When it comes to car insurance, we all want to get the best deal possible. It’s no secret that insurance rates are now higher than ever. This is due in no small part to the increasing number of insurance scams that have become prevalent in the UK. Often the things that affect the price you pay for your car insurance are out of your control. For example, there’s nothing you can do about your age or the value of your car.

However, knowing what factors affect the cost of your car insurance could help you to save money. Here’s the lowdown of the main things that can impact how much you pay:

  • Your age – Generally, younger people under 25 will pay substantially more. This is because they’re more likely to be involved in an incident that requires a claim
  • Your driving history – If you have any points on your licence then this will also affect the cost of your policy
  • Your financial status/credit score – Insurance providers will do a credit check and if you have poor credit or have been declared bankrupt then this will count against you
  • Criminal convictions – Criminal convictions of any kind mean you’re considered of higher risk to insurance providers and therefore your premium will be higher
  • Where your car is kept – If your car is parked on a public road then it’s at more risk of vandalism and theft than if it’s locked securely in a garage. This will be reflected in the cost of your policy

How to save money

  • Park securely – If possible, park your car in a driveway or garage. It makes your car much less likely to be targeted by thieves and vandals
  • Fit an alarm and immobiliser to your car – If your car doesn’t already have an alarm and immobiliser fitted then it’s well worth the investment
  • Use an insurance broker – Insurance brokers will work on your behalf to find the best deal possible for  your car insurance

How do I find car insurance if I’ve been declared bankrupt or have an IVA?

If you have been declared bankrupt or have an Individual Voluntary Arrangement (IVA) then it does make it a little trickier to find car insurance at a good price. If you’re in this position, seek out specialist providers who will take your individual circumstances into account to provide a fair quote.

You can find more information on finding car insurance if your bankrupt here.