Finding the right policy and the cheapest insurance cover can be a tricky process; drivers use the Internet, by telephone, read magazines, watch TV advertisement to get information on savings and offers on car insurance.

Owning and driving a car is risky both for yourself as well as others. When a traffic accident happens, damage, injuries, loss or all of these factors may be inflicted upon you and others. Damage and loss of your property may also occur. Fire, theft, vandalism and natural disasters are other possible risks.

For motorists and drivers, protection against liability in the event of any accidents that they may cause comes from car insurance. It can also provide cover for the motorist’s own vehicle.

Many different types of cover are available, ranging from third party cover which protects individuals against liability should they injure a third party or cause damage to a third party’s property, but does not provide any cover for the individual’s own vehicle or property, through to comprehensive cover, which can offer protection for accidental damage, theft, fire damage as well as liability towards third parties. The minimum legal requirement for car insurance to drive in the UK is Third Party Only.

Presented here are 5 steps that will be of help in locating the cheapest deal:

STEP ONE: EXCESS
Voluntary excess – accepting a higher voluntary excess is the most convenient way to lower your insurance premiums.  An insurer’s standard excess may be £100; but if you meet the first £250 of any claim, you’ll see a reduction in your premium.  This is simply because you are more of the risk so you get a discount by your insurance company.  This however is a gamble, insurer should be aware that they may have to meet the cost of a broken window after an attempted theft, then a bill for repairing bodywork damage after a car park crunch.

STEP TWO: SECURITY
One way you can bring about a reduction in insurance premiums is by fitting a security device.  Many insurers advise insurer’s to use Thatcham rated security equipment, usually minimum of an alarm.If you are living in a high-risk area which may be known for car crime then it won’t be a bad idea to fit an extra security such as steering lock.  This will save you money when your insurance renewal is due and gives you extra peace of mind.

STEP THREE: NAMED DRIVERS
There can be an increase or reduction in your premiums if you add a named driver to your policy depending upon the named drivers age, sex and driving record. When adding a young driver will increase your premiums, particularly with a limited or poor driving record. However, adding a driver over 30 years old with a long and clean driving record can cut premiums, particularly if the named driver is a female.

STEP FOUR:  ANNUAL MILEAGE
If your annual mileage is, 5,000 miles or less, ask insurers if they offer discounts for agreed mileage restrictions, as some insurance companies do give discounts for restricted mileage. However, a discount is all that many insurers will agree to if you ask but won’t offer this option as standard.

STEP 5 – SHOP AROUND FOR GOOD RATES
The biggest potential savings come from shopping around. This has acquired an added degree of simplicity with the explosion of the internet. There can be massive differences between the lowest and highest car insurance quotes for exactly the same car and driver(s).

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