Don’t fool around with your insurance

With car insurance premiums at record levels, insurance comparison website Gocompare.com has warned people not to be April Fools when looking at ways to reduce their premiums and has produced a list of do’s and don’ts to help motorists save money on their insurance.

In order to get a cheaper deal, it may be tempting to provide incorrect or misleading information to insurance companies. However, this is a false economy and can invalidate your insurance and make it harder to get cover in the future.

According to Gocompare.com, the most common ways to invalidate your insurance cover are:

Non-disclosure of ‘material facts’ for example, not disclosing driving convictions.

Providing false information, this includes not identifying the true main driver (also known as ‘fronting’), or being untruthful about the address where the vehicle is kept.

Failure to notify changes to your insurer, for example a change of address or occupation.

Using your car for an activity not covered by your insurance, for example business use.

Not declaring modifications to your vehicle.

Hayley Parsons, Gocompare’s Managing Director said, “Insurance represents a significant part of the cost of running a car these days, so everyone is looking for savings. It might be tempting to alter certain details or omit key information if you think it’ll help you get a better deal, but this could result in your policy being invalidated if you are found out.”

”One of the best ways to save money on your insurance is not to just accept your renewal quote, the best company for you 12 months ago, may not be the best today. I’m always amazed that only around a quarter of people switch their insurer each year – potentially throwing away hundreds of pounds. The good news is that with comparison sites it’s never been easier to shop around for a good deal. By spending a little time shopping around you could make significant savings.”

Gocompare offers the following advice for helping to reduce the cost of car insurance premiums:

Shop around – research has shown that shopping around can save consumers over £200 on the average motor insurance premium.

Consider the cover that you actually need – can you limit your annual mileage or accept an increase to your policy excess?

Drive safely and keep to speed limits – the more convictions on your licence, the higher the premium. Speeding is one of the most common convictions.

Improve your driving skills – some insurance companies will offer a discount for new drivers who have taken the Pass Plus course.

Secure your car for a better deal- a car alarm, immobiliser or tracker will potentially lower the quote that an insurance company will offer you.