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Running a car these days is an expensive business; no matter how you look at motoring, the costs of it are constantly on the rise, whether in one area or another. If you have an old car, and many people do these days, then your costs are even greater. Older cars are far more likely to fail their MOT test, which often means replacing expensive components for the vehicle to pass. One of the costs that everyone has apart from the MOT test and petrol or diesel, is insurance.
When it comes to insuring your vehicle, don’t go for the first quote that you are given, look around and get at least three different quotes. Many people use comparison sites, but these are not always the best place to start because many companies pay a fee to be listed on such a site – so they are not necessarily good value for you, the motorist.
What Affects Insurance Costs?
There are many things affecting the quotes you’re given for insurance, not least your age. If you are a new, young driver then the cost of insuring a vehicle could run into more than a thousand pounds. The accident figures among younger and new drivers tend to be higher than in the rest of the driving population, and this affects the quote you’re given.
If you have an older car, your insurance could be affected, because more things are likely to go wrong with an older vehicle than with a new one. Always get several quotes before making a decision, and always read the small print on any insurance document so that you understand what is not included, and why. Many people don’t bother with the small print, then they have an accident and realise that the policy does not cover what’s happened to their vehicle. Don’t get caught out, read the small print before you accept a quote!
You’re probably aware that how and where you park your vehicle overnight can affect your insurance premiums. If you don’t have a garage, then it might be worth seeing if there is one near you where you can rent space, as it will make your insurance cheaper. Cars that are parked on the street are often broken into, taken by joy riders, or driven into; all of these factors affect what you will pay for your insurance.
You may not be aware of the fact, but where you live – the postcode of your area – has an effect on your vehicle insurance quotes. Insurers regularly check different postcode areas for accident and theft statistics.
If your car is parked outside your house and that area has been been flagged for vehicle theft and break-ins, check the statistics yourself. If you live in one of these flagged areas, this could mean that your insurance cost will be a lot higher than a friend in a different area. If, however, you can rent space in a garage, you won’t pay as much as you would if it’s parked outside.