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Tips on Finding the Best Car Insurance Policy

Posted on 01/06/2016

Finding the best car insurance at the cheapest rate can be challenging and many people pick the first cheap insurance they stumble across without checking whether the policy is suitable for their requirements. This can have consequences later on if you need to make a claim and the insurance company won’t pay out.  Here are our top tips for finding the right insurance policy for your car, at the right price.

A smiling man giving a thumbs up out of a car window
  • Shop around
    Take advantage of comparison websites and compare all of the deals available to you. Make sure to check how much excess they want you to pay and what rate of interest they charge for monthly payments.  Once you have found the best deals, contact the companies directly and haggle with them for the best price.

 

  • Avoid monthly payments where possible
    If possible, try and pay your car insurance annually. Insurance companies will add on interest for paying monthly so check how much the interest is before choosing this payment option.

 

  • Choose your model wisely
    Cars that are less popular or cost more to repair will also hike up insurance costs. Insurers prefer popular models as they aren’t as expensive to repair. Avoid sporty types of cars as the parts for them generally cost more and of course where there is extra horsepower there is usually a higher risk.

 

  • Park your car in your garage or on your driveway
    It sounds obvious, but if it is possible, by moving where you park your car can save you money. Check with each insurance provider, as sometimes parking your car in the garage can be more expensive than parking on your driveway. Where you live is also a major factor so if you live in an area with particularly high crime, then it is likely your insurance costs will be higher.

 

  • Consider adding a second, low risk driver
    Some insurers will give a discount for adding a parent or elderly relative to your policy if you are a young driver facing high insurance costs. Don’t be tempted to say the second driver is the main driver, as this is illegal!

 

  • Install a blackbox
    This device is fitted to your vehicle and records how and when you drive. It includes how fast you drive, how heavily you brake, how sharp you turn your corners and at what time of day you make your journeys. Whilst this can sound a little intimidating, they can be advantageous, especially for young drivers, and can help reduce fraudulent insurance claims.

 

 

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UK Car Finance Limited. Registered in England
Registered number 9397657.
Registered Office Lakeside House, 30 Northumbrian Way, Newcastle Upon Tyne, NE12 6EH

Refused Car Finance is a trading style of UK Car Finance Limited and is acting as a licensed credit broker and a lender, we are authorised and regulated by the Financial Conduct Authority, registration number 714966. All finance is subject to status and income. Applicants must be 18 or over, terms and conditions apply, guarantees and indemnities may be required.

Written quotations on request. Certain exclusions for NI residents.

Note: We cannot be held responsible for specification errors, and price errors, we use Motortrade software which is not always 100% accurate. Copyright 2017 Refused Car Finance.

Refused Car Finance can introduce you to a limited number of finance providers based on your credit rating and we may receive a commission for such introductions.

*Representative Example
Cash price – £8,500.00, Deposit – £0.00, Amount of credit – £8,500.00, Rate of interest – 16.24% per annum, Amount of interest – £6,912.00, Lender Documentation fee – £0.00, Lenders option to purchase fee – £10.00, Total charge for credit – £6922.00, First repayment – £256.70, Followed by 58 Monthly repayments of – £256.70, Final repayment – £266.70, Total amount payable – £15,412.00, Representative APR – 29.9%

*Last month, over 51% of Refused Car Finance customers that had their loan arranged were offered an APR of 29.9% or lower

In the first 3 months of this year, UK Car Finance Ltd received 2140 unique applications, of which we were able to offer 2136 applicants a line of credit, subject to the applicant being able to provide acceptable proof of affordability, being free from insolvency and or/a supporting guarantor fitting the lenders eligibility criteria, this represented 99.8% of applicants in this period.

Rated No.1 for car finance in the North East of England collated from Google Business Reviews