Best Ways To Reduce Your Vehicle Insurance Cost This Year 

In the wake of rising cost of living, a lot of consumers are keeping track of their spending, and are looking for ways to save money where it is possible.

With this in mind, experts from the insurance broker One Sure Insurance have shared their top five strategies to save money on your car insurance this year.

Car insurance can be purchased in advance

If you’re renewing your insurance for your vehicle typically, it will work out less expensive to purchase it early instead of having to wait until last-minute renew.

Insurance companies typically think of people who purchase ahead of time as more organized and cautious, and view they are less likely to get involved in an accident, which is why they are in a position to offer lower prices.

The company you currently have will notify you via email one month prior to the date your car insurance will be due to renew, but the most affordable rates will be offered three weeks prior to the date of your renewal. Insurance policies will then increase in cost the closer you are to your renewal date.

Beware of buying insurance for your car longer than a month prior the renewal date because you may be in the position of missing cheaper policies from insurers that aren’t willing to give quotes early.

You can pay for your car insurance each year

When you take out an insurance policy for the first time making one annual payment instead of monthly payments can contribute towards the cost of car insurance being lower.

Insurance companies charge interest per instalment which means that spreading your expenses throughout the year may be more expensive over time.

Certain drivers might not be able to pay for their insurance all at once, which makes monthly installments more attractive. Make sure you know how much interest your insurance company might be charging.

It’s always worth exploring options to find the insurance plan that fits your needs best. A number of insurance companies offer monthly payments for six months as well as the possibility for “pay-as-you-go” for more flexibility.

Think about who you want to keep as an identified driver

It is vital to update the list of named drivers that is attached to your insurance policy for cars because they could affect the amount you pay each installment.

Adding drivers who are younger and less experienced to your insurance policy could raise costs as they are thought to be most likely to cause an incident. Also, make sure to eliminate any person who is not driving your vehicle to avoid the cost of the inclusion of them.

However there are times when it’s advantageous to include a named driver in your insurance policy when they are older and have a greater amount of driving experience. This could result in lower car insurance for young drivers, however you must be upfront about who the primary driver is.

Find the most appropriate way to describe your job

The title of the job you choose to use when purchasing insurance can occasionally affect the amount you are charged. Different terms may refer to the same position However, one could be considered less secure or stable.

As an example, naming your personal assistant may typically result in lower insurance than if you call yourself secretary. This is also true when you use the phrase “homemaker” instead of stating that you’re not employed and thereby increasing the cost of insurance significantly.

Find different titles that describe your job by looking at what other people employed in your job and comparing their outcomes. But, make sure you’re truthful about your actions to ensure that your claims are not considered to be false.

Your car should be parked in a secure place

Certain insurance companies consider the location in which your car is kept overnight in making calculations for the cost of insurance. Parking your car outside of your home on the street is considered to increase the chance of having it damaged or stolen which can increase the amount you have to pay.

The most secure options for reducing the cost of insurance are parking your vehicle in an individual driveway or an enclosed car shelter. This means that you are less exposed to elements outside that could harm it.

It is important to know what insurance providers are using since some insurance companies don’t provide this reduction or find parking in garages to be as risky due to the potential injuries during the drive in and out.