When you get an insurance quote, it can be very frustrating that the price you pay depends on a few factors you have no control over. For example, your age, gender and even where you live have a direct impact on your calculated risk level, and therefore can push up your premium.
However, irritating as this may be, you do have control over a few choices. Try all of the following to help reduce what you need to pay.
Get multiple quotes
You need to compare quotes from several different providers if you expect to get the best deal. This is true of almost anything, but for insurance the price you pay is on a regular basis so a small difference can end up costing you a lot. You can find typical benchmarks by doing a little research and taking into account your personal details.
Combine with other insurance
Taking out an insurance package with one provider which covers all kinds of different policies can bring down the premiums you pay for each individual policy. Home contents and car insurance are commonly combined to save money, plus you might be able to get discounts on phone, travel and other types of policies.
Increase your excess
This is a risky strategy, but it could pay off in the long run if you don’t make a claim. Your excess is the amount you pay towards the costs incurred when you make an insurance claim before the insurance money kicks in. If you have a £100 excess then you would need to pay the first £100 and the insurance covers anything above that. By raising this to £500, you’ll need to pay more out of your own pocket after an accident, but it means the monthly fee you pay is probably going to drop considerably.
Reduce your risk factors
By following the way insurance companies would prefer you to behave, you will decrease your chances of actually having to make a claim as well as the costs of your insurance on a regular basis. Things like parking your car in a garage rather than on the street and fitting anti-theft measures in your vehicle can tick the right boxes on the insurance forms.