How to find the cheapest car insurance
You might be raring to get on the road as soon as you’ve passed your driving test, but there’s just one little extra thing you’ll need before setting off – car insurance. Legally, you can’t drive a car in the United Kingdom unless it has been insured to you. But, insurance can be expensive. So what kind of hacks are out there to find the cheapest car insurance?
Before you start looking, you’ll need to be aware of how you as a driver will affect what kind of insurance you’re offered – and what kind of different policies are out there. How much you end up paying is also entirely variable and is based on a variety of factors including where you live, your age, what kind of vehicle you have and your driving history.
In general, there are a few types of car insurance out there:
- Third Party – the most basic insurance you legally need. This covers damage to other people’s cars caused by you.
- Third Party, Fire and Theft – The same as above, but also covers you if your car is stolen or damaged by fire.
- Comprehensive – Full coverage
USE PRICE COMPARISON WEBSITES
One of the best ways to get the cheapest car insurance is to use a price comparison website to see what offers are out there. Whilst you might be tempted to take out a policy with a big name insurance company, they don’t always give you the best deals. Price comparison websites will not only help you find the best deal but could introduce you to smaller, boutique insurance companies who may offer cheaper car insurance in the long-term.
PAY ANNUALLY, NOT MONTHLY
Though it can be tempting to choose a monthly payment plan, you may actually find you pay less in car insurance if you pay once a year. Because of the interest that insurance plans have, your monthly car insurance cost could be much higher as the months go on – whereas if you pay in one lump sum for the year, you won’t have to worry about rates fluctuating unexpectedly. If you can only pay monthly, it’s worth doing more research into how premiums will be affected month to month – rather than annually.
FIGURE OUT WHAT INSURANCE YOU REALLY NEED
With insurance, we can sometimes think that the best coverage is the best value – which isn’t always true. Do some research into what kind of insurance you really need before taking out a policy. If you don’t drive often, it’s not likely you’ll need full comprehensive coverage, for example.
INSTALL A BLACK BOX
A hack for newer drivers. A ‘black box’ is a small device fitted into your car to track your speed as you’re driving. Newer drivers face higher insurance costs because of their lack of experience on the road. A black box tracks their driving habits and, if they meet criteria set by the insurer, they can be rewarded with discounts on their insurance.
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