If you’re struggling to afford your car insurance, there are steps you can take to try to bring down the cost
Experts have shared a simple way for drivers to reduce their costs by as much as £350 a year. Using this online tool could help you slash your car insurance quotes in just minutes.
Insuring your vehicle is a legal requirement in the UK. The police could give you a fixed penalty of £300 and six penalty points if you’re caught driving a car you’re not insured to drive.
And if the case goes to court you could also get an unlimited fine and disqualified from driving. Therefore, it’s important to remember to insure your car every year.
However, it can be an expensive business, with some charged into the thousands for this protection.
Luckily, if your insurance quotes are coming back especially high, there are steps you can take to try to reduce them. This includes as step recommended by Martin Lewis’ website Money Saving Expert (MSE).
It advises trying its Compare+ Car Insurance online tool to bring your costs down. On its website, MSE said: “We pay 40 per cent more for car insurance than we did in 2021, yet things have turned the corner, with prices down 10.5 per cent over the last 12 months.
“But that means you must be alert, don’t just accept your renewal. Even if it’s five per cent cheaper, you can probably still do better.
“To help you save, we’ve added new ‘Price Impact Indicators’ to our Compare+ Car Insurance tool.”
One MSE reader shared how she saved £350 using the tool. Colleen said: “My car renewal had increased by £150, so I used your Compare+ tool and found the same level of cover £350 cheaper. I am now going to use Compare+ Home Insurance to review that too. Big, big thank you.”
How to use the Compare+ Car Insurance tool
- After visiting moneysavingexpert.com/insurance/car-insurance, you “speedily” fill in one questionnaire
- As you go through the questions, you get the unique Price Impact Indicator – every question has a low, mid or high pricing rating, with it telling you how the answer impacts the price – where you can click and read about it exactly
- You then get your benchmark quote to start the saving. This is your cheapest quote from the MoneySupermarket comparison, so you can see a price straightaway
- It will then show you other other comparisons to add in, and in what order
- It will also tell you the best time to renew for the best price
Further to this, after analysing your data, the Compare+ tool will show you other ways to try to cut your costs further such as:
- Will upping the voluntary excess (the amount you pay towards a claim) save you money?
- Can you pay annually rather than monthly?
- Could you legitimately tweak your job title to save?
- Is there a responsible driver you can add to your policy?
- Can you save by combining your home and car insurance?
Visit the Compare+ Car Insurance tool online here.