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On a budget? Get cheap insurance - right?

Published on: 25 January 2016

 On a budget? Get cheap insurance - right?

We all want cheap car insurance, and the cheaper the premiums, the better! But before you start clicking away to find the cheapest quote online, keep reading to find out the best ways to save on insurance:

1. Compare quotes the right way

When it comes to comparing different car insurance quotes – beware of the "one size fits all" mentality. Insurance quotes are not created equally, meaning that the cheapest insurance quote is not necessarily best value-for-your-money. In fact, if you are not careful, you might just end up with an inadequate product that will cost you more money in the long run.

When comparing quotes ask yourself: how much the excess will be; are there any added benefits such as roadside assistance - and what are the terms and conditions? In other words, make sure you're comparing apples with apples – and don’t just settle for the cheapest quote.

2. Avoid non-standard fittings and accessories (or don’t pimp your ride)

When possible, avoid upgrading your car with modifications such a sun roofs, sound systems, mag wheels, spoilers as these may increase your premiums.

3. Pay per year, not per month and guarantee your insurance premium

It’s usually much cheaper to pay for the whole year in advance rather than paying monthly, if you can afford to. At MiWay you can even take it a step further by guaranteeing your premiums for three years. This means you don’t have to worry about any unexpected annual increases for three years.

4. Consider increasing your excess

Choosing to pay a higher excess can significantly reduce the cost of your car insurance. However, think realistically about whether you could afford to pay that  amount when you need to make a claim. Try this by logging into MiXpress and creating a quote - then play around with your excess amount.

5. Think about the level of cover you need

Comprehensive car cover is normally the most expensive type of car insurance — but it covers both your car and other vehicles if you have an accident. Third-party cover is the most basic level of cover — this covers claims against you if you’re involved in an accident and injured someone. It also covers the cost of repairing or replacing the other person’s car, but not your own. 

6. Increase security and limit risk

Adding extra car security features, such as an alarm or tracking device, could help you to enjoy cheaper cover. Your car insurance premium will probably also decrease if you park your car in a garage or driveway overnight rather than leaving it on the street as this as a further way of minimising risk - just remember to update your insurance policy, as there is no way that your insurance provider will know about it unless you let them know! MiXpress allows you to update your policy yourself.

7. Consider insurance when car shopping

When shopping for a new or used car, find out which cars have higher risk profiles than others. If possible, purchase a vehicle that falls into a lower-risk category to avoid high premiums.

At MiWay, we’d love to help you get affordable car insurance! Get a free online quote combined with all-inclusive, comprehensive car insurance cover.