Follow a few simple steps and cut your car insurance premiums

With car insurance premiums expected to rise again next year as the financial pinch continues to be felt, experts from the Irish Insurance Federation (IFF) are advising motorists of ways they can help to keep their costs down by following a few simple tips.

People should look at paying a higher excess, which is amount that needs paying before an insurance company steps in to help to pay the rest. Decide whether you need comprehensive insurance, third party insurance, or third party fire and theft insurance. Each policy will come with a different cost, so it is important people choose the correct one for their own individual needs.

Inform your insurance company when you are able to park your car in a locked garage, on a driveway or in a secured parking area. Parking your vehicle on the road increases the cost of an insurance premium considerably. Shop around for incentive schemes for young or novice drivers. These schemes will involve completing an advanced training programme or fitting the car with a tracking device to ensure motorists keep below a certain speed limit.

Some insurers may also offer a discount if a curfew is agreed for hours when the vehicle will not be on the roads. You can also save money by not paying for extra cover that you do not use or need, for example, for a courtesy car if your own vehicle breaks down, but you already have a second car that you would use.

Try not to over-insure your vehicle as insurers will only pay out what the car is worth at the time of the accident. Think about the value of the car as vehicles that are worth less than €2,000 may not need comprehensive cover, allowing you to slash premium costs with a third party, or third party fire and theft policy. Limit the number of people that are eligible to drive the car, or take out temporary cover for them, instead of a year round policy.

Work hard to build up your no claims discount as drivers could lower their policies by as much as 70 per cent if they have not made a claim or had a claim made against them. Motorists can also make savings by adding a more experienced driver as a named motorist on their policy like a parent and male drivers can see premiums drop by naming a spouse or female relation on their policy.

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