Car insurance is one of the unavoidable costs of motoring. On average, a comprehensive policy cost £629 at the end of 2022.
That figure will, of course, vary hugely depending on your age, address, choice of car and driving experience. But there are other, less obvious, ways to reduce your annual car insurance premium.
Here are nine surprising ways to cut the cost of car insurance, with help from Moneyshake and Uswitch.
Get married
An insurance premium could be slashed by up to £200 for married couples in their thirties. Research shows that single drivers are at twice the risk of having an accident than somebody who is married.
Even if you’re not ready to tie the knot, some insurance companies offer discounts for couples who live together, so it’s worth shopping around for quotes.
Add your parents to the policy
Adding a responsible driver with a clean record to your policy could reduce your premium. Indeed, you could save hundreds of pounds by including your parents as named drivers.
However, named drivers must use the car occasionally, or you’re at risk of invalidating the policy due to so-called ‘fronting’. Insurance fraud could leave you liable for any costs that arise due to a collision or claim.
Decrease your voluntary excess
The voluntary excess is the amount of money you’re prepared to pay upfront in the event of a claim. You’d be forgiven for thinking that increasing your excess would reduce your annual premium.
On the contrary, says Moneyshake: decreasing your voluntary excess from £500 to £250 can make your policy 25 percent cheaper. Win-win.
Tweak your job title
While it’s important to tell the truth about your profession, getting creative with your job title could save you hundreds of pounds. Uswitch said a chef will pay around 40 percent more than somebody with the job title of ‘cook’, for example.
The reason is that premiums are based on historical data, so chefs have made more car insurance claims in the past than cooks.
Adjust your mileage
When you’re arranging cover, you’ll be asked to provide an estimate of your annual mileage. In general, the lower the mileage, the less you will pay. It’s easy to get an approximate figure – just look at the distance covered between one MOT test and the next.
That said, the savings aren’t huge. And you need to be careful when estimating your mileage, as going over the limit may incur excess charges.
Invest in new technology
Insurance companies are encouraging policyholders to invest in new technology. Drivers with dash cams, for instance, usually save between 10 and 12.5 percent a year. This could be as much as 20 percent for young drivers.
GPS trackers, mechanical immobilisers and steering locks could also help to cut the cost of car insurance. However, Moneyshake found that adding a tracking device and locking wheel nuts could make your premium go up. Check with your existing provider before making any changes.
Register to vote
Being registered on the electoral roll will improve your credit score, which could lower the cost of your car insurance. Experian says that registering to vote is a sign of stability, so lenders are more likely to support your application for credit.
Typically, appearing on the electoral roll at your current address will add 50 points to your Experian credit score.
Don’t keep your car garaged
Yes, you read that right. Research from Moneyshake showed that parking on the street outside your home instead of in a garage brought down insurance quotes by an average of 30 percent.
The thinking, perhaps, is that cars can easily be damaged when manoeuvring in and out of a garage.
Have MORE cover
This one also seems counter-intuitive. Quotes with third-party, fire and theft cover can be 50 percent more expensive than comprehensive policies.
This may be due to higher-risk drivers keeping their costs low by opting for third-party cover. Provided you can go fully comprehensive, this one is another win-win.
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