Below I am going to detail some of the ways you can effectively lower the cost of your car insurance policy without taking too much of a hit in terms of the completeness of coverage. Just don’t let your insurance company know about this website.

1) Raise your deductible or excess fee
Your deductible or access fee depending on what the company calls it is the amount of money that you have to part with before you can “excess” your claim. If you choose to increase the amount of money you have to pay to claim then the insurance premiums will drop.

2) Drop your collision or comprehensive cover for older cars
Most of the time as your car ages, its value will depreciate to a larger degree compared to the fall in insurance costs. Thus, at some point you must ask yourself if insuring the vehicle at full-cover is worth the premium paid since the value of older cars really aren’t that much.

3) Buy a “low-profile” car
A large factor in determining the costs of the insurance depends on the make and type of the car. Generally the cars with low profile, wide stock of spare parts and are generally reliable are the cheapest to insure (E.g. Toyota Camry)

4) Always ask for a low mileage or distance discount rating
Most insurance companies will offer a package to clients where if a car is driven under a set number of kilometers a year a discount in the insurance premiums will be provided.

5) Moving places and insurance costs
It’s a fact that different places and different states will have substantially different insurance rates. If you are planning to move, its important that you let your insurance broker know so he/she can advise you on the insurance ratings and the costs.

6) Be sure of the different insurance ratings of each type of your car’s model
There are many different specs and trims to a certain type of car. Each trim or spec may attract a different insurance rating and thus cost. It’s important that you get it right and not just specify your car as a generic car type (e.g. Mitsubishi Lancer), you must be detailed (e.g. Mitsubishi Lancer GLxi, 1.6l, 4 door)

7) Get your Insurance Broker to shop around
It may seem painfully obvious but many people don’t get their insurance brokers to shop around for good bargains. Instead they elect to have their insurance cover with the same companies they have for other insurance such as home or office insurance. There is a discount but it isn’t much. The value of shopping around is still more.