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Over 50’s are the second safest group of drivers on the road but their insurance policies often don’t reflect their years of experience and good safety record. Consider these suggestions for saving money on your car insurance.
- Increase your car’s security
One of the factors which will increase the cost of your car insurance is the probability of theft or damage to your car. If you live in a high-risk area it makes sense to try and minimise the risk. The cost of renting a garage might be more than offset by a reduction in the cost of your car insurance and you’ll have the additional benefit of not having to worry about finding a parking space. You can talk to your insurer about the benefits of car insurance and ask your questions to understand How much is a windshield deductible? and how an insurance can be helpful in such scenarios. You should also consider fitting an alarm system or using a steering lock, both of which could reduce the cost of your premiums.
- Avoid auto renewal
A comparethemarket report revealed that drivers over the age of fifty can save an average of around £45 by shopping around, so make sure that you compare the quotes online. You don’t have to wait for your renewal date before you can change your policy, you can switch at any time. Check the cost of the admin fee but it may still be worth your while to switch, if you’ve found a good deal. Always pay upfront, paying by instalments will add a considerable cost to the price of your insurance. Look at your voluntary excess, if you increase this amount, it could lower your premiums, but be sure that you compare the saving you could make with the cost of what you’d have to pay in the event of an accident. Look at the detail of your policy, do you really need extras such as a courtesy car? Comprehensive cover may actually be cheaper than third party. By selecting comprehensive cover, you appear to be low risk and consequently your premium is lower.
- How you drive and how far you drive affect the cost of your insurance
Most people over estimate their annual mileage and as a result they pay more for their insurance than they need to. Look for ways to reduce your mileage: don’t use your car for short trips, try walking or using public transport. Remember that many companies offer discounts for over-50’s, such as National Rail. Consider installing telematics, a device insurers put inside your car to monitor how you drive: if you’re a safe, sensible driver, this could save you money.
- Switch to a car which is cheaper to insure
Insurers place all cars in an insurance group, if your car is a top range model it is likely to be in an expensive group because the repair costs are high. Cars with smaller engines are statistically less likely to be involved in an accident and are therefore cheaper to insure.
5. Make sure you are on the electoral roll
Some insurance companies check whether you are on the electoral roll to confirm your identity in order to avoid fraud. Make sure you’re on the electoral roll and all your details are up to date just in case. You can check whether you’re registered by phoning up your local electoral registration office. Find their details on the your vote matters website by entering your postcode.