You face a number of choices when it comes to insuring your car. It is something you should take into account when buying the vehicle in the first place. The cost of insuring a large quality car is inevitably far greater than the cost of insuring a small second hand car. It’s a matter of repair cost if nothing else.
There are other factors, and you should have an idea of insurance costs when you decide to buy a particular model and factor them into the purchase decision.
Narrow down the search
You can easily use internet search engines to find a list of insurance companies. If you simply look for motor vehicle insurance you will get a list that includes many of the top companies available. You can narrow down that search by adding additional information. If for example you are over 50, it is possible that the companies at the top of the list may change. That is good news because you are now getting information on a specialist that perhaps has a little more insight and possibly even a little more sympathy for its specialist group.
There are some factors common to every insurance quote:
- Details of vehicle
- Driving experience
- Any other relevant driving details
- Estimated annual mileage
- Business use or purely pleasure?
Those things are merely the basics but they may be handled in a different way by different companies. There are of course general trends that affect every policy. The costs of repair may be rising in general as labour and material costs rise. However, there are differences in the ways that company actuaries calculate risk and that is reflected in the insurance premiums.
Take any opportunity
You should take advantage of any factors you can but also ensure that all the information you provide is current and complete. Any omission or inaccuracy can lead to a claim being invalidated and in some instances even more serious action. As an example, if you have failed to notify your insurer or the DVLA about any basic change in circumstances, there can be a variety of implications.
It is not just a matter of accepting the cheapest quotation. You need to balance cost and benefit and ask yourself if you are taking too great a risk by saving a little money by going for third party rather than comprehensive insurance.
There is an argument that the calculation on the car you decide you can afford should be the initial purchase price but also all the costs of servicing and maintenance as well as a good comprehensive policy. You should not cut corners. If you seem to be stretched by adding these things together you may be advised to lower your sights and not spend so much on your vehicle.
There is no substitute for peace of mind. You may be a very careful driver with an accident free history. That should be reflected in your premium. However, on today’s busy roads there is no room for complacency. You should get quality cover from a top insurer every time.