The cost of car insurance premiums are expected to rise dramatically in 2010 with some major insurance news
sites predicting up to 20% in premium hikes as the industry adjusts to large losses and claims in recent years.
However the competition remains fierce and those who bother to take the time shopping around and comparing
prices from different companies will benefit while those who cannot be bothered will pay the price at renewal.
You have probably heard the phrase ‘brand new customers only’ applied to the television adverts that constantly
bombard us with deals and offers for cheaper cover.
Nearly all the major car insurance providers in the United Kingdom are offering incentives to get you to move
from your current insurer and take out a policy with them. You will need to check out these offers carefully and be
prepared to take the time and effort to understand the ‘catches’ if you want to successfully reduce your premium
There is no logical reason why your premiums should rise at renewal unless you have had claims, but if you stay
with the same insurance company year on year out of inertia, you can virtually guarantee that you will be paying
more to cover the costs of the incentives offered to the ‘new business or the claims of other people who are
insured with the same company.
In the UK car insurance companies seem only concerned with how much volume of new customers they can attract and
once they have your premiums you are no longer of interest to them. So if you want to save money on your car
insurance it is necessary to change insurer every year!
About a month before your renewal date you should receive from your existing company an invite to renew, which
in most cases will be automatic unless you cancel the policy. This is the time to start looking elsewhere for
cheaper quotes for the same level of cover. Most quotes are legally valid for thirty days from the date they were
given, which will allow you plenty of time to compare the car insurance market before cancelling your policy and
obtaining cover elsewhere. The invite to renew document will also contain proof of your no claims driving history
and the number of years discount you are entitled to. Keep this document safe as you will be required to produce it
when moving to another insurance company as proof of no claims.
Compare and Move!
The best place to start looking for cheaper car insurance is on the Internet Car Insurance comparison sites of
which there are many. Choose at least three different price comparison websites to get quotes from; they usually
only take a few minutes to complete all your details to get a range of quotes.
Be aware that the number of comparisons they make and the premiums quoted often vary dramatically from one car
insurance comparison website to another.
Often the comparison sites may have negotiated different rates with the insurance companies for certain types of
customer or car as all car insurance companies have target markets.
To find one which may be more suitable for your needs it is advisable to search online for compare car insurance
for your particular make of vehicle. If you have a poor driving history, drive an unusual or classic car or need
specialist cover there are now many smaller specialist comparison sites that cater for all these needs.
Once you have found an alternative cheaper provider, make a note of the quote and return to the website just
prior to when your existing cover runs out. Be sure to clear down the cookies on your computer’s browser, otherwise
the company will know you have been quoted before and only offer you the same deal. That way you ensure that you
will get any of the latest incentives and discounts when you purchase the cover.
More difficult to find is provisional
license insurance, but its much easier if the main driver of the car has a full licence and the provisional
Car insurance can be bought to start from your renewal date and you should return your certificate of insurance
to the old insurer once you have found alternative cover. Telephone your existing Insurance company and tell them
you are cancelling the cover and will not be renewing. Without doubt they will ask for your reasons. Tell them that
they are too expensive and that you have found cheaper cover elsewhere. If you have been a good customer and not
claimed, you may be surprised that many will offer to beat or at least match the premium you have been offered
elsewhere, which would save you the trouble of moving and cut your motoring costs.
Car Insurance Pricing, 9ff Porsche Madness, Top Gear …
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