Category: Top » Finance »

Author: Bev Sharpe | Total views: 18 Comments: 0
Word Count: 713 Date: Sun, 29 Jun 2008 1:42 AM

10 Ways To Save When Renewing Your Car Insurance

With car insurance premiums set to rise again this year, we could all do with a little help getting the maximum value for money out of our premiums.

The fact is that many drivers are still paying more than they have to for their car insurance and could save hundreds by following a few simple steps at renewal time. So, here are the top ten ways to save some cash on your car insurance in 2008. Try them when renewal time rolls around this year.

1. Shop around instead of automatically renewing.

One of the biggest mistakes that insurance buyers make is assuming that their insurer will give them the same great deal this year that they got last year. Insurers re-evaluate their positions every year, and last year's quote that was one of the lowest in the market could easily become this year's highest. Get multiple quotes from at least two price comparison sites that don't make assumptions about your insurance needs.

2. Keep mum about the quotes.

When approaching your short-list of insurers, don't tell them how much you've been quoted by other insurers. An insurer or provider isn't interested in giving you their best price - just beating the quotes you've got from others. If the provider knows you have a quote of £300, they aren't going to jump in with their best price of £250. They'll undercut it by as little as possible to keep as much of the profit they can.

3. Act the part.

If you're using a broker for getting quotes in person, consider how you dress and act. Insurance is a money game. If you look and act rich, the agent might quote you high, assuming you can afford it. If you look and act poor, the broker might assume that you have a bad payment record and quote you high to get rid of you.

4. Be likeable.

Courtesy is one of the most surprising money-saving tips on the list. A broker has contacts that you don't have, and a good one can scout around to find you the best deals. When you have rapport with a broker and they like you, he or she is more likely to go the extra mile on your behalf.

5. Practice reluctance.

Use a little shopping psychology when you're shopping for quotes. The more pleased you sound with your current insurance provider, the harder others will work to win your business. If you sound like you really don't want to leave, they're likely to cut straight to their lowest quotes to grab a loyal customer like you.

6. Be careful about the questions you answer.

Questions like "what have you budgeted for insurance?" are designed to find out what the market will bear. The insurer, broker or provider might as well be asking "how much can we charge you?"

7. Avoid the bargaining game before it starts.

When you hear "come back if you get a better quote", it really means "I can give you a lower quote". Get to the point and save yourself some time by telling the insurance provider up front that you don't have time to play games. You're going to choose the cheapest quote from your first and only round of comparisons.

8. Know what the quote covers.

A quote might be the cheapest, but does it offer the same features and cover the same things? Make sure that you're comparing oranges with oranges - or at least with grapefruits.

9. Ask for a freebie.

Most insurers will charge you £20 for legal cover when it costs them about £2. You can save that £20 by offering the provider a bone - ask them to throw in legal cover for free, and you promise you'll come back if you get a better quote elsewhere. Most insurers will jump at the second chance.

10. Give your insurer a chance.

Once you've got three or four quotes short-listed, ring up your current car insurance provider and ask if they can beat it. Many times, they'll be willing to shave another £10-20 off to keep your business.

About the Author

If you'd like to take back some control over the cost of your motor insurance this year, visit Uk Insurance Index for lots more tips and ideas to ensure a great deal at renewal time. You'll find a car insurance directory and list of customer car insurance reviews at http://www.uk-insurance-index.co.uk.

Rate, comment or bookmark this article

Seed Newsvine

Bookmark this article in your preferred program

Comments

No comments posted.

Add Comment

HTML code

Popular Articles in this cathegory

1: Wells Fargo vs. Chase Home Mortgages - What You Need To Know

For an overview of both Wells Fargo home mortgages and Chase mortgages to learn more about the services each offer, keep reading WELLS FARGO Wells Fargo is one of the United States' most versatile mortgage lenders

2: Mortgage Glossary of Terms

Adverse CreditThe term used if the borrower has a poor credit history. This could include previous mortgage or loan arrears, bankruptcy or CCJ's. Other terms used to describe an adverse credit mortgag..

3: What Is The Definition of Interest Rate?

An Interest Rate is very well described as the price a borrower pays for the use of money he does not own, and has to return to the lender who receives for deferring his consumption, by lending to the..

4: How Long Will The Current Recession Last?

A interesting look at the recessions of the past and how it relates to the time it might take to get out of this one.

5: Adjustable Rate Mortgages

An adjustable rate mortgage, ARM, is a mortgage that has a varying interest rate on the note. The interest rate on the mortgage periodically adjusts based on an index. Because of the varying interes..

This article is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License.