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00:00Between rent, utilities, groceries and endless subscriptions, it can feel like
00:04you're constantly forking out for bills. Chuck car insurance on top and it's
00:08enough to make anyone want to set fire to their bank account. Thankfully there
00:12are several ways you can cut back on your premiums whilst keeping you and
00:15your sweet set of wheels protected. In this video I'm going to talk you through
00:19the basic costs of car insurance as well as 10 top tips for how you can save.
00:31The average cost of car insurance in the UK is approximately £471 a year.
00:37For drivers under 25 this could be considerably more, while over 50s with a
00:43good driving track record could enjoy much lower premiums. There are two main
00:47costs associated with your car insurance. One is the cost of your cover, this is
00:52your premium, and the other is your excess which is the minimum amount of
00:56money you'll have to pay out towards a claim. Several factors can affect the
01:00cost of your premium including the driver's age, the type of vehicle you
01:04drive, your location, your driving history and habits, your occupation and even your
01:09marital status. Because you know what they always say, the key to a good
01:13marriage is two excellent drivers. A lot of these factors will obviously be
01:19beyond your control, including the fact that in the UK you're legally required
01:23to have at least third-party cover as a minimum. However there are a number of
01:28additional factors that you can control that can help you save on your car
01:32insurance.
01:36Tip number one, if you've yet to buy a car or are looking to trade in your old
01:42model, you can save at the first hurdle because the total value of your car is
01:46one of the main price considerations for your premiums, where you can invest in a
01:50cheap, safe and common vehicle, because expensive cars with limited security
01:55features and rare parts attract high premiums. Number two, if your policy is
02:00loaded with features, drop any optional extras that don't apply to you. For
02:05example, if you're not going to be pulling a trailer, you won't want a
02:08policy that's making you pay out for phantom trailer cover. Number three,
02:13increase your security. Consider fitting your car with an alarm or a dash cam, but
02:18be aware though that not all insurers recognise all security systems, so check
02:23in advance with your provider. Tip number four is off-street parking. Parking your
02:28car in a secure location, garage or driveway could help lower your premiums,
02:33especially in high-crime areas. Money-saving tip number five is to
02:38consider reducing your mileage. Could you alternate between driving and using
02:42public transport? And be sure to inform your insurer if your commute becomes
02:46dramatically shorter for any reason. If you really don't drive all that often,
02:50you might want to consider temporary or pay-as-you-go car insurance, so that
02:54you're only paying out when you actually use the car or for the miles you
02:57actually drive. Tip number six is to only add drivers that regularly use the car.
03:02If usage is balanced, you might also want to consider putting the policy in the
03:07name of the safest, most senior driver. Don't use this to pull a fast one on
03:11your insurer though, as this could affect any claims you need to make in the
03:15future. Tip seven, it goes without saying that being a safe driver will obviously
03:20keep your premiums down. It can be easy enough to let a few speeding points
03:24creep onto your license, but a long trail of fines and points will keep bumping up
03:29the costs of your car insurance. Tip number eight is that if you do get into
03:33any scrapes, you should avoid making claims on smaller expenses. It might work
03:37out cheaper in the long run if you can afford to pay for the cost of repairs
03:41out-of-pocket. Maintaining your no claims as well as your reputation as a
03:45safe driver can make a big difference. Tip number nine is to shop around.
03:50Naturally you might think that great cover costs more, but it's always worth
03:54comparing comprehensive cover against third-party fire and theft and other
03:58policies that might suit you. Your personal circumstances as well as the
04:02age of your car could make a big difference to the level of cover that
04:05you need. There are loads of providers out there offering loads of deals and
04:09discounts, so head to finder.com slash UK to compare which provider would be right
04:13for you. Links are in the description below. My final tip to decrease your
04:18premiums is to increase your excess amount. Be wary of making this too high
04:23however, as insurers won't pay out if you incur damages less than your excess.
04:31One of the key things with car insurance is to make sure that your policy suits your
04:34personal circumstances. Head to finder.com slash UK for more money-saving tips and
04:40to compare which policy and provider would be right for you. Links are in the
04:43description below. If you liked this video you can subscribe to our channel
04:48by hitting this button here or stay tuned for our next video. Thanks for
04:52watching.