Gemma’s Insurance Story
This is Gemma. She’s got the most outrageous insurance story I’ve ever heard in my life. She passed her test, bought a Polo, and now pays £6,000 a year to insure it. The prices have gone crazy for everybody, not just new drivers, but especially you guys. I’ll be honest, there’s no way to hack the system to get cheap insurance. It’s still going to be expensive, but don’t pay more than you need to.
Tips, Tricks & Hacks for Cheaper Insurance
Clear Your Cookies
I asked all across social media for people’s tips, tricks, and hacks, anything that’s worked big or small to help you get cheaper insurance, and I’m going to share all of those with you right now. Firstly, I’ve got three from Emma speaking from experience:
- Clear your search history or clear your cookies each time you search for insurance online. When you search on price comparison websites or even individual insurance companies, they can track your previous searches, making the price more expensive each time.
Experienced Driver as Main Driver
- Try having an experienced driver’s name as the main driver and you as the added driver. This can bring the price down massively. But, do not lie to your insurance company—if you’re the main driver, be honest and put yourself down as the main driver.
Install a Dash Cam
- Get a dash cam fitted, as this should bring your price down. When speaking to an insurance broker, let them know you have one, and 9 times out of 10, they’ll give you a cheaper price for it.
Other Useful Tips
Stanley shared a few more tips that really work:
- Different job roles have different rates. For example, a builder might pay more than a priest (I made that up, but you get the idea). Try different roles and see if it affects the price—just don’t lie about your job.
- Add family members with good driving records to your policy. If your flatmate has a clean record, add them too.
- Use multiple comparison sites: Confused.com, Compare the Market, Money Supermarket—all these sites may offer slightly different quotes, so make sure to shop around and find the best deal.
Timing and Excess Tips
Start Insurance Later for Cheaper Rates
- Start your policy later. If you can wait, start your insurance next week instead of today. Starting your policy a week or month later can save you a lot.
Adjust Your Excess
- Increase your excess (the amount you pay before the insurance kicks in) to reduce the premium. You can offset the increased excess with excess protection, so you don’t end up paying out of pocket in case of an accident.
Mileage & Job Roles
Mileage Matters
- Try to keep your mileage low to save on insurance. But if you have a black box, they may charge you per mile, so be careful and honest about your mileage.
- Try alternative job titles: Some job titles might get you a lower premium. Check if changing your job role description (while staying truthful) could reduce your cost.
Additional Options to Explore
- Leasing a Car: Instead of buying, consider leasing a car. Many leasing companies offer insurance as part of the deal, which could save you money, especially as a young driver.
- Create a New Email: Create a new email address for each quote. This avoids the insurance companies tracking you and increases your chances of getting a better deal.
Car Choice and Safety Features
- Choose Cars in Low Insurance Groups: Cars in Insurance Group 1 are much cheaper to insure. Examples include the Fiat Panda, VW Polo, and Hyundai i10.
- Install Safety Features: Immobilizers and alarms reduce insurance premiums. If your car doesn’t already have one, consider installing an approved safety device.
Discounts and Payment Methods
- Ask About Discounts: If you’re a young driver, part of the Armed Forces, or a member of NHS/Emergency Services, ask if there are any discounts available. Even professional associations related to safe driving might help.
- Pay Annually: If possible, pay for your insurance annually rather than monthly. You’ll usually save money in the long run.
Conclusion
I hope these tips help you save on your insurance premiums. If you’ve got more tips or if any of these work for you, drop them in the comments below! Let’s build the biggest bank of insurance hacks and tips together.