See all Motoring AdviceThere’s scarcely a driver in Ireland that doesn’t think their insurance premium is too high. Younger motorists are the ones who suffer the most, as less experienced drivers are seen as higher risk, which increases their insurance costs significantly.
The type of car a person drives too can affect their premium — an insurance company will usually charge more if a car is older, for example or if it has a bigger engine.
These are generally seen as the biggest factors influencing premiums and, beyond buying a newer, smaller-engined car, there isn’t a whole lot one can do about one’s age or lack of driving experience. There are, however, still a few ways in which motorists can take some of the sting out of paying for insurance.
1. Reduce your cover
There are three main types of car insurance in Ireland from the cheapest to the most expensive: third party; third party, fire and theft; and, finally, comprehensive. If you have a newer, more expensive car, comprehensive insurance does help reduce the financial hit in the event of an accident. If your car is a bit older, however, you might consider third party, fire and theft or even just third-party insurance as these policies, while they don’t give you the same level of financial protection, provide the minimum legal level of cover required should something go wrong, usually at a lower cost than comprehensive insurance. Similarly, check whether your policy comes with any unnecessary extras that can potentially be deleted.
2. Add a named driver
Adding a spouse, partner or parent with a clean driving history and a decent level of driving experience to your policy can help to reduce your premium.
3. Think about where you park your car
While this may not be something that people can do much about, if you have the option of parking your car in a driveway or garage you should consider doing so, as cars that are parked on the street are considered a higher insurance risk than those that aren’t.
4. Consider changing your car
Insurance companies generally impose a premium loading on older cars, with some companies refusing to insure anything more than ten years old. Powerful engines are another thing that can drive premiums up, so if you’re concerned about insurance costs, it may be worth changing to a newer, less high-risk car, though be sure to do the maths beforehand to figure out if the cost of changing your car outweighs the insurance savings.
5. Check your excess and valuation
The excess on an insurance policy is the amount of money you’re willing to personally contribute in the event of a claim made against your policy. A typical policy excess is €250 or €500 and the higher your excess, the lower your premium will usually be. Check too for how much your car is valued, as a higher-value car will incur a higher premium than a lower-value one. Because of a range of recent global events though, used car prices have skyrocketed, so it’s worth bearing that in mind before deciding to insure your car at a lower value.
As well as these few tips, there’s no better way to keep your premium down than to be a safe, careful driver. Driving carefully and reducing risk is the most reliable way to avoid accidents and the longer your no-claims bonus and the cleaner your driving history, the lower your insurance premium will be.
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