When you buy car insurance, the amount you are asked to pay in premiums will affect which type and insurer you choose. Having said that, you can save money on any kind of insurance you choose, whether it's full coverage or third-party fire and theft, if you just use common sense.
In some cases, you only save a few pounds a year, but in others, you can save $100 or more on your car insurance over the course of the year.
The premium you are quoted and asked to pay will depend on a number of things. The amount of excess you are willing to pay if you need to make a claim is one of those things that can make a big difference in how much you pay in premiums. All companies will ask you to pay a certain amount toward the cost of fixing your car. The more you are willing to pay, the less you will have to pay for your premium.
But if you are thinking about this as a way to lower your car insurance premiums, you will have to decide if you think the risk is worth it. If you have never been in an accident while driving, this is in your favour. But if you have already made a claim, this might not be the best way to lower your car insurance premium unless you are willing to pay a higher deductible.
If you want to save money this way, you could put the money you said you had left over in a separate account. This way, if something terrible happens, you won't have to worry about where to get the money.
Once you've decided how much you want to pay for your excess, you should look around for the cheapest car insurance premium you can find. To find the right policy for you, you should get quotes from as many insurers as possible or use an independent broker.
Also think about any exclusions in the policy, as these are often hidden in the fine print and aren't listed clearly. In the long run, this can save you money.
With a little knowledge and planning, you can get the best deal on your car insurance and save money on your premium by raising the amount of excess you pay.
