The cost of car insurance premiums has skyrocketed over the last year and drivers across the country are having to fork out hundreds more for their premiums since they last renewed
Drivers could save hundreds on their car insurance premiums if they answer “yes” to these three questions.
The cost of car insurance premiums has skyrocketed over the last year and drivers across the country are having to fork out hundreds more for their premiums since they last renewed. According to the price comparison site Money Expert, over 50% of UK adults saw their premiums increase by up to £100 on the previous year. However, Money Experts says there are ways that you can cut costs.
Liz Hunter, Director at Money Expert said drivers should ask themselves three questions and these are: “Do I consider myself a safe and confident driver?”, “Am I comfortable with my data being collected?” and “Do I rarely drive at night?”. If the answer to these three questions is “yes”, then Liz said you should consider a black box. A black box car is a small GPS tracking device installed in your car that can monitor your driving skills.
Black box insurance is a relatively new type of car insurance and was originally designed for young drivers, but anyone can buy a policy, no matter how old or young they are.
According to the British Insurance Brokers’ Association, black box insurance could give you savings ranging from 30% to 60%. With the average car insurance premium sitting at £995 – according to the price comparison website Confused.com – this could see your premium drop by £300 or even potentially £600. However, drivers who answer no to these questions may increase their car coverage costs with a black box device, rather than save.
Liz added: “While black box insurance aims to reward safe driving rather than penalise minor lapses, consistent risky driving could have consequences on both your premium and coverage. Regular harsh braking and acceleration – especially if this involves exceeding the speed limit – will bring your driver score down, meaning your premiums could go up significantly when it comes to renewal.
“Worst-case scenario? If your driving is considered dangerous, your insurer could cancel your policy altogether. This could also make it difficult to gain coverage from another provider.”
