Car Insurance Insurance

How to save money on your car insurance

Ireland is an expensive place to buy car insurance, with the typical driver paying €1067 according to the Irish Sun in November 2018; more expensive than UK counterparts. So it’s even more important to do all you can to save money on your premium. Paddy Compare investigates how.

1. Shop around at renewal

One of the largest savings available is simply by comparing prices at renewal time. Even if you don’t want to switch company, asking around for other quotes may help negotiate a better deal with your current insurance broker. Ensure you are comparing like-for-like in terms of the cover provided, and that your excess amounts are the same. Paddy Compare can help you do this with one simple quote form.

2. Make use of NCD and named driving experience

Some customers simply forget how many years no claims bonus they have, particularly if they have been off the road for a while or if they are switching insurance broker. Insurers use NCD evidence as a ‘report’ of your driving experience – if you’ve been a safe driver you will be awarded with lower premiums. Remember to tell your broker about any named driving experience, company car driving experience, or experience driving abroad. All of these may be used to help reduce your premiums.

3. Increase your excess

The excess is the amount you must pay to your insurance company in the event of you making a claim, to cover the costs of repair to your vehicle or for medical treatment. If you can afford to increase this, the insurance company will see you as less risk, and reward this with lower insurance premiums. However you must be able to pay the excess or risk being left without a vehicle if you happen to be involved in an accident. You don’t have to pay an excess if a third party is claiming against you, so this only applies to Comprehensive, Fire and Theft Claims.

4. Reduce your cover

If your car has seen better days and is destined for the scrap heap shortly, then do you really need fully comprehensive insurance? Your car may not be worth much, and it may be worth reducing your cover to insure against Third Party claims only. Always investigate both options, as sometimes comprehensive cover can cost less than third party only.

5. Add a named driver

Particularly if you are a less experienced driver, adding a more-experienced friend or family member to your policy can often reduce your premiums. This person does not have to be a regular driver if your vehicle but the fact that they are named may be seen as a positive by your insurer. Try getting quotes for one or two additional drivers and see how this affects the costs. This has a further advantage in that you can share the driving on long journeys; resulting in a safer and more pleasurable driving experience for everyone.

6. Check your occupation

Different occupations are seen as different risks, however many people undertake a job that could be described in many different ways. Are you an Engineer who manages construction projects? Try receiving a quote for an Engineer or a Project Manager. Are you in the medical profession? Instead of Nurse perhaps try Paramedic or Care Assistant. Are you at IT consultant? Try Data Processor or Computer Engineer instead. Are you a Civil Servant? Try using that rather than your specific title. Of course, remember that any job title you do use must be applicable to the role that you do, or your insurance may be invalid. The Money Saving Expert tool will help you explore different options for your occupation.

7. Get quotes at different times of the year

Insurance underwriting companies will publish new rates to their insurance brokers on a regular basis, often every month. If your insurance policy is due in the middle of July for example, try getting a quote towards the end of June, and then again at the beginning of July. Your first quote will usually remain valid for 30 days, so you can then chose the cheaper policy and buy that one.