The cost of living seems to be going up across the board lately, with insurance premiums no exception. Several factors affect the cost of insurance, so if you know what these are, you can take steps to keep your costs as affordable as possible.

1. Choose a modest vehicle

If you have a specific make and model of car in mind, check to see which insurance group your car falls into before your purchase. The horsepower of your car will affect the premium you pay hugely, so choose your car wisely. The bigger the engine, the higher the premium. High end, powerful cars are more attractive to thieves, so this will drive up the premium too.

2. Don’t over-insure

You might think that stating your vehicle is worth more than it actually is means you’ll be better off in the event of a claim, but this is a false economy. You’ll only be able to claim the amount that the car is deemed to be worth on the day of the claim by your insurer’s assessor, but you will have paid higher premiums in the meantime. The value submitted when taking out motor insurance should be the estimated market value of your vehicle on the day your insurance commences, not what you paid for it. Use a depreciation calculator to estimate the current value of your car

3. Add another driver

Listing a second driver to your policy can help lower your premium, especially for young, inexperienced drivers. Ensure the named driver is experienced and has a clean driving record, as well as a decent no-claims history.

4. Shop around regularly

If you are a claims-free car owner, it’s worth your while to switch providers regularly. Compare quotes and the coverage offered from different insurers, and if you find this overwhelming, consider using an insurance broker. An experienced broker can compare multiple car insurance quotes to help you find the best deal available in the marketplace.

5. Consolidate your policies

Taking out multiple insurance policies (for example house and contents along with car coverage) with the same insurer can attract a discount.

6. Get the right level of coverage

In Ireland, you are only required to have Third Party Fire & Theft coverage, which protects other drivers in the event of you causing an accident. You are also protected if your car is stolen or catches fire. Comprehensive cover also includes the cost of accidental damage to your car. It’s usually more expensive but can save you money in the long run if your car is badly damaged in an accident. The right choice for you depends on a number of factors, not least the value of your car.

7. Park securely

Off-road parking is preferable to insurance companies, as it’s safer than parking on the street. If you can, park in the drive or a secure garage.

8. Reduce your usage

Of course, you have a car because you need it, but it pays to keep driving distances to a minimum if possible. The more you use your car, the greater your risk of having an accident. For this reason, if you use your car to get to work your premium will be higher, so consider walking or cycling if you can.

9. Increase your excess

If you need to make a claim, you will have to pay an amount before your car insurance kicks in. this amount can vary – the higher it is, the lower your annual premium. But remember – be sure you are able to pay the excess in the event of a claim.

10. Protect your no claims

The no-claims bonus is a discount that increases the more years that you don’t claim on your policy. It can amount to a sizable discount so it’s worth taking out no-claims protection when insuring so you don’t lose all of your discount if you need to make a claim.

Get your quote in a matter of minutes with Britton Insurance. We are Ireland’s leading car insurance brokers with a team of highly experienced insurance specialists. We compare up to 30 car insurance quotes to help find the best quote available to us on a given day and the best features to suit your individual needs.