What factors influence the cost of your premium? The cost of your insurance premium is based on a number of factors, including age, so whether you’re 17 or 65, your age will be a factor. Also, where you live makes a difference, as a higher number of claims in a particular area is likely to increase premiums.
Our own driving record is also important, so if you have made any claims in the past or have points on your driver’s license it will have an effect, as will whether you have a full license or a learner’s license. The longer you have been without claims, the lower your premium will be. Also remember to disclose penalty points and anything else you think is relevant. Your job is also important, especially if it involves travel.
The number of miles you drive annually will also be a consideration, and finally, your car’s age, make, model, fuel type, transmission, and engine size will invariably affect your insurance premiums.
How can I save money when I’m renovating?
You may be tempted to accept the renewal quote, but don’t fall into that trap. It’s always worth shopping around. However, remember to compare all insurance quotes similarly. Some may offer breakdown coverage as an optional extra and for others it may come with the policy, so check all these details.
Does the value I place on my car make a difference?
Always put a realistic value on your car. When we’re asked to value our cars, most of us have a pretty inflated price in mind, so it’s worth looking up similar makes and models online to get an idea of replacement cost. In the event of an accident, the insurance company will only pay the market value of the car at the time of the accident.
Is there anything else I should consider?
The safer your car is hidden at night, the happier your insurance company will be, so any extra security features you add can make a difference to your premium. These include an alarm, immobilizer, or keeping your car in a garage overnight.
Better advice: Reducing your annual mileage can have a big effect on the cost of your insurance premium, since the more you drive, the more likely you are to be involved in a collision. Use your NCT certificate to accurately estimate your annual mileage.
You have a question? email sundaymotors@independent.ie
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