How do I reduce my  Motor Insurance Premium

Answer:

• Always shop around at renewal. Quite often Insurers are doing special deals for new customers which are not available for existing customers (there is often no loyalty shown by Insurers to those who already have a policy with them).

• Don't accept the first premium which is offered. Shop around and if you particularly want to stay with the same Insurer tell them the lowest quotation which you have received. See if they wiill price match!!!

• Set a higher excess this will always reduce premiums since you are responsible for the first part of any claim. The higher the excess the less your Insurer will have to pay and the number of claims which you make will be reduced.

• If you have a potential claim decide whether the value of the claim is less than the excess. Also consider what effect the claim will have on your No Claims Bonus. It may be economic to deal with the matter without referring to your Insurers. However be careful particularly if the accident involved another vehicle. There is always the risk that the third party may look to pursue a claim for personal injury such as whiplash.

• Further driver tuition such as Advanced Driving Test may reduce the premium.

• Check your mileage. If you do less than 12,000 miles per year tell your Insurers. They may offer a discount. Also if you do not use your vehicle to go to work tell them. However only do this if you are sure that you will nor exceed this mileage otherwise you may have difficulty in presenting a claim and your Insurers may refuse to pay.

• Only include named drivers if they drive your vehicle or need to drive your vehicle. In the case of young drivers do not add them unless they do regularly use your vehicle. If you have children at University add them to your policy if needs be when they are staying with you not annually.

• Don't overstate the value of your vehicle. In the event that the vehicle is damaged or written off Insurers will only consider the market value of the vehicle at the time of the loss irrespective of the amount you may have Insured it for.

• Fit an alarm and an approved immobiliser. These will need to comply with Thatcham 1 or Thatcham 2. Check with Insurers to see what type of alarm and what discounts may be given. Some Insurers will insist upon improved security otherwise the may not be prepared to provide a quotation. In the case of expensive luxury cars Insurers may require tracking devices to be installed.

• Obtain Motor Insurance On line and get between  5% and 10% discount.

• Consider the additional benefits offered under the policy. You do not have to have a courtesy car or legal expenses cover. Decide if you need them.

• Parking your car in a locked garage or driveway will reduce your premium. Statistics indicate that more vehicles are damaged whilst parked on a public road particularly at night.

• In problem cases you may benefit from speaking with an Insurance Broker Direct.

• Avoid paying Premiums Monthly. All Insurers charge a premium for monthly payments