Really Cheap Car Insurance
How do you get the very cheapest car insurance? Which is the lowest priced policy? How do you cut the cost of a renewal premium? Economising is extremely important for many UK drivers so paying less for insuring a car is a priority. Luckily there are ways of reducing premiums and cheap deals are available for many motorists.
Which insurers are really cheap?
The insurance companies offering the best bargain prices vary from one motorist to another. Some are specialists in providing cover for experienced motorists with good claims records and few if any motoring convictions; others prefer to cover high-risk drivers such as teenagers, learners, and convicted drivers. Others concentrate on classic, high-value or prestige cars; and there are those that try to attract female motorists only by offering benefits such as handbag cover or discounts for approved baby seats.
Since we all have different risk profiles no single insurance company will offer the cheapest prices to everybody which is why to find the best bargains a price comparison service which compares the cheapest quotes from multiple companies can really save you a lot of money.
How can I cut premiums even further?
- don’t pay a renewal premium automatically, but start looking for better quotations a month before it is due. Many insurers reduce their quotations for people who are proactive like this and you can arrange for cover to begin as soon as your old policy expires.
- Try to pay your premium in one lump sum. Paying monthly incurs interest charges, particularly if you have poor or bad credit. Many cut-price insurers will only provide cover for those who pay their premiums in advance so by spreading your payments you could miss out on the best deals.
- Ignore so-called ‘no deposit schemes’. they don’t exist and it is just a marketing ploy. In any case, anyone who couldn't afford to pay at least one month’s premium in advance would probably find making the rest of the payments difficult too.
- If you are tempted to buy third party insurance get quotes for comprehensive cover first. Insurance companies can be very wary of drivers who cut corners on their coverage and actually charge them more than clients who buy fully comprehensive plans, despite the fact that these offer better benefits.
- Be careful of special offers for extras such as courtesy cars, legal representation or personal accident compensation. These are often very poor value for money. You may be offered a cut price deal but at your next renewal you will be expected to pay full price. In this case ring the company up and cancel any extras that you don’t need.
- Before buying a policy from a little-known insurer check reviews online. Some bad reviews are posted unfairly but if there are too many critical ones you may be better looking for another company rather than risking problems further down the line.
- Make sure all your statements on the application form are 100 percent accurate. They can be checked against central databases and any mistakes could result in a demand for additional premiums or a refusal to settle a claim.
- You should be shown the policy documents before you pay your premium. Read them carefully. Some brokers make a lot of their profit from charging very high fees for mid term adjustments, such as when you move to a different address, add another driver to a policy, or change your car. Remember that you are entering into a contract and even if you complain to the ombudsman about what you consider to be unfair charges you will get nowhere if they have already been brought to your attention – even if you didn’t read the documentation.
- Be aware of fraud. Buying a policy from advertisements on Google or Facebook doesn’t guarantee that the company that you are buying from is genuine. Always pay by credit card and never by bank transfer; make sure that the company operates from a proper telephone number and not a mobile one; and if the price is too good to be true be suspicious. Never be hurried into making a decision by a salesperson and if in any doubt at all stick with companies that you are confident of. Most importantly, never deal with a company which contacts you to offer you insurance, instead of the other way round.
- Be willing to negotiate. If the company you wish to deal with offers extras such as courtesy cars that you don’t really want give them a ring and ask if they will deduct them and give you a discount in return. If you are otherwise happy with your current insurer but have had cheaper offers elsewhere then ring them and ask if they will match those lower prices. Very often they will reduce their quotations in order to keep your business.
- Consider offering a voluntary excess. There will be a compulsory excess on all comprehensive policies – this is the amount that you will have to pay out yourself if you claim for damages to your own car or injuries to yourself. By offering an additional voluntary excess you would indicate that you are confident that you would not be involved in a claim and you may get a reduced premium as a result. Remember though that one day you may have to pay this so make certain it is a sum that you can afford if necessary.
Which price comparison site is the cheapest?
We carried out some research by selecting 50 people of different ages, vehicles, driving experience, postcodes etc and carried out price comparisons for them on four different comparison sites. You can see the results here, or click here to read our conclusions. However, like individual insurers, no price comparison site gave the lowest quotes in all, or even the majority of, cases.
Can women still get lower priced insurance than men?
Yes. Whilst it's illegal to offer a woman lower quotes just because she's female there are ways round this. Click this link to find out how women get cheaper motor insurance!
Should I buy third-party cover?
Again we carried out research on the prices of third-party, third party fire and theft and comprehensive policies and you can find the results here. We found that although in the past 3rd party cover was by far the best option for most drivers, the high claims record for this type of policy has meant that insurers are wary of them. Now they can offer far less value than comprehensive policies, and in many cases can even be more expensive even though much lower benefits are offered.
Is the cheapest car insurance really the best bargain?
Some insurers cut their prices by operating online as much as possible. This lets them save money on their overheads which they may give back in the form of discounted prices but it could be a problem for you if you have an accident and need to report it or make a claim. it is important that the company you deal with will:
- Be easy to contact quickly by telephone, preferably by a freephone number and certainly not a premium one
- Payout on a valid claim without trying to dispute it
- Deal with you promptly and courteously.
Review sites can be an invaluable resource for checking out insurers; just type in the word ‘reviews’ and then the name of the company then you may find some very interesting information about them!
So low priced car insurance isn't just a myth?
Cheap - even very much cheaper - insurance is available if you are prepared to take just a little time looking for it, and comparing offers.
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We do not give financial advice on this website. If in doubt get professional advice and always read the policy information before purchasing an insurance contract.