Reduce your car insurance
by Kay Murchie
According to the AA, the average cost of an annual car insurance policy rose in the first quarter of 2007 to £822 - a rise of 2.5%.
BIBA, the British Insurance Brokers’ Association, believe that young motorists can reduce the cost of their car insurance premiums by purchasing a small, older car rather than a flashy sports car.
In addition, other aspects which will cut premiums are having a driving licence for more than 12 months. This could reduce premiums by around 30% and after 5 years, you could benefit from reductions of up to 65%.
BIBA also advise motorists to shop around for the most competitive package and not opt for the first quote. There are many companies on the internet offering good deals.
BIBA also commented that insurance premiums will reduce considerably for drivers in their early 20’s, however, teenage drivers should expect to pay high premiums
BIBA is the UK’s leading general insurance organisation who represent the interests of insurance brokers, intermediaries and customers and have partner members from the leading companies in the insurance industry.
Discuss this in the Finance Markets forums
Story link: Reduce your car insurance
Add to Bookmarks:
Related financial stories to: Reduce your car insurance
- Advice on reducing car insurance premiums
- Women pay 9% less for their car insurance than men
- Motor insurance premiums on the increase
- AA: Car insurance costs spiralling
- AA: Car insurance premiums likely to rise
- Clean driving licence holders benefit when it comes to car insurance
- Motorists using mobile phones could see rise in insurance premiums
- Car Insurance Companies Aim to Lower Premiums
- Kwik-fit and Swiftcover most competitive motor insurance providers
- Britons must look at car insurance when driving overseas
Previous: « Nikkei, Taiex at 7-year highs
Next: Abbey branch may receive a visit from Bailiffs »
Visited 868 times, 1 so far today
