Get A Better Deal On Your Car Insurance
At a time when most businesses have been looking to batten down the hatches and see out the worst of the recession, car insurer Admiral is bucking the trend.
The UK based insurer announced plans this week to set up shop in the US, and will initially trade out of Richmond, Virginia, under the Elephant brand.
The companyís success is reflective of the massive growth of the car insurance industry in recent years, with the internet in particular offering a fantastic vehicle for non-traditional, often more competitively priced providers.
With the number of providers competing for your business soaring, the opportunities for finding a better deal when you renew your car insurance have never been better.
Check Out The Details
No one would pretend that shopping for car insurance is an absolute delight but investing some time in it and checking the smaller details can really pay off.
One key area to consider is the excess youíll have to pay in the event that you make a claim.
Insurers donít work to a totally fixed model when it comes to structuring their pricing so some will offer more of a benefit to customers willing to opt for a higher excess.
Youíll obviously need to consider the risk of doing so. Some providers will offer policies with an excess of as much as £400 or more. It may mean a cheaper policy in the short term but could cost you in the event of an accident.
Insuring your Insurance
The ëno-claims bonusí is a household phrase now, and for many motorists itís the most substantial factor in keeping their insurance premiums under control.
Unfortunately, with an ever increasing number of uninsured motorists on the road ñ 1.7 million at the last count ñ the no-claims bonuses of even the most careful drivers are still at risk.
The good news is that some providers give you the opportunity to protect your bonus in the event of an accident leading you to claim. If youíve built up a full no claims bonus you may be able to protect it, or at least part of it, for a sum, normally around 10% of your existing premium.
The conditions will vary from one provider to the next. Some will allow more claims than others and the amount that you are able to protect will also differ.
Furthermore, youíll need to bear in mind that even a no-claims bonus might not stop your overall premium going up after an accident. You may be entitled to the same discount as before but your insurer is likely to increase the cost of your policy if they see you as a higher risk.
Itís been well documented that policies offering payment by direct debit often charge a premium for doing so, but ignoring all providers that do could be a rash move.
The key thing is to calculate the total cost of the policy across the entire year. It may still work out cheaper than the next best option even when the cost of the direct debit is included.
Obviously, in most cases the non-direct-debit option will be best and if you canít afford the one off payment then you could consider a low APR credit card that would help you spread the payments.
Donít forget also that not all providers charge extra if you want to pay monthly. Virgin Money are one of the major insures who donít.
Compare car insurance.