Cut costs on your motor insurance

May 4, 2016

If it’s time for you to review your insurance cover read our tips on how you can make savings:

Get a number of quotes –from insurance companies or a broker either online or over the phone. When you get a quote that you’re happy with see if your existing insurer will match it or give you a better quote to keep your business. Quotes are usually only valid for a certain amount of time, so find out how long you have and then make a decision. Always get the quote you have been offered in writing, rather than verbally. Use our motor insurance shopping around checklist to keep track of quotes.

Ask about discounts – if you are over 50, drive only occasionally or have a second driver on the policy, such as your spouse, you may get discounts on your premium.

Know what type of cover you need – going for the cheapest level of cover is not always the best option. When reviewing a policy check to see what is included in the policy and what is excluded.

Find out what excess applies to the policy – the excess is the first part of any insurance claim that you have to pay yourself and is usually a fixed sum. For instance, if the excess on your policy is €300 and you make a claim for €1,300, you will have to pay the first €300 of the claim.

Ask about any costs for paying your premium in installments– find out how much exactly you will pay if you choose this option. By law, you must be told the cost of credit which will vary between different providers.

Complete your form accurately– insurance providers look at many factors when deciding on the cost of your policy, including your job. The job categories used can be broad and you may fit into a number of different ones. For instance, if you work in publishing as a writer and put your occupation as journalist you’re likely to pay more than you would if you put down editor, copywriter or even reporter. However, be honest about your job, for example don’t say you’re a teacher if you’re really a salesperson who is constantly on the road.

Downsize your car – if you are trading your car for one with a smaller engine this may help lower your premium.

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