This Tactic Could Help You Save On Car Insurance
Car insurance is a necessary evil – you’ve got to have it just in case something goes wrong with your car, but it can be insanely expensive, hitting your wallet hard every single month. But there’s one tactic that could really help you save a lot on car insurance, so keep reading to find out what it is…
It’s clear, given what’s going on in the world right now, that living costs are rising. And unfortunately car premiums are going up too, with the average premium vaulting up to a four-year high in 2016. We now pay, on average, £633.06 every year for car insurance making it expensive for a lot of people. It looks like car insurance premiums aren’t set to go down anytime soon. According to Confused.com, a car insurance comparison portal, the typical premium we pay could climb as high as £1,000 per year by 2018. They noted that new types of insurance such as telematics, which monitors a driver’s performance, could bring premiums down in the long-term, but that won’t do you any good right now.
Neat little trick
But there is one thing you can do, if you’re looking for cheaper car insurance premiums – shop around for the best deal. The Mirror recently reported that if you shop around at the right time – three weeks before your existing policy comes up for renewal, you could save up to a staggering £349 over the next year on your car insurance, as you can get the best deal by switching providers at this point! The figures back this up – Comparethemarket.com, another car insurance comparison site, found that if you wait until the day your policy comes up for renewal, you’ll pay on average £756 in premiums in the next year. But if you change your provider three weeks before, you’ll only pay £407 on average, resulting in major savings. Also providers are now legally required to include their previous years’ premiums prices on your renewal notices, making it easier for you to see if you’re getting a good deal.
Get in early
Switching car insurance providers is a tried and tested method of bringing down premiums, but you’d be surprised how many people don’t do it. According to Simon McCulloch, the Director of Comparethemarket.com, most of us – 60% of UK drivers, don’t switch our car insurance suppliers every year, and this is costing us billions of pounds collectively in savings every single year! Explaining, he said: “People do not realise that the price of insurance products change in the run up to the renewal date and, even if they do, still struggle to act on their good intentions. One of the most effective ways of injecting more competition into the market is by encouraging consumers to search out the best deal. This, coupled with getting the timing right, could lead to even greater savings.”
Don’t put it off!
Its human nature to put things off to the last minute, but you’ll do yourself no favours by doing so. This latest research just tells us something that’s kind of obvious – if you shop when you have the luxury of taking your time to find the right deal for your circumstances, you’ll be able to dive down the cost of car insurance over the coming year. Don’t put off until later what you can do today!