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Managing your money

Reducing your vehicle insurance bills

3 minute read

Don't let insurance bills drive you round the bend

There are lots of simple things you can do to ensure you get the deal you deserve on your vehicle insurance. We've hand picked our top 5 tips on how you can get the best deal along side some helpful budgeting guidance for any unexpected big bills because after all, running a vehicle isn't cheap. 

1. Be proactive

There's no right or wrong time to begin getting vehicle insurance quotes, although the most expensive quotes could be those left to the last minute or those which are auto-renewed.

Make sure you're prepared and planning ahead, quotes typically last up to 30 days (although not always so worth checking) so you have plenty of time to check a few providers to get the cheapest deal. 

2. Shop around

The easiest thing you can do to reduce the cost of your insurance policy is to compare the cost of policies from other providers and see if you can get the same cover for less. Comparison sites can help you benchmark the cheapest price, it's worth trying different sites as they don't all cover the same insurers.

3. Test your powers of persuasion

If you've compared quotes for a new policy and found a cheaper option, speak to your current provider and see if you can haggle. If you don’t ask, you don’t get.

4. Multi cover policy

Home owner? More than one car at home?

Many insurance providers now offer multi cover, the ability to combine policies for what should be a cheaper rate. These policies also mean you have one renewal date, no need to remember all those different dates. 

5. Pay annually

If you have spare funds and can afford to pay insurance annually, you'll tend to see the cost of the overall premium reduce when compared to making monthly instalments. Paying outright could help you save some extra money in the long run. 

Budgeting for the unexpected 

Putting aside some money on a regular basis could help you to self-fund any unexpected bills that come your way. 

Our budgeting guide has plenty of hints and tips on how to get started and our handy tools can make budgeting and saving easier for you. 

NatWest Money Blog team

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