The state of the economy has affected the
public's financial solvency. More people are finding they have
compromised their credit score to less than it once was. Credit
ratings continue to be a factor in establishing car insurance rates.
But so, too, are other factors. Drivers can save on UK insurance by
locating more affordable insurance or reviewing bargaining areas of
their current policy.
Studies indicate bad credit ratings result in comparatively 20-50%
higher premiums. For drivers with no points against their license
and a credit rating in good standing, a substantial savings on
premiums is possible. For drivers with less than good scores,
remaining on board with your present insurer will more likely keep
you afloat. Any loyalty discounts will buffer your stay.
Short term car insurance
You may not need your car all the time
so it may pay to buy coverage
as you need it. Imported a car? Need imported car insurance?
You'll find it at
Before switching insurance providers, review
other insurance companies and reference your personal and
professional networks. Inquire about their experiences with a
company when filing a claim.
Access the Financial Services Authority (FSA) to conduct research on
insurance providers. The FSA website has a directory of authorized
insurers and less reputable enterprises.
Discounts include those for staying on board with the insurer, a
clean driving record, safety equipment, driver safety courses, and
increasing your deductible may result in a discount.
This is financially sound strategy can reduce insurance costs.
However, be certain that you can afford to finance the deductible in
the event of a claim. Consider setting aside funds for this in a
dedicated savings account for auto emergencies only. Upon
confirmation that you can afford to pay a higher deductible, make it
official. The risk
When premiums are higher than the car value comprehensive and
collision cover for your vehicle over five years old or with mileage
may be not be warranted. The downside to reduced coverage is that
there is no theft coverage. Additionally, your risk incurring 100%
out of pocket liability for at fault collision. Experts recommend
dropping collision for older cars, which have less risk.
Round robin driving can reduce car mileage and wear and tear.
Carpooling with a party of 3 with each driving a 1-week shift will
reduce your work mileage 75% and translate into insurance savings.
Obtain various insurance through one provider (multilinking).
Drivers who multiline UK insurance will have one provider to cover
home, life and auto insurance. This allows policyholders to leverage
all policy discounts into more savings under one company.