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Insurance Premiums Finally Falling

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At a time when prices seem to be continually on the rise, motorists everywhere will be pleased to hear that car insurance premiums are bucking the trend.

Last month, the Guardian reported on a survey carried out by Confused.com and Towers Watson which revealed some pleasantly surprising results. It was found that over the past 30 months, the average cost of a comprehensive car insurance policy had dropped an average of £206 – or 24%. The change has been particularly beneficial for young male drivers, who were classed as the highest risk before the new EC Gender Directive was introduced in December 2012. But the downside of this is that some younger female drivers have found their premiums on the rise.

Here at GSI Insurance, we’ll always try to find the best price for our customers, searching a vast panel of insurers in order to ensure the best deal for you. But if your premiums still seem to be rising, try following these tips to make the most out of your insurance.

Increase Your Excess – As a general rule of thumb, the higher your excess is, the less your premium will be. This is because your insurer is insuring against the cost of having to replace your vehicle; the more of that cost you cover yourself, the less they should charge. Consider carefully what you would be willing to pay in the event of a claim though, and never increase your voluntary excess to more than the value of your car.
Protect Your No Claims Discount – This may cost more to start with, but it is well worth it in the long run. If your no claims discount is protected this means that even if you are involved in an accident which is your fault, your discount should be unaffected, and when you renew your car insurance you will still be able to claim as many years as you were previously entitled to.
Avoid Younger Drivers – Young and inexperienced drivers will drastically increase an insurance policy premium. If you have children, relatives or friends who would like to drive your vehicle, think carefully before including them on your policy. It may well be more beneficial to insure them on their own vehicle with a specialist insurer, where they can build up their own no claims discount too.

For insurance advice and policies from a friendly, family-run insurance brokers in Northamptonshire, look no further than GSI Insurance. To find out more, please call our team on 01933 411 888.

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