5 Unknown Hacks to Save on Car Insurance
Millennials have to work much harder than previous generations to reach financial security.
They have to find new and creative ways to save money.
Frugality has become a lifestyle.
A brilliant yet often overlooked way to save money is to find cheaper car insurance.
Currently, the car insurance system in the UK is geared against Millennials, however, there are some clever ways you can get around this.
Below are 5 little-known tricks you can use to save money on car insurance:
1. Excellent academic achievements could save you money
If you’re a university student who is looking for car insurance and you have good grades, then there may be some discounts available to you.
While it may seem that these discounts are to encourage academic achievements, it actually comes from evidence that shows that good students are likely to be safer on the roads than other young drivers.
2. Install a black box in your car to save money
One of the best ways Millennials can reduce the cost of their car insurance is by installing a black box in their car.
Black boxes give insurance companies the ability to monitor a number of factors about your driving, including the number of miles you drive, the speed you drive, and how sharply you brake.
They can also use this box to keep track of where you park your car.
If you’re a safe driver who sticks to speed limits, then having a black box installed is a brilliant idea as it can substantially reduce your car insurance costs.
As mentioned above, you can compare car insurance quotes based on having a black box installed. Why not look into black box insurance for your car and see if you can find a good deal?
3. Your job title can affect your insurance cost
You may think that the job description you put on your car insurance application doesn’t make a difference to the cost of your insurance, but it is not the case.
The job description you put down can drastically alter the amount of money you’re expected to pay in insurance premiums.
For example, if you put down ‘kitchen assistant’, you will pay roughly £98 less than someone who lists their job description as ‘chef’.
This can happen with almost any type of job description, so make sure you try a few different variations when filling out the forms. You never know, you could end up saving hundreds of pounds just by making this simple change.
4. Renew your car before the renewal date
People who wait until their car insurance is due for renewal will often end up paying a lot more money than those who choose to renew their policy early.
Millennials should start looking for car insurance a couple of weeks before it is due to be renewed. Evidence has shown that by doing this you could save yourself up to £280.
PS! Younger drivers are more likely to benefit from this than older drivers.
5. Choose a small economical car
The type of car you drive can have a huge impact on the cost of your car insurance policy.
While most Millennials want a fast and powerful car that will impress their peers, it’s not always a brilliant idea.
Faster, more powerful cars will not only cost more to insure, but they will also cost more to fuel.
So, if you’re trying to limit the amount of money you’re spending, choose a smaller car that has a more economical engine.