Want to know the secret to getting budget car insurance rates in the UK? Get as many quotes as you can, from as many companies as you can, big and small companies alike. Yes, it’s hard labour, but if you’re looking for cheapest, budget car insurance rates, get your keyboard dirty and start filling out those online forms!
Before you start, you may find it helpful to gather a few key pieces of information. There’s nothing more frustrating than to spend 12 minutes completing a form only to find out that you’re missing the car registration number. Here are a few things that online car insurance forms ask for:
- Vehicle Details including VIN or registration number
- Approximate vehicle value
- Driver details including driving school history (with dates)
- Driving infraction history (type and date of offence)
The next step is straight-forward: fill out as many online insurance forms and get as many quotes as possible! You can think of an insurance quote as a lottery ticket — the more you have, the more chances you have to win! And in this case, you will win every month as the savings on monthly car insurance premiums can be quite significant.
Who Offers Budget Car Insurance?
It’s important to get insurance quotes from different kinds of companies:
- Direct car insurance providers
- Insurance brokers
- Car insurance comparison sites
Companies calculate insurance premiums based on very detailed driver statistics. They essentially predict how likely you will be involved in an accident based on this data and determine your insurance rate and underwriting rules to impose. In assessing your risk profile, insurance companies consider things such as your gender, place of residence, driving history, claims history and value of your vehicle. The process of assessing this risk is called underwriting.
Budget Car Insurance Secret Sauce
If you really want to save money, it’s hugely important to request quotes from insurance brokers because they represent many different companies and by shopping around on your behalf, you are likely to get the best value. At the same time, direct companies may have the best offer since there are no broker commission fees involved.
It just really depends — that’s why getting many quotes is the best way to buy car insurance, and getting quotes from many different companies is what we call budget car insurance.