Big Brother may soon be coming to a road near you if the Department of Transport pushes ahead with plans for a high tech system of road pricing. One of the ideas currently being floated is that cars will be fitted with tracking units that will allow government to work out how far you’ve travelled and whether you are using roads on which congestion is a problem. One of the upshots of this is that government may well be able to tell whether you have been speeding.
These plans have caused a massive stir with millions of people signing a petition against road pricing. Wherever you stand on the issue MoneyExpert has found that getting your car fitted with a tracking unit can earn you big savings on your motor insurance premiums.
Your car is being watched
Tracking devices are normally installed along with satellite navigation systems. If your car is stolen you’ll then be able to contact your satnav provider and they will work with the police to track your vehicle. Trafficmaster is one of the leading providers of this technology estimates that with a tracking device the chances of the chances of having your car returned undamaged are around 20% higher.
Insurers take this into account when providing you with a quote. By having one installed you could save anywhere between 5-15% depending on the value of your car. With a standard insurance policy on the average car coming in at around £800 this could mean savings of around £80 a year plus you’ll have a satellite navigation system to show for it, and if you have more expensive tastes in cars then the savings could be even bigger.
Out with the mower, in with the car
Your discounts need not stop with a tracking device. There are plenty of other steps you can take to ensure that you are quoted the lowest possible price on your car insurance.
Many of the nation’s garages are full with lawnmowers, bikes, gardening equipment and pots of paint. By taking the time to clear out your garage and make some space for your car you could be on to a winner. Virtually all insurers will ask you where you keep your car – on the street, on a driveway or in a garage. By keeping your car in the garage rather than on the street MoneyExpert has found you could save around 10% on most policies.
There are a dozen ways to lower your insurance premiums and so far we’ve heard about a couple of the more obscure methods. There are however some very simple steps you can take when filling out forms to ensure that you get the best deal:
- Search for insurance online – plenty of big name insurers offer significant online discounts.
- Use a comparison website to see what the average price of insurance is and pick the policy which is right for you. Sites such as MoneyExpert allow you to compare more than just price so you can select a policy which fits your needs exactly.
- Be accurate with your annual mileage. Insurers will charge you extra if they believe you are on the road more than you actually are.
- Pay your premium in a lump sum – you could save up to £128 by doing this. It costs more to pay monthly with Direct Debit.
There’s no shortage of insurance policies to choose from but finding a policy which gives you peace of mind at a reasonable price can be a little trickier. By doing your research before you buy you will get a better idea of what a good value policy looks like. Be sure to read the terms and conditions to make sure you’re fully covered and remember that policies will have a cooling off period in which you’ll be able to decide whether it is right for you.
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