{"id":180899,"date":"2023-10-19T16:15:20","date_gmt":"2023-10-19T16:15:20","guid":{"rendered":"https:\/\/hotworldreport.com\/?p=180899"},"modified":"2023-10-19T16:15:20","modified_gmt":"2023-10-19T16:15:20","slug":"im-a-car-expert-heres-how-to-slash-your-insurance-costs-amidst-spike","status":"publish","type":"post","link":"https:\/\/hotworldreport.com\/lifestyle\/im-a-car-expert-heres-how-to-slash-your-insurance-costs-amidst-spike\/","title":{"rendered":"‘I\u2019m a car expert – here’s how to slash your insurance costs amidst spike’"},"content":{"rendered":"

Over the last year many goods and services have gone up in price \u2013 and car insurance is no exception to this.<\/p>\n

While inflation has subsided, the prices of various goods and services remain high. According to the Association for British Insurers (ABI), the average premium for comprehensive motor insurance rose by 21% over the last year. This is the highest it's been since the ABI started collecting data in 2012.<\/p>\n

Part of the reason for rising motor insurance costs was due to increased costs of raw materials, repairs and even paint, which insurance providers are taking into account when determining their premiums.<\/p>\n

READ MORE: Drivers can make big savings on their car insurance policy with five easy tips<\/b><\/p>\n

Check out more real life stories now<\/i><\/b><\/p>\n

Speaking of the sharp rise in car insurance costs, David Smyth, car expert at Swansway Motor Group, has shared his insights on how drivers can navigate the challenges of increasing premiums.<\/p>\n

1. Drive safe<\/h3>\n

<\/p>\n

\u201cReducing your car insurance isn't just about saving money\u201d, David notes. \u201cIt's about making smart choices. By being a responsible driver and taking proactive steps, you can significantly lower your premiums<\/p>\n

Recent data shows that car insurance takes up 63% of total costs young people pay to run a car. \u2018One of the most effective ways to cut down on car insurance costs and make driving more accessible is to maintain a clean driving record. Responsible driving not only keeps you and others on the road safe but also helps you qualify for lower insurance rates.<\/p>\n

2. Review coverage<\/span> <\/h3>\n

<\/p>\n

"You need to regularly review your coverage needs," he said. "As your car ages, you might not need as much coverage as when it was new. Adjusting your policy accordingly can lead to significant savings."<\/p>\n

David added: "Don't underestimate the power of a higher excess. Choosing a slightly higher excess can lead to lower monthly premiums, but be sure you can comfortably cover that excess in case of an accident."<\/p>\n

3. Shop around for insurance<\/h3>\n

<\/p>\n

David commented: "Shop around for insurance quotes regularly. Different companies offer varying rates, so it's essential to compare and choose the one that provides the best coverage for your budget.<\/p>\n

"Considering a usage-based insurance policy with a black box. By allowing your insurance company to monitor your driving habits through a black box, you can prove that you're a safe and responsible driver. This can lead to substantial discounts based on your actual driving behaviour, rather than generalised statistics."<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Over the last year many goods and services have gone up in price \u2013 and car insurance is no exception to this. 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