Car Insurance
Cheaper Car Insurance is Not a Myth
It looks as if we are heading towards a double dip recession. Financially speaking, these are worrying times. Many of us will be searching for ways of reducing our outgoings and one such area where the vast majority of people can save money, is car insurance. Car insurance rates have risen dramatically in recent years, but many people are paying over-the-odds for their policies. Read on to find out how you can save money on your insurance. Click Here.
Shop Around
People tend to buy the first policy they find and this is one of the reasons why so many of us are paying so much. Whenever you purchase a new insurance policy, or renew an old policy, you must get quotes from at least four different companies. In the UK and in Northern Ireland, this is a relatively straightforward process, they simply log on to a price comparison website. However, in order to find cheap car insurance in Ireland, you will need to do this manually as there are no impartial comparison sites.
Use the Internet
The internet is a very competitive market. This means that you will always find the best prices online; this is true of all consumer products and not just financial products.
Take an Advanced Driving Course
These courses will cost around €400 (- including the cost of the test). The better you are at driving, and the more proof you have, the lower your insurance rates will be. Furthermore, these tests teach you how to drive in a more fuel-efficient manner, so you will save money on fuel in the end.
Enhance the Safety Features of your Car
Various safety features will reduce the cost of your car insurance. These include air bags, side impact protection bars, bonnets that crumple under impact, anti-theft devices, locking wheel nuts and anti-lock braking systems. The more safety features the car has, the cheaper the insurance, but more importantly, the safer it is to drive.
What to Consider When Getting Free Car Insurance Quotes
Getting free car insurance quotes is simple if you search online but there is more to comparing quotes than just looking for the cheapest insurance. You’ll want to compare the coverage offered on each quote. For example, you may be trying to save money and just looking for the bare minimum insurance.
If you have an older car that’s fully paid for, there really isn’t any need for collision coverage but an insurance company that is not the cheapest for collision coverage may have a more extensive policy for just a few dollars more. This company may also offer accident forgiveness which, if you have an accident, may save you from your premiums being raised to a very high rate.
You also need to look at the insurance companies who have supplied you with free car insurance quotes. Remember, cheaper isn’t always better. You can check with the Better Business bureau, friends and relative or websites that review car insurance providers for information about the company’s reputation. You’ll want to make sure that if you do have a claim, it’s paid promptly.
You may also want to consider how each insurance company will bill you. If you need to pay monthly, it may limit the number of companies you will have to choose from. If you already have homeowners insurance or renter insurance with an insurance company, request free car insurance quotes from them. You may be eligible for a discount.
If you compare price, coverage, service and any discounts offered, you’ll be able to get the best coverage for the lowest prices possible.
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Age Discrimination in Car Insurance
Eighteen year old male drivers are paying £7,000 ($11,500) more for car insurance on average than middle aged motorists according to the latest statistics uncovered by MoneySupermarket.com.
The research also showed an increase in average car insurance quotes which were offered by insurers to drivers over the age of 70, suggesting that age discrimination is rife in the insurance market. This comes on the back of a year of turmoil for insurance firms, with the effects of the credit crunch resulting in the average car insurance premiums increasing by over 40% according to the AA.
The Data
The statistics are an average of the quotes which have been returned to motorists in each of the age brackets looking for insurance on a 1.25 litre Ford Fiesta which is the most commonly sought after insurance quote in the UK:
The data clearly shows a dramatic drop in prices year on year for teenage motorists, and a slight increase in prices for drivers past the age of 70. Interestingly, a number of insurers refused to offer quotes to drivers over the age of 80 which is why their data set is incomplete.
Legislation
The European Court of Justice recently ruled that from 21st December 2012, it will be illegal for insurance firms to discriminate based on gender. This will mean that insurers will no longer be allowed to discriminate against male drivers on account of them being statistically more likely to have an accident.
This has led to suggestions that discrimination on the grounds of age is equally as immoral, with the Governments own Equality Act of 2010 having been introduced in an attempt to protect all “individuals from unfair treatment” and promote a “more equal society”. However, these statistics perhaps serve as evidence that the Equality act has not been governed effectively.
Differing Opinions
The AA’s head of insurance, Simon Douglas, has supported the continued use of age discrimination in the calculation of car insurance premiums, claiming that it is better for the majority: “An unintended consequence of applying age equality to car insurance will be a reduction in premiums for a few at each end of the age range but an increase for the majority.”
However, the Association of British Insurers (ABI) believes that the high premiums which are quoted to young motorists are the reason behind the recent 40% hike in average insurance prices which the AA itself has observed. The ABI claim that more motorists are making fraudulent claims as a result of these high prices, which is costing the UK insurers an estimated £2 billion ($3.3 billion) per year and therefore pushing up the price of everyone’s car insurance premiums as they desperate seek to recover this added expenditure.
This view has been corroborated by Steve Sweeney, who is the Head of Motor Insurance at moneysupermarket.com: “Young and newly qualified drivers have long been perceived as high risk by the insurance…Ultimately, I think people should be treated fairly based on their own individual risk profile.”