photo credit: Ed Callow [ torquespeak ]
Despite what you may believe about the insurance costs associated with modifying your car, vehicle owners are actually able to offset the recent car insurance price hikes (especially when it comes to modified car insurance). By using comparison sites to compare car insurance and get the best deals going, modified vehicle owners are able to take full advantage of the huge savings available online with those various insurers which are happy to offer modified vehicle owners a fair price.
Any motoring enthusiast who chooses to modify their car can usually expect to suffer a massive hike in their insurance premium. Everything ranging from getting tinted windows to installing an in-car phone or getting a good-quality set of hubs will affect the cost of car your insurance. Take, for instance, the study commissioned relatively recently by one of the UK’s primary price comparison websites, moneysupermarket.com.
If you’re thinking of installing a body kit, then you may think again when you hear that it can increase your premium cost by up to 101 per cent. The main way of making significant savings, says the comparison site, is to compare car insurance quotes using its car insurance comparison tool – naturally.
But, despite what you may think is mere hype, these sites really are pretty good at seeking out the best-value deals, and saving you a hell of a lot of time in the process. But apart from just this, are there any other practical tips you can implement to keep your modified car insurance costs down?
It’s extremely important that you keep your insurer fully up-to-date with any modifications you make, immediately, because not to do so could well see your policy invalid and you in a whole lot of trouble.
Increase security
If you have a garage or driveway, make sure you use it and tell your insurer. Add an industry approved immobiliser, alarm and tracker to your car too, and you’ll cut a chunk off the price of your premium.
Pay annually – Paying an annual lump sum as opposed to in monthly instalments will save you anywhere between 10 and 20 per cent. And if you don’t think you’d be able to do this, get yourself a credit card that offers 0 per cent interest on new purchases or a 12-month interest-free period.
Add another driver – if you’re a younger, less experienced driver, it’s a good idea to add an older, more experienced one to your policy to bring down the cost. However, don’t name them as the main driver if they’re not – this is called fronting, is considered fraudulent and is highly illegal.
Take the Pass Plus test – Costing between £125 and £160, this can reduce the cost of your insurance by as much as 30 per cent, and once you have it, that’s it – no extra costs. While it has indeed been devised to help newly-qualified drivers, any driver can take it at any point of their driving career.
Don’t claim for every little thing
Every year you don’t claim on your insurance, you’ll qualify for a no-claims discount, and once you hit the five-year marker, you’ll save up to 65 per cent – which you can protect, meaning that you’ll be allowed to claim once or twice before your bonus is rescinded.
Reduce your mileage estimate
When you insure your car, you’ll be asked to give a good estimate of the annual mileage you’ll expect to do in the year ahead. If you overestimate, you’ll end up overpaying for mileage that you simply won’t use. Be conservative, and if you think you’re going to go over the mileage you originally stipulated, don’t forget to inform your insurer immediately.
Picture from flickr user: nazly