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Reduce your car insurance

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by Kay Mitchell

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.

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News posted: July 10, 2007

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