Top ten money saving tips for auto insurance offered
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Auto insurance customers should opt for a higher excess if they want to reduce the cost of their premiums.
A motor expert has given a list of the ten best ways to get cheap auto insurance in the UK as premiums continue to rise.Citing recent AA research, Stephen Womack of the Daily Mail reported that the cost of car cover has increased 5.6 per cent in the last three months, the fastest rate in 15 years.
Mr Womack recommended that those seeking a cheaper auto insurance deal make sure that they do what they can to keep premiums down, including limiting mileage, which means less time on the road and a lower chance of having an accident.
It was also advised that drivers take the Institute of Advanced Motorists test to prove to their insurer that they are a 'good' motorist and lock up their car in a garage to reduce the risk of theft.
Accepting a higher excess can also bring down auto insurance costs, according to the expert, as can adding a partner onto the policy, combining regular insurance with breakdown cover and using the same company to provide protection for more than one vehicle.
Mr Womack continued: "Steep interest charges for paying by monthly installments mean it is usually better value to pay for annual cover upfront, even if this means dipping into a savings account and then rebuilding your savings over the next 12 months.
"Are you expecting to change your car or hoping to move house in the next 12 months? If so, check the small print on any insurance before you buy. Some policies will charge hefty administration fees for any 'midterm' adjustment."
Recent research by Sainsbury's Finance also found that the past 12 months have seen auto insurance companies in the UK hike premiums up by nearly 13 per cent year-on-year.
Drivers now pay an average annual sum of £551.74 to protect their car, a 12.95 per cent increase on 2008's figures of £448.48 and a hefty 23.31 per cent more than the costs of yearly auto insurance premiums in 2007.
Written by Garry Sagan
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