Is it Worth Shopping Around for Car Insurance?

It’s a UK law that every driver has at least third party car insurance if they plan to drive on the road. If you get caught without insurance then you will receive up to eight points on your license and a fine of up to £5,000. However, finding a good motor policy can be hard work, even online. With a seemingly limitless number of providers and policies, tracking down the best value cover at renewal time is easier said than done. This probably accounts for a large chunk of motor insurers’ profits as policyholders find it easier to renew with their existing insurer than face the slog of finding a better one. But, if you make the effort, you could end up with better cover and lower premiums. Different insurers use a varying factors to determine the premiums in your quote, so it’s important to compare as much of the market as possible before you buy.

The Benefits of Comparing Car Insurance

By comparing different companies you get to see just how competitive your existing insurer and policy is as opposed to what they say about themselves in their marketing. You could benefit from a number of different discounts and by shopping around you could find deals that you otherwise wouldn’t have seen. For example, you could qualify for female driver discounts or savings because you don’t cover many miles. Also if you own a classic car then it might be cheaper for you to deal with a company that mainly targets classic car drivers.

If you are currently with an insurer who is increasing their rates then this is the perfect opportunity to shop around and confirm if your current policy is still offering you a good deal. Even if you have been with an insurer for years, loyalty won’t get you anywhere with most companies as their discounts tend to be offered as a gimmick to attract new customers. These offers are usually not available for existing customers at renewal time which is why you should shop around and benefits from them again as a new customer.

Ways to Compare and Save

When you are comparing different insurance companies, take care to look into the deals they offer. Some may provide free breakdown assistance and a courtesy car when needed whilst others might simply provide a price promise or money-off discount. Another way to save is with insurers that offer discounts for buying multiple policies with them. So for example if you choose the same insurer to cover your car and your home, you may save money over and above what you’re paying now.

Overall finding a good car insurance deal needn’t be hard work. One of the easiest ways to approach comparison shopping is to use two or three insurance price comparison sites. Not all price comparison sites compare all insurers, so to get prices from most of the market you should use two or three. Make a shortlist from these quotes and go direct to the providers for specific quotations and to review the policy small print. You could potentially save hundreds of pounds a year.

We compare the cost of groceries at the supermarket, so why don't UK motorists compare their car insurance premiums at renewal time? Too many policyholders are paying more than they should and throwing money away. Start comparing today by visiting UK Insurance Index where you'll find a list of UK car insurers, buying guides and consumer car insurance reviews.