So, it’s time for you to renew your car insurance. However, when you look at the cost of the new premiums, your jaw drops so low it feels like it’s going to fall off. In 2024, many drivers are shocked at the cost of car insurance costs, and it’s estimated that the average cost of car insurance in the west is now about $995, which is staggering.
Luckily, there are some things that you can do to drive the cost down and here, we’ll walk you through them.
Make Sure You’re On The Electoral Roll
This has an impact on your credit score and therefore, it has an impact on the cost of car insurance too. Why? Well, insurers will use your credit score to calculate how much you pay.
So, when looking for car insurance quotes, it’s better to check your electoral status; are you registered at your current address? You can check this online and, even better, you can update it too! If you’re not someone who likes to vote, don’t worry! Not voting will have no impact on your name being on the electoral roll.
No Auto-Renewing
When it comes to insurance renewals of any kind, you’ll find that the majority of insurers will send you either a letter or an email, allowing you to auto-renew.
This seems like the simplest option, but it isn’t always the best idea if you want to save money. You should mark the date of the renewal on your calendar and research the current market rates for car insurance in advance of this date. This will be beneficial when it comes to negotiations with your insurance company, provided you haven’t had any major accidents or incidents on the road in the last year.
Don’t Leave It To The Last Minute
You should aim to renew your policy at least 23 days before the old one runs out. This has been found to drive the costs down. To do this, set a reminder on your calendar for when you need to renew, get your paperwork together, and up your negotiation skills. This way, your insurance provider may be more willing to match competitors’ rates.
Pay Annually
Many car insurance companies offer drivers the option to pay for their insurance weekly, monthly, or annually. It may seem more costly having to pay in one go, but if you want to drive costs down, try to pay for your insurance annually. This way, you avoid the added interest rates that can come with paying weekly or monthly and, you don’t have to worry about setting up a direct debit.
Up The Security on Your Vehicle
A car decked out with cameras, alarm systems, immobilizers, and steering wheel locks is going to be less expensive to insure than a car that has none of these features. Make sure you inform your insurance provider about your vehicle’s security features and, of course, be sure to maintain them. Once they’re all set up and it comes time to renew your insurance, you’ll be in a stronger position to negotiate the costs of the insurance.
