How to Get Cheap Car Insurance?
Updated: Aug 20
The one thing that can turn people away from cars is insurance. For most teenagers in UK, their annual insurance fee typically costs more than the car itself!
Insurance companies provide quotes based on several factors; age, location, type of car, and past driving history.
Here is a list of ways to find cheaper insurance.
1. Pay annually not monthly
While paying monthly may seem like a good idea to spread the cost throughout the year, it may work out to be 20-40% more expensive. By paying monthly, you are essentially taking a loan and 9/10 insurers will charge interest for this.
2. Picking a job title
The difference between a student and a mature student or medical student, or the difference between kitchen worker and head chef can actually cost or save hundreds of your premium (especially for teenagers)
3. Never auto-renew
Most people lose track over there renewal dates and let their insurance auto-renew not realising that a phone call or an online quote could save about £50 a year! Research shows that 3 weeks before your renewal date is the best time to get a cheaper quote. See the graph below. Obviously the prices are not tailored to everyone but the "sweet spot" is the same for everyone.
4. Additional drivers
Studies show that if you are considered 'a high risk driver' adding a 'low risk driver' to your policy can have a dramatic change to your premium. Consider putting a parent who has a clean driving record as a 2nd driver.
Don't think that insurance only costs alot on performance cars. Even tinting windows or new alloys or a private plate can add to your premium. This is because your car becomes more of a target to thieves.
6. A blackbox
Nowadays for young drivers in UK it is almost impossible to get an affordable quote on your first car without getting a blackbox. It is always worth considering to get a blackbox as it could be upto 75% cheaper than a non-blackbox policy.