Balancing a budget may require making some hard decisions about what you can afford and what you cannot. There are some things though that you need to have, like car insurance for example.
Even here there may be some things that you can do to help drive down the cost of your premium:
- the first point to bear in mind is that insurance products change over time. So even though your current policy may have represented a great deal when you first bought it, it may not now. Therefore, just automatically renewing each year may mean that you are missing out on some alternative options;
- shopping around and giving yourself some choice may typically be a sensible step – remembering of course that there is a bit more to this exercise than just looking at the premium and opting for the lowest;
- you may benefit by looking online to compare car insurance in Northern Ireland, as there are now far more providers of car insurance offering their products in the province than may previously have been the case – even in the relatively recent past;
- once you have identified those policies which most closely match your requirements, you may then be able to look for ways in which you can help lower premiums without reducing required levels of cover;
- agreeing to accept a higher voluntary excess may result in a premium discount. The excess is the maximum amount that you may be asked to contribute to the costs of any claim on your car insurance and put simply, the more you agree to pay, the less the insurance company has to, so they may be able to reduce premiums;
- if you are able to garage your car overnight or at least keep it on your driveway, then you are reducing risk so you may qualify for a discount;
- avoid having younger or less experienced drivers on your policy unless this is absolutely necessary;
- try to make sure that your projected annual mileage estimate is as accurate as possible – there is no point in paying for cover that you don’t actually use;
- bear in mind that bigger and more powerful cars may typically cost more to insure – so while that smaller model may not catch so many eyes, its insurance may come with a most cost –attractive price tag;
- try to avoid vehicles which have been heavily customised away from the manufacturer’s original specification, as this may make them more costly to insure.
Taken together, these steps may help you to find more cost-effective car insurance without having to compromise on the cover offered.