Four ways to save up to £1,046 on car in­sur­ance

The Daily Telegraph - Your Money - - YOUR MONEY -

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As pre­mi­ums rise, So­phie Christie of­fers some easy short­cuts which can ease the fi­nan­cial strain

he cost of car in­sur­ance has risen to its high­est level in five years, with mo­torists fork­ing out £641 a year on av­er­age.

While pre­mi­ums are ris­ing for every­one, it is older driv­ers who are hard­est hit. Since 2010, prices for those in their 60s have risen by 31pc, and by 49pc for driv­ers over the age of 70. For those aged 23-29, the fig­ure is just 12pc.

A num­ber of fac­tors have been blamed for the dra­matic in­crease in prices.

In­sur­ance Pre­mium Tax has dou­bled since 2015 to 12pc, and a re­cent for­mula change has upped pay­outs for those who suf­fer longterm in­juries. These costs have been passed on to cus­tomers.

How­ever, there are ways to cut the cost of cover, which could, al­to­gether, save driv­ers an im­pres­sive £1,046.

It’s worth re­mem­ber­ing that not all in­sur­ers come up on com­par­i­son web­sites. Aviva and Di­rect Line choose not to ap­pear on sites in­clud­ing com­parethe­mar­ket and go­com­pare, so make sure you check their in­di­vid­ual sites separately when you come to re­new.

Hag­gling with your car in­surer can slash your bills by an av­er­age of £64, and is easy to do. If the price of cover has gone up, ask them why and tell them that you have found a cheaper quote else­where. Ask the in­surer to match this cheaper quote; if it doesn’t, ask for the low­est rate it is pre­pared to of­fer to keep you as a cus­tomer. ac­ci­dent-prone than oth­ers.

Of course other fac­tors, in­clud­ing age, type of car and driv­ing his­tory are also con­sid­ered. But none of these fac­tors can be “tweaked” in or­der to get a bet­ter deal.

Your job, on the other hand, can quite le­git­i­mately be de­scribed in a num­ber of ways. For ex­am­ple, in­sur­ers will typ­i­cally give a cheaper pre­mium to a “care as­sis­tant” rather than a “nurse”, or a “fac­tory worker” rather than a “ma­chin­ist”.

Putting down “news­pa­per re­porter” in­stead of “jour­nal­ist” will also chop money off your bill.

Driv­ers now face av­er­age car in­sur­ance pre­mi­ums of £641 af­ter re­cent rises

Bo and Eve Brear­ley buy un­wanted cloth­ing in Ital­ian ‘rag’ mar­kets and sell it back in Bri­tain

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