2. Keep your car in good condition

Sometimes paying a bit extra to maintain your car could drop your insurance premium in the long run and regularly visiting your mechanic could potentially affect your claim. Many insurance policies don’t cover mechanical faults or tyre damage that is caused from neglect, and your coverage is likely to be lost all together if your car is deemed unroadworthy – so it’s definitely worth getting a regular check-up.

3. Restrict younger drivers

If you never have drivers under the age of 25 behind the wheel of your car, then it might be worth restricting them entirely to lower your premium. Younger drivers are considered more likely to make a claim, so officially declaring that they won’t be in your driver’s seat is definitely a step towards cheaper insurance.

4. Finding insurance that fits your car

Forking out the money for a brand new car is no small feat, which is why it’s so important to have the insurance to match. Look for policies with a comprehensive cover that includes a new for old car replacement. This means if your new car is under two years old and you are the registered owner, your insurance will replace it with a new car of the same value if your old one is written off in an accident.

5. Park in a secure area

Although it’s sometimes unavoidable, street parking can be one of the reasons for a hike in premiums. If you live in an area with high potential for accidents, vandalism or theft, you will generally have to pay more for your insurance. Finding a secure area, ideally a lock up garage, will help to save money in the long run.

6. Elect to increase your excess

If you’re a pretty safe driver, it could be worth taking a higher excess to lower your regular premiums. Although it means you’ll have to pay more if it ever comes to making a claim, if you are a cautious driver or rarely on the roads it could be worth considering, plus it can generally be done easily online.

7. Shop around

There’s no longer any need to make those dreaded phone calls to insurance companies to discuss complicated and boring policies. Nowadays, it’s as easy as ever to compare prices and even sometimes save cash with exclusive online offers. So, grab a coffee and spend an hour scoping out the best deals to save yourself some cash in the long-term.

8. Re-evaluate your add-ons

The extra bells and whistles on a policy tend to be what hikes up the price. So, if you’re looking to cut down, consider whether the add-ons have come in handy in the past and figure out what they’d cost if they weren’t covered on your insurance policy.

9. Decide between paying annually or monthly

Depending on the policy and your situation, it might be worth switching the consistency of your payments. Some insurance policies offer decent discounts for those who are able to pay the annual premium upfront, however paying monthly might be easier to budget for if your income is more reliable than your savings.

10. Insure more than just your car

Bundling together different valuables under a multi-policy discount could save you heaps and help organise your life a bit better. Consider bundling your car insurance policy with other insurance policies you may have, such as home insurance or life insurance. Insurance companies often offer multi-policy discounts, which can result in significant savings when combined.

IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial or legal situation, objectives or needs. That means it’s not financial product or legal advice and shouldn’t be relied upon as if it is. Before making a financial or legal decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services or legal advice.