Car insurance premiums have witnessed a significant 69% increase since March 2022, rising from £532 to £924 per year, as reported by Compare the Market. However, a savvy driver shared her experience with MoneySavingExpert (MSE), demonstrating how she drastically reduced her car insurance costs.
Thanks to the MSE’s Compare+ tool, she saved nearly £2,000 on her annual premium. Her renewal quote initially stood at £2,947, but by following Martin Lewis’s advice, she was able to secure a quote for £1,027. Recalling Lewis’s recommendation to check Direct Line, she discovered an even lower price, resulting in a total saving of £1,946.
The MSE’s Compare+ Car Insurance tool empowers drivers to find more affordable insurance deals, potentially saving them hundreds or even thousands of pounds. The process involves completing a form that requests basic information such as the vehicle’s registration number and the driver’s email address. Once submitted, the tool generates a quote based on prices compared on MoneySuperMarket.com.
In addition to suggesting Direct Line, which is not included in comparison site results, MSE’s tool also provides guidance on other money-saving measures. These include considering comprehensive insurance coverage and adding a responsible individual as an additional driver.
It’s important to note that the Compare+ tool only compares prices from MoneySuperMarket.com and does not include results from other price comparison websites. Nonetheless, it recommends checking with Direct Line to explore potential savings. To ensure comprehensive coverage, it’s advisable to check with a minimum of three comparison websites before committing to a quote.
Other cost-cutting strategies for car insurance include:
– Opting for annual payments instead of monthly installments, potentially saving up to £225 per year according to MoneySuperMarket.
– Increasing the excess amount, which lowers the premium but requires a higher out-of-pocket contribution in the event of a claim.
– Modifying job titles to reflect less risky roles, a tactic that has been known to save drivers up to £40 per year.
– Comparing quotes from multiple insurers, including Direct Line, which is not listed on comparison websites.
– Renewing insurance policies early, as premiums tend to be higher closer to the renewal date.
– Consulting with insurance industry experts to ensure that car insurance costs are not inflated.
By implementing these cost-saving measures, drivers can potentially reduce their car insurance premiums and save significant amounts of money.
