This HACK Will Get You CHEAP Insurance On ANY Car!

Summary

In this video, the host shares tips on how to significantly reduce car insurance costs. Using comparison sites like Compare the Market, the video provides strategies such as accurately defining the car's usage, estimating annual mileage, and considering where the car is parked. It also suggests experimenting with different numbers of additional drivers and selecting specific start dates for the insurance to find the best rates. The goal is to help viewers cut their insurance costs, potentially by half. The host encourages viewers to try these methods and share their results.

Takeaways

• 🚗 Car insurance can be extremely expensive, especially for new drivers.
• 🔍 To find cheaper insurance, start by using comparison sites like Compare the Market or Confused.com.
• 🏠 Where you keep your car at night significantly affects insurance costs; a locked garage is the cheapest option.
• 🚦 Honesty is key when inputting information about car usage and mileage; this can affect the insurance premium.
• 📍 Insurance prices are heavily influenced by the driver's postcode, which can't be changed.
• 👥 Adding additional drivers with long driving experience can potentially lower the insurance cost.
• 📅 Adjusting the start date of the insurance policy to seven days from now can sometimes reduce the cost.
• 💰 Setting a higher voluntary excess can lower the premium, but it means you'll pay more if you make a claim.
• 📝 For new drivers, there are no no-claims discounts, but experienced drivers should declare them if applicable.
• 🚫 Avoiding additional layers of insurance for now can help in getting a lower initial quote.
• 📊 Experiment with different numbers of additional drivers to find the combination that yields the lowest quote.

Q & A

What is the main topic of the video?

The main topic of the video is about getting cheaper car insurance, especially for new drivers.

Why is car insurance considered a scam for new drivers in some areas?

Car insurance is considered a scam for new drivers in some areas because it is extremely difficult and expensive to obtain, with prices reaching thousands of pounds.

What was the original insurance cost for the presenter's BMW M4?

The original insurance cost for the presenter's BMW M4 was 2,300 Great British pounds for a year.

How much did the presenter manage to reduce the insurance cost to?

The presenter managed to reduce the insurance cost to 1,100 pounds.

Which comparison site does the presenter recommend using?

The presenter recommends using 'Compare the Market' for comparing insurance quotes.

Why does the presenter suggest being honest about the car's usage?

The presenter suggests being honest about the car's usage because insurance companies may be able to tell from a black box if the car is used for commuting to work, and honesty can affect the insurance quote.

What is the recommended mileage for a new driver's first year of insurance?

The recommended mileage for a new driver's first year of insurance is about 7,500 miles.

Why is the place where you keep your car at night important for insurance purposes?

The place where you keep your car at night is important because it affects the risk of theft or damage, with a locked garage being the safest and cheapest option for insurance.

How does the presenter suggest dealing with high insurance costs due to postcode?

The presenter acknowledges that there's not much that can be done about high insurance costs due to postcode, as it's based on the risk assessment by insurance companies.

What are the three different methods the presenter suggests for adding additional drivers to potentially lower the insurance quote?

The three methods suggested are: having two additional drivers with 20 years of driving experience, having only one additional driver, and having no additional drivers at all.

What is the 'weirdly most important part' of the insurance quote according to the presenter?

The 'weirdly most important part' of the insurance quote, according to the presenter, is the start date of the insurance; delaying the start by about seven days can significantly lower the insurance cost.