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How to save costs on your family’s vehicle insurance

18th October 2022 Print

So, you’ve just bought a new vehicle for yourself or a family member. Don’t zoom off just yet – it’s time to insure it! We know, we know, this can be the tricky part. Even the expensive part. But fear not, we’re here to help you save costs on your family’s vehicle insurance with these simple hints and tricks. 

Vehicle insurance doesn’t need to cost the earth, and there are plenty of insurance firms and comparison sites out there to help you get the best deal for you and your family - it’s about shopping around (never auto-renew!). Here’s how to save costs on your family’s vehicle insurance.

#1: Cut your mileage down

We don’t mean to be a buzzkill, but one of the easiest ways to lower your insurance is by driving fewer miles. The less you drive, the less likely you are to have an accident, meaning you’re a lower risk for insurers. Lower risk = cheaper insurance. 

As a nation, we rely heavily on cars and motorbikes, but cutting out those small journeys you could walk can make all the difference. Remember to be honest when it comes to estimating your mileage, however, as your policy can turn out to be invalid if you deceive your insurer.

#2: Pay it annually

It can be tempting to pay for your vehicle insurance monthly as the sum appears lower, but make sure you check the small-print – it’s almost always cheaper overall to pay for your insurance annually. This is because a pay monthly system is technically a loan, with interest added. If you can’t afford to pay the full amount outright, look into a 0% credit card and pay at least the minimum monthly repayments before the interest-free period ends.

#3: Go multi-vehicle

Lots of insurance providers offer incentives to those wishing to insure multiple vehicles. It’s a way to reward customer loyalty for them, and a way for you to have all insurance conveniently handled under one company. It’s easy to obtain a multi car or multi bike insurance policy – just enquire about adding a vehicle with your existing provider, or shop around for multi-vehicle deals when you start your insurance journey.

#4: Add security devices

Something that can be really reassuring to insurance brokers is security features on your vehicles. If a provider can see that you’re making your vehicle safer, they’ll likely reward you with a cheaper premium. We’re talking additions like alarms, immobilisers and locking wheel nuts. If you’re thinking about installing a security upgrade, put the details through a comparison site first to judge how much you’ll benefit.

#5: Pick the right vehicle

When it comes to insurance, often the type and style of your vehicle makes all the difference. Look for one with a smaller engine, which means a low insurance group and a lower premium. Also, avoid modifying your vehicle too much. Although these upgrades can be tempting, they often lead to a hike in insurance costs.