How 10% of drivers break the law
More and more uninsured drivers are hitting the UK’s roads, causing the cost of car insurance for other motorists to rise. We show how you can lower your premiums.
Nearly 10% of Brits have driven without insurance, new research from cashback and voucher site Quidco has revealed.
Some one in 25 of these said they did so because they thought insurance was too expensive.
Shocking increase
According to the AA's British Insurance Premium Index, in the 12 months to the end of September, the average annual comprehensive car insurance cover rose by 16%.
Back in June, motorists across the nation paid an average annual premium of £923.90, with those in London paying £1,069.
In light of the recent increases, the Office of Fair Trading launched an investigation into the cost of car insurance.
How to cut your premiums
When your current policy is set to run out, do not just accept your renewal quote – shop around.
Try using a comparison site to search a number of insurance providers for the best deal for you.
When applying for a new policy, you could consider increasing your voluntary excess. The more you are willing to pay in the event of an accident, the lower your premiums will be.
Just make sure you do not set your voluntary excess so high that you cannot afford to pay it should something happen to your vehicle.
A practical thing you can do to cut your premiums is a fit security device to your car, such as an alarm or immobilizer.
This can deter thieves from breaking into your vehicle, which makes you less likely to make a claim on your insurance.
Car insurance costs are at a record high, creating more misery for cash-strapped motorists. To make matters worse, you risk overpaying on your premiums or even invalidating your insurance if you don’t know your policy’s fine print inside out.
So how good is your car insurance knowledge…?
Also, use off-road parking if at all possible, as leaving your car in a garage or on a driveway can mean it is less likely to be broken into, stolen or accidentally damaged.
Finally, one simple thing you can do to reduce the cost of your insurance is adjust the way in which you pay for it – many insurers offer a discount to those who pay for their cover in one lump sum, rather than in monthly instalments.
**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**
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