27th July 2022
7 Factors Often Overlooked That Can Affect Your Car Insurance Quote
Car insurance is one of life's unavoidable necessities for car owners, yet the Competition and Markets Authority has claimed that 26 million people in the UK may be paying too much for their policies. Obtaining a bespoke car insurance quote is vital to ensure that you're paying the right amount for the level of cover you need - particularly as many vehicle owners ask themselves, 'Why has my car insurance quote gone up?' on receipt of their annual renewal.
Motor insurance premiums have fluctuated in recent years, with the global pandemic, the country's exit from the European Union, and new 'fair pricing' rules all affecting how much insurers charge. For vehicle owners, these are events outside their control, but what other factors affect car insurance quotes in the UK?
1) Postcode
Where you live can significantly affect the price of your car insurance. For example, in urban areas there is considered to be an elevated risk of road accidents because of traffic; car owners in areas with higher crime rates are more likely to become victims of theft or vandalism; and living close to a river can increase the risk of flooding.
2) Parking
Storing your car in a garage overnight reduces the risk of theft and protects it from weather damage, although entering and exiting the garage can increase the likelihood of minor damage to the bodywork if you're not careful. On-street parking tends to attract the highest premiums, as there is a greater risk of theft, vandalism, and collisions.
3) Policyholder's Job Title
Some occupations can attract higher insurance premiums, particularly if they are considered to be stressful, necessitate shift work, or involve a lot of driving (such as delivery drivers and sales executives). Some occupations, particularly when combined with certain vehicle models, are considered to be involved in a higher number of insurance claims.
4) Mileage
In simple terms, the more mileage a motorist drives, the higher the statistical risk of him or her being involved in an accident. However, newer and less confident drivers, or those with a history of accidents or driving offences, may also attract more expensive quotes, even if they cover fewer miles each year.
5) Vehicle Modifications
Changes to a car can make it more attractive to thieves and, therefore, more expensive to insure. Speakers, bodywork additions, or alloy wheels may increase the vehicle's desirability to criminals, for example. However, modifications which improve security or safety, such as immobilisers or parking sensors, may result in a more competitive quotation.
6) Driving Experience
Any fault claims within a set period of obtaining a driving licence, usually five years, may drastically increase the ongoing insurance quotation, even if the claims weren't progressed or no damage was incurred. Because insurers share claims information among themselves and failing to declare incidents would change the wording of that to failing to declare incidents could invalidate your insurance, honesty is always the best policy. Convictions, licence points, and fines will also result in higher premiums, although attending an advanced driving course will help to reduce them.
7) Additional Drivers
Additional named drivers on an insurance policy will usually increase the cost, particularly if these people are young, inexperienced, male, or have a history of claims or convictions. Named drivers who have a record of no claims can reduce the overall premium on a multiple-driver policy, but they must not be nominated as the main driver to suppress costs, as this practice (fronting) is illegal.
Unhappy With Your Car Insurance Quote? Contact ManningUK Today.
With over 30 years of experience negotiating tailored motor insurance policies, we can provide competitive premiums that meet our customers' individual needs. So, if you're wondering 'Why are my car insurance quotes so high?', please get in touch with us today on 01491578759.
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