Saving money on car insurance

Act now for huge savings on Britain's top Car Insurance

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So just as you're thinking that all your bills are paid up to date the postman drops a little brown envelope through your letterbox and there it is, your annual car insurance renewal has arrived again, maybe a little more expensive than last time, maybe a lot more. The easy thing to do is to reach for your credit card, get on the telephone to your insurance broker and re-new the policy right away. Alternatively, your kind broker may have already persuaded you to set up a direct debit so that the money can be simply and smoothly extracted from your bank account automatically. Either way, you may well have thrown away several hundred pounds!

If you find this a familiar story then you are one of the millions of people who have been lulled into a very expensive sense of apathy by the insurance companies. After all, they appreciate and reward regular clients, don't they? The broker finds the cheapest policy on the market for you every year, doesn't he? Out of all the policies on the market, this is the best one to meet your requirements isn't it? Answer; wrong, wrong, and wrong again.

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As a generalisation, the insurance companies are very grateful if you continue to give them your business, but don't expect them to show any appreciation! Their marketing efforts are concentrated on finding new business from new clients, and to do that they offer them substantial discounts in exchange for changing providers. The following year the premium goes back up to the normal rate, and the insurer relies upon the client's apathy in accepting the new, much higher price. Sadly for these insurance companies, a new generation of 'switchers' has come along, and these people are aware that there are bargains to be had so every year they throw their renewal proposal into the dustbin, get online and find out which insurance companies will offer them the lowest prices for their business. It is estimated that around 25% of insurance buyers fail to renew the policies offered to them by their existing insurers every year.

The money involved is substantial. It is not unusual for a fully comprehensive policy to cost several hundreds of pounds and when there is a discount available of 10%, 25%, or even 50% just for switching a provider then large savings can be made by the astute buyer. Thanks to the Internet, it is now very easily to search through many different offers and a whole new industry of price comparison websites have sprung up to make this even easier.

It is important however not to get too carried away by price. The cheapest policy on offer may not necessarily be the best bargain because it may not offer sufficient cover for your needs, and it may well be that the insurer has been able to cut the price by specifying a larger excess, or smaller payouts. It is vitally important that you satisfy yourself that the policy covers all your requirements before buying it.

You may also wish to consider other ways of reducing your premium. Accepting a higher voluntary excess, fitting an approved alarm system or immobiliser, or hiding a tracking device somewhere within the vehicle may well qualify you for substantial policy reductions.

Another way of reducing premiums is to promise yourself that you will never, never pay monthly for your policy! Many insurance companies offer monthly payments, but the vast majority of them charge a very high rate of interest for this. Avoid these punitive fees by making sure that you always pay the full policy price upfront, if you can afford to do so.

By searching online for a short time and putting a little bit of effort into making sure that you get the best bargain you can save yourself a very considerable sum of money on your car insurance! if you do switch insurer, however, do make certain that you have cancelled the standing order or direct debit in favour of your previous insurance company. You wouldn't want to pay twice, would you!

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