Save more on your car insurance

It’s that time of year again when lots of us look at cutting our bills, with car insurance often top of the list. Whether your car insurance is up for renewal or you’re looking to cut your bills, by shopping around you can get some fantastic offers which could save you hundreds of pounds a year.

First of all look at your current policy and check the following key aspects are still correct:

- Your occupation. This can impact the quote as different professions are used to assess risk.

- Your annual mileage. Most of us put down around 10,000 miles per year by based on your service records do you still drive this much based on the cost of petrol.

- Named drivers. This can both make premiums increase as well as decrease – if you still have your kids named but they’ve now left home it’s worth taking them off the policy.

Based on the above you’re now in a strong position to get an updated quote from your existing provider, as well as getting a new selection of quotes from other companies, which will enable you to have something to compare with. If you’ve been with your current insurance company for a while it’s likely they’ll try and match your other quotes by offering a loyalty discount. If not then you can ask for the cost of cancelling the policy early, before assessing if this is less than the saving you would get by moving. If it is then there’s no reason not to switch, even if you’re only half way through the policy period.

As always you’ll save significantly by paying upfront rather than on a monthly payment plan, with an increase in voluntary excess also another mechanism for cutting the overall cost. Other factors such as protecting your no claims bonus should be assessed, as this will ensure your premium doesn’t go up in the following year, helping to save you more in the longer term. It’s now as competitive as ever so take some time to really understand if you’re paying too much and if you are, do something about it. 1 hour for a £200 saving is certainly one of the easiest ways to add some cash to the holiday pot this year!