Car Insurance - How Can You Lower Your Premiums?

Many factors influence the premium for your Motor insurance policy. Your insurer will have asked you many questions whilst producing your quote - some of which will affect your premium and some will not. Below we discuss the key variables that are within the policyholder's control.

By insuring a number of vehicles with the same insurer, or by trying to take out home and life insurance through your car insurer, you may be able to secure a ‘bulk buy’ discount.

A big influence on the cost of your car insurance is where you live. The chance of your car being broken into or stolen is a key concern for the insurer. More urban areas traditionally facing greater risk of theft and therefore tend to be more expensive than countryside locations.

By agreeing to pay a greater excess on each claim you can reduce your car insurance premiums. This is because you are reducing the liability of the insurer and therefore in return they are able to offer you a lower premium.

The cheaper and slower your vehicle the lower your premiums are likely to be. If you are looking to buy a new vehicle make sure you fully consider the cost of insurance – you may be able to buy the car but can you afford to run it?

You can control your insurance premiums by restricting your annual mileage. However, be aware that if you exceed the restricted number of miles you'll then become uninsured!

Where you park your vehicle overnight is also very important to the insurers. If it is kept in a locked garage, you should be offered a lower premium than if you leave it unattended in the street.

Security devices that prevent or hinder theft may also reduce your premium. Common examples include alarms and immobilisers, however, be aware that as we improve the quality of our security devices the thieves just become better at bypassing them.

Save up your no claims discount by avoiding making small claims upon your policy. After a set number of years, 4 or 5 typically, you'll often be offered the option to pay an additional small premium to protect your no claims bonus. This can prove very helpful if you subsequently end up having an accident.

By taking an advanced driving course you may also be able to reduce your premiums. The Institute for Advanced Motorists and the Royal Society for Prevention of Accidents each offer membership which provides you with discounts for both the cost of driving courses and your car insurance premiums. Two key variables NOT within the policyholder's control.

Women are statistically less likely to have an accident and, if they do, it's less likely to be serious. Because of these statistics women benefit from lower premiums. It is also worth noting that if you represent one half of a couple you should consider having the female as the primary driver with the male as the second driver.

The older you are, the less likely you are to make a claim. As a result insurance companies charge lower premiums for more mature drivers.

A large percentage of car insurance is now sold on the Internet. That's because it's convenient and cheap. Many insurers now give a further 10%-15% discount if you buy online.

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The Ultimate Corvette

There is no denying that the Corvette is an impressive sports car. With a powerful 400-horsepower V8 engine, classic styling, comfortable interior and excellent handling, what more could one want in an American sports car? So if you had a Corvette with even better handling, more aggressive styling and 105 more horses on tap, would it be any better? Absolutely!!!

That, of course, would be the all-new Corvette Z06. At first glance, it looks like any other Corvette, however those in the know will recognize it immediately. It has an air intake just ahead of the hood, larger rear fender flares with additional air scoops, and unique alloy wheels, and larger exhaust. Of course, there’s also the Z06 badge on the side that has red text on it telling the most important part of the story – 505 HP.

Yes, under the hood is Chevrolet’s LS7 7.0-liter V8 engine that pumps out 505 horsepower and 470 lb-ft of torque. This in a car that weighs just 3,000 lbs. 60 mph comes up in just 3.6 seconds; top speed is close to 200 mph. This is the fastest production ‘Vette ever.

But unlike the Viper, which has similar performance numbers, the Z06 is a civilized ride. It doesn’t cook you like the Viper, although after a long drive, the center console did get pretty toasty. The clutch is not heavy – your leg doesn’t hurt after sitting in traffic. Seats are very comfortable, and it drives smoothly at 40 or 140.

I had the opportunity to drive the Z06 from Portland, OR to Seattle, WA - about 190 miles. Even with some stop and go traffic, I averaged an impressive 22 mpg. This is from a 505 horsepower supercar! This is primarily because at 80 mph in 6^th gear, the engine is only turning about 1800 rpm. Although, I have to say it’s really hard to cruise along at 80 when you know the car can go twice that speed.

But cruising down the highway at 80 is not what this car is about, even if it does it well. This car is about shifting into 2^nd gear at 30 mph, flooring it and having the rear wheels break loose. The V8 sounds fantastic, and acceleration is incredible. It has excellent grip, and when the wheels break free, it’s still controllable. I’ve never driven this car at the track, but it must be phenomenal.

Where the Viper would make a great 3^rd or 4^th car, the Corvette Z06 could easily be a daily driver. It has a good amount of cargo space, storage pockets in the doors, plenty of room for every day stuff.

And with a starting price around $70,000, this car is an incredible deal. Especially when you compare it to Viper ($83,000) or Porsche 911 Turbo ($123.000). Definitely one of the more impressive cars I’ve driven.
--Perry Stern