All car owners will be more than aware of the rising cost of car insurance in 2016 where premiums in some instances have risen by 40%. When proceeding to renew insurance, the following might assist in cutting the costs on your car insurance.

Get a number of quotes

These can be obtained either from the insurance companies or insurance broker or online or over the phone.  It is always possible where you get a quote with which you are satisfied to revert to your current insurer and negotiate on the basis of the quote which you have obtained.  Always get a quote in writing rather than verbally as this will allow less room for argument when seeking to renew.

Ask about discounts

Throughout the insurance industry if one is over 50 and drives only occasionally or you have a second driver on the policy it is possible to get discounts on your premium. It does no harm to ask.

Know what type of cover you need

Obtain a very clear guidance as to what is covered and not covered by your premium.  Remember the cheapest is not always the best option. Inform your broker as to your requirements. Remember there is a difference between private use and business use.

Find out what excess applies to the policy

This does cause some difficulty for people as we are often unsure as to what is excess.  Very simply it is what you as the insured will have to pay in the event of a claim prior to getting pay-out from the insurance company.  For example if the excess on your policy is €200 and you make a claim for €1,000 you will have to pay the first €200 of the claim. It is good to know this from the outset.

Are there any costs for paying your premium in instalments?

By law, any broker/insurance company must tell you the costs of credit if you decide to proceed by way of instalments.  Again paying by way of instalment may add to your costs.

Complete your form accurately

This is critical in the event of a claim. Honesty and openness is the fundamental point here.

Downsize your car

There is no doubt that a smaller engine will result in a lower premium. This is worth considering.

Always seek advice where you have any uncertainty.

Consider all your options