Car insurance is a thing that all motorists have to deal with. But the cost of it can sometimes seem random and arbitrary. Insurers factor in all kinds of statistics and quirks to come up with the best price for the amount of risk you’re presenting – and in many cases, you can make just a few tweaks here and there to bring down the cost.
If you’re parking in the street, then you’re more likely to have your car pranged, or spattered by a passing gritter during winter-time. If you’re on the drive, then these hazards aren’t present, and thus you’re a lower risk to the insurer. If your car is parked overnight in a garage, then you’ll be insulated still further against wear-and-tear.
Your postcode will also matter to the insurer. Certain postcodes are in areas with higher rates of crime, and this added risk will be reflected in insurance prices. But we also need to think about the density of traffic in general – the more cars are passing you by, after all, the likelier it is that one will collide with your vehicle.
The person driving the car will also matter. New, young drivers are vastly overrepresented in accident statistics, while very old ones tend to be more cautious.
The amount of miles your vehicle has put in is a good indication of how likely it is to break down. The same applies to the make and model. Insurers share very specific data about the risks of certain cars, so if you’re driving something unreliable, you can expect to pay more. If you’re buying from a Toyota dealer in Northern Ireland, then, you might expect to pay a little less for insurance than if you were buying from an Alfa Romeo dealership in central London.
Bringing the Cost Down
With all this borne in mind, how can we drive down the cost of our renewal? One popular strategy is to shop around using price comparison sites. You might take the best quote you’re given and then phone your existing insurer, to negotiate a discount. Of course, the time that you spend on the phone might amount to more than you end up saving – but that depends on how highly you value your time.
Driving the Costs Up
There are certain practices that will reliably drive up your insurance premium, and this should be considered ideally before you indulge in them. Making modifications of any kind can seriously drive up the price – speaker systems and aesthetic touches will make the car a magnet for thieves and vandals, so expect to pay more to cover the damage.
