Guide to Car Insurance and Managing Costs
Recent data reveals a sharp 50.9% rise in car insurance costs over the past year, with average quotes increasing by 34% as of May. For many in the UK, car insurance has become the second-largest monthly expense, trailing only council tax. Despite falling fuel prices, insurance premiums continue to climb. Interestingly, insurers argue that these high rates aren’t translating into significant profits.
Average Premium Breakdown:
- Under 25s: £2,145
- Ages 25-49: £850
- Ages 50 and above: £568
While these figures may seem overwhelming, there are practical ways to secure good coverage without breaking the bank. For more details on car warranties, consider reaching out to Protect Your Family.
Ways to Save on Car Insurance:
- Job Title and Insurance Costs:
Your profession can influence your premium. High-risk jobs may lead to higher rates, but tweaking how you describe your role could help you save. - Renew Early and Save:
Renewing your policy well before it expires can earn you discounts. Insurers often reward early renewals as a sign of responsibility. Aim to renew around 27 days early to potentially save up to 44%. - Add an Experienced Driver:
Including a seasoned driver on your policy can lower costs. For drivers under 24, this could save around £240, and for those aged 25-34, up to £250. Just ensure the added driver occasionally uses the car to keep the policy valid. - Shop Around:
Always compare insurance options to find the best deal. Platforms like Protect Your Family can help you identify competitive offers. New regulations now prevent insurers from charging existing customers more than new ones, making frequent switching less advantageous. - Avoid Vehicle Modifications:
Modifying your car can make it more attractive to thieves and increase your insurance costs. Keeping your vehicle stock may help reduce premiums. - Install a Black Box:
A black box tracks your driving habits, such as speed, braking, and cornering. Safe driving recorded by the device could lead to lower rates, especially for younger drivers. - Report Accurate Mileage:
Driving fewer miles generally means lower risk and cheaper insurance. Use public transport when possible and provide accurate mileage during renewals, referencing last year’s mileage or your MOT Certificate.
If you’re seeking reliable vehicle breakdown coverage, Protect Your Family is definitely worth exploring!
