an accredited course.
By availing of one of these classes not only will you save on your car insurance but you’ll learn skills like how to drive in extreme weather conditions and how to effectively anticipate dangerous road conditions and avoid them.
There are defensive driving courses available at the Leinster Driving Campus, so if you’re thinking of investing, why not reach out to this centre?
At insuremycars.ie, we do whatever we can to ensure you get a great insurance policy at a great price. Contact us today, so we can help you!