Although the insurance industry earns a cool £10billion a year from British motorists, it outlays nearly the same amount on claims from the 10,000 accidents reported every day.

View our list of Car Insurance Specialists >>

With the average premium standing at £430 according to market watchers, it’s no wonder why over a third of us change insurer on an annual basis as we look to save cash and slash that dreaded premium.

As a Result, Competition is Fierce for your Business!

The actual cost of cover is based on a multitude of factors including your age, where you live, the length of the no-claims bonus, your occupation and last, but by no means least, even the car you drive.

What can You do to Keep those Premiums as Low as Possible?

Use the Internet

Motor insurance lends itself nicely to online comparison tools and when the difference between one provider and another could be several hundred pound, it’s worth doing a spot of shopping. Sites like confused.com and moneysupermarket.co.uk will electronically gather quotes from a host of insurers in a matter of minutes.

Use Brokers and Intermediaries

Brokers and Intermediaries are the middlemen in the insurance market providing the same service as the online comparison tools. However, because they earn their revenue from commission on sales made for each insurer, they will sometimes quote you cheaper cover than if you went to an insurer direct as they try to hit targets.

Voluntary Excess

Think carefully about the dreaded voluntary excess. This is the first part of the claim you are willing to pay yourself, and as a general rule, the more you pay, the lower the premium.

Buy Online

We’ve already suggested you research the best deals online, now we’re recommending you actually buy online. Why? Well, very simply, insurers will often offer an additional ten percent saving on premiums sold over the web compared to those done over the phone. It’s all about cost cutting. They save; you save.

Older Motor?

If you’ve just picked up a twenty-year-old MG Midget or a Jaguar XJ, you ought to enquire about insurance through the many classic car clubs dotted across the country. Interestingly, it is a little known fact that any car over 15 years old can qualify for Classic Car insurance. You’ll get the same level of cover, but for less!

Protect Your No Claims

During the past year or so, insurers eager for you to stay with them have been offering to protect that all-important No Claims Bonus. Although it may actually increase the cost of your premium, if you do find yourself having to make a claim, you won’t lose the 60 percent discount you’ve acquired over the past, accident-free five years of motoring.