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Dec 22

5 Clever Ways to Reduce Car Insurance Costs

Reading Time: 2 mins

Car insurance can be pricey, especially if you own more than one vehicle. Many factors affect the total price of auto insurance, too. These include your location, how much you drive, and your driving history.

But, driving without auto insurance is not an option, either. In the UK, drivers need insurance to drive a vehicle. Having one is also crucial in case of accidents.

There are steps you can take to lower your insurance costs. This article outlines tips to help you save money on your car insurance.


1. Get Multi-Car Discounts

Ask your insurance agent to know if you qualify for multi-car discounts. Generally, multiple drivers live in the same house. 

People who share a single vehicle can also qualify for a discount.

If one of the drivers is a teen, insurance costs could be higher. But, if there is proof that they are a top student, they can also get a discount. This type of offering can last until your child reaches the age of 25.

Discounts for auto insurance can range from as little as 1 percent to 39 percent.


2. Use Safety Devices

Certain countries require drivers to install safety features on their cars. These features can be anti-lock brakes and airbags.

If you drive an old car, make sure to install safety devices to improve safety. Let your insurance agent know so you can secure reduced car insurance costs.

Some insurance firms offer a discount of up to 25 percent to clients with safety systems. 


3. Drive Safe

When you are driving, you need to pay attention to the road. This should go without saying, but this still bears mentioning as much as possible. 

The more care you take while driving allows you to avoid more accidents. By preventing accidents, you are avoiding events that raise your insurance rates. 

You can get a safe driver discount that ranges from 10 percent to 23 percent. The better your driving record, the higher discount you can get.

Insurance firms award points to a driver for violations. More points can lead to higher insurance costs.


4. Choose a Car Wisely

The car you drive can also affect your auto insurance costs. 

If you drive a higher-end vehicle, it is more vulnerable to theft. A fast car with much greater horsepower is more likely to get into accidents.

If you want more affordable car insurance, trade your car for one that is less expensive to insure.


5. Be a Smart Shopper

Before choosing a car insurance policy, make sure you talk to several providers first. If you take your time, you can end up with an affordable policy that protects you and your vehicle.

Not all insurance providers measure risk in the same way. You might be a high-risk driver for some firms, and you can be a medium-risk with another. 

Knowing all your options can help you save money in the long run.


These are the tips that can help you get affordable car insurance. Although many factors affect insurance costs, driving with care is still the best solution to save money.


Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.


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