You might be surprised to find out that who you are has a direct impact on how much you pay for your car insurance. There are many factors that come into play, some obvious and some not so. Here are 10 steps to get cheap microcar insurance .
1 . Take any discounts you’re entitled to
There are over 100 car insurance providers in the UK, and each has its own policy on what you can get. Some will offer specific discounts to retired people, student drivers or women (men pay more for car insurance). Always tell your insurer about anything that qualifies you for a discount.
2 . Choose the car that makes sense – not necessarily the cheapest one
A brand new Audi might cost a lot more to insure than an old VW, even though the VW costs a lot more to buy. It has been reported that some insurers may offer different premiums for cars that are 4 years old or younger, which means you could get cheaper car insurance by buying an older vehicle.
Note: The pricier the car the more expensive it is to repair in a worst case scenario, so if your car isn’t that old but still doesn’t work properly then you might end up paying a bit more for insurance.
3 . Get quotes from multiple companies
This will allow you to shop around and get the best quote available. It’s worth noting that female drivers under the age of 25 may end up paying more than a man in the same circumstances and vice versa. The reason for this is that women tend to be involved in fewer accidents and therefore pay less, whereas young males are statistically involved in more accidents. If you’re not sure which gender you belong to then take out multiple insurance quotes and choose the one that’s cheapest.
4 . Premiums depend on the car, location and number of claims
Premiums can vary from one area to another (pretty obvious but worth pointing out), as well as depending on the make and model of your vehicle and how many people claim against you in a year. The more claims you have, even if they’re not your fault, the more it will cost to insure you.
5 . It’s not always the cheapest option to go for comprehensive cover
You could end up paying a lot of money if you need to make a claim. If you’re at all concerned that something like this might happen then think about going for third party only car insurance instead, which is a lot cheaper.
6 . Check private and business insurance
You might be surprised how much your premiums could change by getting insurance through your employer (for work related journeys) or with another company (other than your car insurer). It’s worth finding out what they charge before you continue to go with the company you already have.
7 . Get a pay as you drive policy
These types of car insurance policies work by billing you for the amount of time that you have your car. If it’s going to be off the road then they will bill you for this too – which could end up being more expensive than an annual contract. This kind of policy may suit some people because there are no big surprises when you have to pay your insurance bill.
8 . Make sure that any modifications are reported
If you’re going to be making a modification to your car then tell your insurer about it beforehand. This can sometimes result in you being refused cover, but at the very least it will increase the amount of money that you have to pay each month.
9 . Think about specialist vehicles
There are some types of vehicles out there that are more expensive to insure than others, so think carefully before you buy one. Some of the most common examples include sports cars and 4x4s, but it’s worth doing your research if you’re considering anything else too.
10 . Insurance companies want to save money
Insurance companies make a profit by charging you more than it costs them to pay out for claims, which means that you can sometimes get a bargain. They might offer discounts if they think that you’re going to be a good customer and give their business repeat business over the years – or they may charge you more because they think you won’t shop around.
When you get your car insurance quote, ask them if they would insure any other vehicle that you own. If the answer is yes then it might be worth getting cover for everything in one go because this could end up saving you money compared to insuring things separately.
Is it worth shopping around for microcar insurance?
Yes, you can save a lot of money by doing this. Insurance quotes can vary from company to company and between different areas as well as depending on the make and model of your vehicle. You should always compare quotes before making a decision.
Are there any types of vehicle that are more expensive to insure than others?
Yes. Some examples include sports cars, 4x4s and any kind of van. It’s important to research the make and model you’re planning to buy if you want to get a good deal on your cover – or you could end up paying much more than necessary.
Do I need to tell my insurer if I’m going to make a modification?
Yes, you should always tell your insurer before making any modifications. This can sometimes result in the car not being insured anymore, but it’s still worth checking beforehand because it might cost you more money per month.
Should I go for comprehensive cover or third party only?
This choice will depend on your personal situation. Third party only insurance is a lot cheaper but if you have an accident then you won’t be covered for the damage to your own car. Comprehensive cover is more expensive, but it means that you’re more likely to be able to claim in some situations.
Without Further Ado
I hope this list has been helpful to you and that it helped answer some of your questions about microcar insurance. If you have any additional questions, please comment below so we can continue our conversation together. We look forward to hearing from you!