The car insurance trick that can slash your premium by nearly HALF and five other ways to get the best deal
MOTORISTS can almost cut their insurance bill in half by selecting fully comprehensive cover instead of a third party policy.
Despite fully comp offering higher levels of protection for you and your car, it's actually CHEAPER than third party, fire and theft.
Third party policies only cover damage to others as a result of an accident that was your fault with you left to foot the bill for your own car.
But with fully comp, an insurer will payout for repairs to your own motor even if you were to blame.
Yet research by The Sun Online and Confused.com has revealed that on average, premiums can be slashed from £1,414 a year to £781 - a saving of £633.
Male drivers aged 17 to 20 years old can benefit most from this trick of the trade bringing down their average premium from £3,314 to £2,363 - saving nearly a grand.
But it doesn't matter if you're male or female, what age you are and what your experience, you can net savings.
A 40-year-old female can benefit to the tune of £351 and a 70-year-old man would have £274 extra in the bank.
The reason third party is cheaper is because statistics show those with the cover are actually more likely to have a crash.
Those taking out fully comp policies are deemed to be more responsible and have a lower percentage of incidents.
Graeme Trudgill, executive director of the British Insurance Brokers' Association, told The Sun Online: "The low cost of damage claims compared to the high cost of injury claims has led to lower comprehensive car insurance and in part caused the demise of third party policies.
"That's because insurers now have access to much more data and can understand the pattern of insurance claims and their costs.
"There is a basic level of premium needed to cover the high costs of third party liability claims - especially from young drivers.
"Insurers may seek to avoid providing accidental damage cover to those that are a higher risk for bumps and claim repairs to their own car. They may be offered third party only cover instead so that they can still drive legally.
"These third party policies are likely to cost more than comprehensive cover due to the statistically proven high rate of young driver personal injury claims."
On top of selecting comprehensive cover, here are five tips to help get you the cheapest deal when it comes time to renew your car insurance:
1. Get your mileage right
Providing your insurer with an accurate estimate of your distance travelled can have a massive impact on cost - the lower your mileage, the less your premiums will cost.
Work out how many miles roughly you do a week and multiply this by 52 to give you a yearly total.
2. NEVER accept the renewal quote offered by your current insurer
The key here is to shop around.
Different insurers base their premiums on varying criteria, so while one insurer may charge you an expensive premium, you might find cheaper cover from an alternative provider.
Getting a good scope on different prices in the market is easy if you use a comparison site – you’ll get prices from around 100 insurers in less than 10 minutes.
PAY AS YOU GO Pay-per-mile car insurance could save you HUNDREDS and mean you’ll never need an annual premium again
3. Improve security
Adding an alarm or immobiliser to your vehicle is a surefire way to make your insurer happy.
Similarly, if you can keep your car in a garage, insurance costs will be lower as there is less likelihood of it getting stolen.
4. Add another driver
Adding another person to your policy can actually bring the cost down.
Putting partners down as a named driver or adding one of your parents to the policy of new drivers could result in cheaper cover.
NOTE: It is illegal to put anyone down on your insurance that won't be driving your vehicle, or by incorrectly identifying the main driver.
Make sure the person that will be driving the car the most is down as the primary driver.
5. Pay your premium in full
Paying for your insurance in a lump sum is usually significantly cheaper than paying monthly.
Hefty interest charges tend to accompany monthly payments, so paying all at once can lead to big savings if you are able to afford it.
