If you own a car, insurance will be a mandatory expense item in your budget. Therefore, it is logical that when buying a policy, you will look for the most favourable offer.
By attracting customers, insurance companies organize promotions, distribute promo codes, and reduce the cost of policies.
Nevertheless, you can save money when buying insurance. To do this, you need to figure out what car insurance includes, as well as get acquainted with the list of the Cheapest Car Insurance Companies.
How is the cost calculated?
Age-experience ratio
The older and more experienced the driver, the lower the coefficient and the cost of insurance. If several drivers are included in the insurance, the coefficient will be determined by the youngest and most inexperienced of them.
Restriction coefficient
It depends on whether you have specified a specific list of drivers or not. If all the persons who will drive the car are included in the insurance, then the coefficient will be equal to 1. If you have selected the “Unlimited” column, the coefficient will increase.
Car power factor
It is used only for passenger cars. The less horsepower an engine has, the Cheaper Car Insurance UK will be.
The coefficient of seasonality
If you use a car, for example, only in the warm season for trips to the country, you can reduce the cost of insurance. To do this, you just need to specify a specific period of use of the machine in the contract, for example, 3 months. The shorter this period, the smaller the coefficient.
How to reduce the cost of car insurance?
Considering what the insurance price is formed from, you can use the following methods:
- Choose an insurer with a low base rate;
- Drive carefully;
- Specify a specific list of drivers in the insurance;
- Choose a car with a small or medium engine power;
- Use the car only a few months a year.
Insurance is not difficult to do, so if there is an option to do it cheaper, then you should use it.
