How can I lower my Motor insurance premiums?

Many factors influence the premiums of your Motor insurance policy. Your insurer will have asked you many questions whilst producing your quote - some of which will affect your premium and some will not. To name a few of the important variables, the vehicle you drive, your gender and your age are all important to the insurer whilst they calculate your quote. Below we have discussed several of these key variables that are within the policyholder's control.

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What if I am a young driver?
In the UK, car insurance quotes are dependant upon several factors, these include age, gender and location. One of the overriding considerations is the age of the potential policy holder, the younger the driver the more expensive the policy in most circumstances.
What if I am a mature driver?
Drivers over the age of 50 tend to have less than average number of accidents and as such deserve a discount on their car insurance premiums. However not all insurance companies recognise this claiming behaviour and offer the over 50’s market a discounted premium.
What are the laws regarding Motor insurance in the United Kingdom?
Motor insurance originated in 1930, when the government introduced a law that required every person who used a vehicle on the road to have some kind of motor insurance policy. This had to be third party personal injury cover at the very least.
What is Third party fire and theft Motor insurance?
Whilst technically your legal requirements for motor insurance are covered by a third party only policy they only protect the people with whom you share the roads, not yourself. The law requires that people who are involved in an accident that is not caused by themselves, be compensated. So, with third party insurance you may be protected against other people's claims against you, but not if you are responsible for the accident.
Why do some Motor insurers specialise in just lady drivers?
Every Motor Insurance company is different, each have specific market niches that they try and specialise in, some choose mature drivers, some lady drivers and some young drivers.
Consolidating policies
By insuring multiple vehicles with the same insurer, or by trying to take out home and life insurance through your car insurer, you may be able to secure a ‘bulk buy’ discount.

Location
One of the most influencing factors upon car insurance is where you live. The chance of your car being broken into or stolen is a key concern for the insurer. More urban areas traditionally facing greater risk of theft and therefore tend to be more expensive than countryside locations.

Excess
By agreeing to pay a greater excess on each claim you can reduce your car insurance premiums. This is because by agreeing to pay a larger excess you are limiting the liability of the insurer, they are then able to offer you lower premiums in return.

Vehicle
The cheaper and slower your vehicle the lower your premiums are likely to be. If you are looking to buy a new vehicle make sure you consider fully the cost of insurance – you may be able to buy the car but can you afford to run it?

Mileage
You can control your insurance premiums by restricting your annual mileage, however, be aware that after exceeding that restricted number of miles you become uninsured!

Parking
Where you park your vehicle overnight is also very important to the insurers, if it is kept in a locked garage, you should be offered a lower premium than if you leave it unattended in the street.

Security
Security devices that prevent or hinder theft may also reduce your premium. Common examples include alarms and immobilisers, however, be aware that as we improve the quality of our security devices the thieves just become better at bypassing them.

No Claims Discount
Save up your no claims discount by avoiding making claims upon your policy. After a set number of years, 4 or 5 typically, you will be offered the option to pay an additional small premium to protect your no claims bonus, this can prove very helpful if you end up having a crash.

Advanced driving skills
By taking an advanced driving course you will also be able to reduce your premiums. The Institute for Advanced Motorists and the Royal Society for Prevention of Accidents also offer memberships, which provide you with discounts for both the driving course and your final premiums.

In the section below we have discussed several of these key variables that are NOT within the policyholder's control.

Sex.
Women are statistically less likely to (a) have an accident and (b) have a serious accident. Because of these statistics women benefit from a greatly reduced premium in comparison to a man with the same other variables (age, car, location etc). It is also worth noting that if you represent one half of a couple you should consider having the female as the primary driver with the male as the second driver.

Age
The older the policyholder, the less likely they are to make a claim, this lowers the premium for more mature drivers.