Drivers advised on how to save money on insurance

With the cost of petrol having soared to record highs and the cost of insurance premiums going up, millions of motorists in the UK are finding it difficult to cope with the cost of running their vehicles, particularly in the current financial climate. Whilst there is little that drivers can do about petrol prices going up, there is something that can be done about the cost of insurance.

A recent report has highlighted ways in which drivers could potentially cut the cost of the insurance cover, stating that this could help drivers to cut the cost of their motoring. One of the suggestions that have been made in the report is for consumers never to simply accept their renewal quote from an existing company but instead to shop around and see if they can get a better deal.

Another suggestion in the report is that consumers opt for a larger level of excess, as this can bring the cost of the insurance premiums down. Officials claim that this could bring the cost of cover down by 10 percent or so. The place where you park your car, such as a drive or garage, and the security that you have on your car can also help to reduce drivers’ premiums.

Another thing to consider is the level of insurance that is needed, and whereas some drivers with newer cars may need the more costly fully comprehensive cover those with older, lower value cars can get away with third party, fire, and theft cover.

However, consumers are warned in the report not to try and bring the cost of their cover down by dishonest means such as giving an inaccurate description of the vehicle or its use, or failing to disclose past claims and policy cancellations, as this could eventually lead to any claim being rejected, which means that the driver will have wasted all of their money anyway.