With Car Insurance premiums being arguably the largest part of a driver’s yearly expenses, few realise just how much you can save if you understand some of the finer details about both your car and how insurance policies work. Once you begin to understand the following and how they apply to you, you’ll be able to get the best possible price when you start to shop around.
Your Car:
Firstly, start by examining your car. Things like age, model, engine size and number of drivers will all massively impact on the premium you are offered. In some cases, it may even be worth downsizing or upgrading your car to get an affordable premium that makes sense. Regardless of what car you are insuring, have it valued by multiple sources. This way you won’t end up over insuring your car and paying more on your policy.
Type of Cover and excess:
Depending on how much your car is worth, you may not wish to opt for a fully comprehensive policy. By getting a lower level of cover i.e. third-party, fire and theft from your insurer, you will ultimately pay less on the policy itself. You can also agree to pay a higher excess fee in the event of a claim meaning that your premium will cost you less.
Your Job:
If you are clear about your job (Accountant, Sales Manager, PR Specialist) insurers are more likely to understand what that means as opposed to the “Global Director for Logistical Adherence” and they may rate you in a lower category – which saves you money!
Bundle with other Products:
Many Insurance companies will offer their existing customers incentives to buy their other products and services. These incentives offer a great opportunity to get instant discounts across a whole range of policies. For example, Blue Insurance customers receive a further discount of €25 when they buy both home and car insurance together.
Payment Method:
Although car insurance premiums aren’t cheap, you can always save that extra bit of money by paying your premium in a one-off instalment. Direct debit is convenient for most but will usually cost the insurer substantially more over the term.
Multi Year Policy:
One way in which you can be certain of making savings is by purchasing a multiyear insurance cover policy. Blue Insurance is offering a 2-year car insurance policy meaning you won’t have to worry about that premium rising next year (even if you claim). Not only will you save money, you’ll save yourself the stress of renewing it all in 12 months’ time.
These tips were put together with help from the team over at Blue Insurance. Check out their deals on car and home insurance to see how much you can save. You can also find great value policies on Blue’s other successful websites such as Multitrip.com, GadgetInsurance.com, CarHireExcess.ie and PetInsurance.ie.
