A long time ago, a man called Henry Ford used ideas from a meat packing line to mass produce cars. Shortly afterwards, someone produced the first car insurance policy (1930 in the UK). Back in those heady days, the very first car insurance premium would have set you back pennies rather than hundreds of pounds.
Fortunately, the days of paying a princes ransom for the privilege of driving a car are well behind us. Sadly, it won’t be long before those days are upon again. One of the most significant that does, and will continue to, influence your annual premium is where you live. Post code lottery; it’s a phrase most parents are all too aware of.
Why Is My Car Insurance Going Up?
The post code lottery doesn’t just apply to schools. Insurance companies have put together a list of factors that will have a significant impact on your premium price and your postcode can have a add £££’s to the cost of insuring your car. Factors such as local crimes rates are assessed at the postcode level so there’s no escape!
How Do I Reduce My Premium?
There are plenty of ways to cut back on the cost of your policy. Some of these are well known others not so.
1. Park off road or in a garage. This alone can save you up to 5% off your premium.
2. Drive less. Less miles one the road means less chance of a crash.
3. Approved immobiliser. If you have a relatively new car (about 6 years old or newer) you’ll probably have an immobiliser fitted which means more money off.
4. Let the good lady pay. Fact: women pay less for their insurance. Guys, if you have a lady in your life then put her name on the policy are the primary driver. Then add yours as an additional driver.
5. Higher excess. The more excess you’re prepared to pay the less your policy will cost.
6. Task a RoSPA Advanced Drivers course. Most insurers will give you a discount.
7. Move house… see below
Cheapest Car Insurance Postcode
Currently, the postcode associated with the cheapest car insurance is Truro in Cornwall. Now, before you roll out the bunting and plan a move to the SouthWest you might want to consider house prices in the area. The average asking price for a semi in Truro is £238,000 (it’s £194,000 for the rest of the UK).
Car Insurance Postcode Checker
If you’re interested in finding out where you rank in the postcode lottery then take a look this handy postcode checker