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In case you didn’t already know, it’s important to make sure your car’s properly insured to be on the road. Car insurance is not only a requirement by UK law, you’ll have peace of mind knowing you’re covered financially if you have an accident.
While insurance prices can be a put off, it doesn’t always have to cost you the earth! However, when it comes to calculating your insurance premium, you’ll find not all cars are created equal!
- Some vehicles are cheaper to insure than others.
- There are ways to keep your car insurance price down.
- Cheap car insurance isn’t always the best option.
The prices of car insurance and which cars are cheaper to insure?
Whether you’re a first-time car buyer or you’ve been around the block, this guide will help you understand car insurance prices so you can steer your budget in the right direction.
There’s a time and a place for cheap and cheerful, but not when it comes to getting the right car insurance cover. In the UK, it’s a legal requirement to have third party insurance as the absolute minimum, but this only covers the cost of damaging someone else’s car or causing them an injury. The last thing you want to do is damage your own car and have to fork out your savings to replace a bumper or a door. Third party car insurance covers you for things like:
- Any injury you cause to another person when driving.
- Damage you cause to another vehicle (including dents and scratches).
- Damage you cause to another person's property.
Choosing the cheapest car insurance can mean you don’t have a good level of protection yourself. If the worst should happen, wouldn’t you want to be fully protected?
Before you look at insurance prices, check out our optional extras to see if there’s any additional cover you might need. If it’s our highest level of protection you’re looking for, our comprehensive car insurance will keep you and your car fully covered, no matter who's at fault.
What affects the price of car insurance?
There are many things that need to be considered when working out the cost of your car insurance premium and it’s not just a matter of how much experience you have in the driver’s seat. It’s no secret newer drivers tend to have more accidents, as is the case with most people picking up a new skill. So, it makes sense that this can bump up the cost of your insurance.
Other things that can affect the price of your premium include:
- The distance you drive each year.
- The hours of the day that you typically drive.
- The make and model of the car you’re driving.
- Your age.
There are also a number of external factors which can have an impact on your insurance price. These are typically things out of your control and include:
- The cost of the parts and labour needed to repair a car.
- The cost of replacing entire components of the vehicle.
- Rising cost of claims.
When it comes down to it, the premium you pay on your insurance is calculated using a mixture of all the various bits of information about your car, your life and your history behind the wheel. That combination of things will decide whether you can get cheaper car insurance or expect to see a higher premium.
Why does the car make and model affect premium price?
The type of car you drive does, of course, affect what you’ll pay for your car insurance. Basically, the more expensive the car, the more it will cost to repair. So, we all know a Rolls Royce costs more to insure than a Ford Focus, but there’s a bit more to it than that. From the engine size to safety features, and even the cost of repairs or replacement, these are all things that affect the price of your premium.
A car with a large, powerful engine or particularly expensive doors, will cost more to replace or repair than a car built for safety and reliability, and so will have a much higher premium. Luxury and performance cars are also a more likely target for thieves – when choosing a car, if cheap insurance is a priority to you, take a look at the built-in safety features and average cost of repairs… because insurers will!
That’s not all though, every car fits into a specific ‘car insurance group’ and the group your car falls into is another thing insurers use to work out your premium.
How do car insurance groups affect price?
Every car model in the UK is assessed and put into a group for the purpose of insurance. There are 50 different car insurance groups, with Group 1 being the cheapest to insure and Group 50 being the most expensive. Typically, the more a car costs, the higher the group!
Here are some more things that determine which insurance group your car belongs to:
- The length of time it would take to repair.
- The cost of replacing the car.
- The vehicle's performance.
- The type of bumpers on the car.
- The security features.
How can I get cheaper car insurance?
From the make and model of your car to your address and job, a lot goes into working out how much you pay to protect your car against incidents. There’s no one-size-fits-all approach or perfect recipe for cheap car insurance, but there are some ways to help keep your premium down.
If insurance price is at the top of your priorities, there are a couple of key steps you can take:
- Keep your mileage in check – the more miles, the more likely you are to have an accident.
- Be wise with your policy – research the different discounts and options available to you.
Choose your car carefully – the higher the insurance group, the higher the premium.
Remember, cheaper isn’t always better, especially when it comes to something as important as car insurance. You’ll be glad to know you’re covered when you need it most!
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