We are all seeing the cost of motor insurance soaring.  So you are thinking  how do I get the best possible premium?

I have done some reading over the last few weeks and have found some surprising evidence on how to obtain the best price.  There are many factors, some I think are common sense, but others are tactics I believe would reduce my motor insurance policy but has the opposite effect.  One of the tactics I have used over the years was to opt for the maximum voluntary insurance excess. I was advised to take this option by my motor insurance company years ago. The rational for this was to demonstrate to my insurer that I am a careful driver otherwise I would not elect to pay for a higher excess so my motor premium would reduce.  However this is true only to a point.  I have only just found out that a higher voluntary insurance excess could in fact  increase my premium.

So please read this as it can save you some money when you renew your motor insurance.

5 Tactics deployed by motorists that may increase your premium not reduce it.

1. I will pay a higher excess so my premium will go down.

2. I will renew closer to the renewal date.

3. I will just pay for third party fire and theft cover only.

4. I will park my car in a garage.

5. Refuse legal expense insurance.

Embarking on a journey through the complexities of insurance savings, where seemingly savvy tactics may lead to unexpected increases in your premiums. From coverage choices to parking decisions, explore the nuances that could impact your wallet in pounds.

5 Motor Insurance Myths Uncovered

The Pitfalls when renewing motor Insurance is now unveiled. Here are the 5 most common myths that could cost you money when renewing your motor insurance. 

1. I will opt for third-party fire and theft.

Myth: Opting for third-party insurance would significantly reduce premiums. Typically as you are not paying for damage to your own vehicle  you expect that your insurance premium will go down.

Reality: Contrary to the belief that lower coverage equals lower costs, the average fully comprehensive insurance policy stands at £1,443. In contrast, third-party, fire and theft climb to £2,146, and third-party only skyrockets to a staggering £3,462. Insurers view third-party only drivers as riskier, contributing to higher premiums.

2. I will park my car in a lock up garage to save money.

Myth: Safely parking your car in a garage reduces insurance costs.

Reality:The average cost to insure a garage-parked car last year was £710, compared to £656 for a driveway. Street-parked cars incurred higher costs, averaging £729. Insurers may perceive garages as potential security risks or believe garage-parked cars are more prone to damage whilst you or your family are pottering about.  Also where garages are fixed to the property if there is a burglary the car is easier to steal and if in a detached garage, the same principle plus the owner is less likely to hear the burglars.

3. I will pay closer to the renewal date.

Myth: Ideal Renewal Time: Renewal closer to the duet date will save me a shed of cash, right?

Reality: Motor insurance surges by 50% if left until the day before.   Statistically you should purchase motor insurance 27 days before renewal or policy start date. The sweet spot in timing can significantly influence your annual insurance expenses.

4. I will pay more for my voluntary insurance excess.

Myth: A higher excess leads to a lower premium.

Reality:  Up to a point.  While it’s commonly believed that increasing voluntary excess results in lower premiums, the data suggests that premiums stop getting cheaper once the voluntary excess surpasses £400. Balancing excess amounts becomes crucial for cost-effective insurance.

5. I will auto renew my motor policy.

Myth: My insurer will get the best price for me due to my loyalty.

Reality: Not always the case.  As explained the best possible time to renew your motor insurance is 27 days before it’s due.  It’s probably better to start around this date and get several estimates from different providers.


Money Saving Expert


Please note we are solicitors not insurance brokers.  This article is for information purposes only, you are advised to take advice from a specialist insurance broker.  Please follow us for more information on legal, sport and other interesting issues.

Making a Claim for a Car Accident?

You have got your insurance, if the accident is not your fault you will need to claim against the other driver’s insurance policy. Despite the Government putting a block on 80% plus of whiplash injury claims (for injuries worth less than £5,000) making a claim now through solicitors is almost not worth it.  You need to go it alone as low value claims and not paying legal costs under the new Official Injury Scheme.  However if you are injured where you suffer more serious injuries other than minor whiplash or you are a venerable road users such as a child under 18years of age or a cyclists or scooter rider get in touch.

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