How much does car insurance cost?

The cost of car insurance boils down to the value you put on your car as a driver.

The drivers at one end of the scale are those who have a modest budget and can only afford a ‘pre-loved’ car.
These drivers tend to buy basic third party insurance because if the car is damaged or stolen, they know it’s not worth repairing or replacing.

Many of these drivers do not intend to make any insurance claim, but just want to stay within the law. They are looking for the cheapest car insurance that can legally put them on the road and are not willing to pay a penny more than they have to for it.

• Third party only is the cheapest option and only covers damage you cause to the third party’s car and any injuries to other drivers, road-users and passengers, including those in your car.
• The policy also covers you against the costs of any emergency treatment you need as a result of the accident.
• Third party fire and theft is a leg up, covering you for the same as third party only but also fire, theft and attempted theft.

At the other end of the scale are drivers who take pride in their car and love driving.

These drivers tend to buy comprehensive insurance with lots of add-ons because they want to keep their car in as near to showroom condition as possible.

• Comprehensive insurance is the most expensive type cover and comes with lots of optional add-ons like courtesy cars, cover for personal possessions in the car and legal cover. Both you and your car are protected, as is any third party.

The rest of us tend to fall somewhere between the two, depending on our budgets.

Providing you have the minimum third party cover as a driver, you comply with the law.

The next big factor that affects the cost of your car insurance, well, we’re sorry to say, it’s you again.
Complacency is another key reason why too many of people tend to pay more for their car insurance than they need to. When it comes to renewing car insurance, too many people just accept the existing insurer’s quote without bothering to look around and see if they could get a better deal elsewhere.

Using an insurance comparison web site for example, means, they might find a deal that offers the same or similar cover for less money.

The car insurance market is competitive and lots of insurers will offer incentives for you to switch cover to them.

By now, you should see that the biggest factor affecting the cost of your car insurance is probably you.
The price you pay for your car insurance is the consequence of your choices as a driver over the car you drive, your attitude towards your car and the expectations you have as value-for-money from your insurer.
If you want to save money, you may have to change the way you think about your car