CAR INSURANCE - any advice or tips...
I urgently want to reduce my monthly car insurance expenditure. I'm currently paying around £90 per month on fully comprehensive policy with breakdown cover with the' red phone people'. I need to reduce this if possible, although according to comparison sites it appears I'm getting a good deal.
Apparently, going third party only is more expensive then fully comprehensive as it's now considered a 'higher risk' by Insurance companies. I've been in touch with my Insurance people and have threatened to go elsewhere and in response to that they've reduced my monthly instalments by around £8 per month which is ok, but not what I was hoping for. I also have over 9 years no claims. The car is a basic 2004 hatchback - nothing special. I have no penalty points.
Are there any useful insider tips, advice, cheaper options or anything that people know about that I and others could benefit from? Any help or advice - much appreciated.
Apparently, going third party only is more expensive then fully comprehensive as it's now considered a 'higher risk' by Insurance companies. I've been in touch with my Insurance people and have threatened to go elsewhere and in response to that they've reduced my monthly instalments by around £8 per month which is ok, but not what I was hoping for. I also have over 9 years no claims. The car is a basic 2004 hatchback - nothing special. I have no penalty points.
Are there any useful insider tips, advice, cheaper options or anything that people know about that I and others could benefit from? Any help or advice - much appreciated.
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Comments
That's what I tend to do.
Given the above facts, an annual premium of over £1000 for someone who is 26+ years of age seems extortionate (even allowing for the cost of breakdown cover and interest charges for paying monthly).
Something must be loading the premium significantly and the most likely candidates are a high-risk occupation and/or residing in an area with a high level of criminal activity.
Do either or both of these factors apply in your case?
You'd be surprised how much junk mail I get in the post addressed to 'gadfgagfgsdfgs'.
I now have 15+ yrs no claim, and no points, but and their quotes are by far the lowest - currently pay less than 500 a year (high risk post code and car), and its for parking on the road. But, Tesco and directline, quotes me almost 1500!
got decent cash back through quidco too
You can experiment with your job title - this can vary the quote by 10% - I can legitimately claim to be a chartered engineer (which I am and is my official job title) which is much cheaper than if my job title says anything about aviation. Of course, do not put a job title down which you are not as this will invalidate your insurance.
Also do not assume setting a high excess will reduce your premium. I forget the exact figures but my quote was about £150 with £300 excess, but rose to about £170 if I set the excess to be £1000 - perhaps they have stats saying those with higher excesses are a higher risk!!!
My postcode is considered high risk which is probably an issue. It's strange, because I live in the part of the postcode that isn't considered too bad an area. However, the other part of the postcode is not that great shall we say for levels of car crime etc. Someone who lived near me left the area last year on the basis that they felt the insurance premiums were too high here. Wonderful isn't it - penalised for living in the wrong area!
I'll try some of the firms mentioned on this thread and see how I go. I may also try individual websites as someone else suggested. I've tried most of the comparison websites and they are ALL giving me higher quotes than my current insurance with DL which comes up for renewal in 3 months.
A lot can be down to what car you're driving, funnily enough, which is something you've not fully divulged. A 'basic 2004 hatchback' could still be a 2.0l boy racer, as far as insurers are concerned.
High risk areas are necessary the 'bad' areas - can be deemed high risk because it is a decent place,with nice homes owed by people with decent cars - more sought after items
A 2004 hatchback could be a micra with very little added on or an Audi s3 so you need to be a bit more specific?
9 years no claims just gets you a discount off the base rate for the insurance.
Have you tried adding a partner or wife onto the policy? This can reduce premiums.
On postcodes it's quite hard to explain but obvious rough areas of a city will be a high risk area due to crime rates etc but a nice area may also be high risk as a result of theft claims... Ie someone claiming several thousand for a BMW etc.
Where in the country do you live?
Certain cities are well known for higher premiums such as London and Birmingham.
Also can you not pay in full? As you will be loaning a years premium from an insurer and paying it back in full plus some interest. Do you want to cancel the policy and start a new one right away? If so expect several more debits from your current one before it's settled!