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.

Outlines

00:00

🚗 Reducing Car Insurance Costs

The video aims to help viewers find cheaper car insurance, highlighting the difficulty new drivers face in obtaining affordable coverage. The speaker shares personal experience of reducing insurance costs from £2,300 to £1,100 and introduces the first step: choosing a comparison site, recommending 'Compare the Market' over 'Confused.com' due to the latter's perceived complexity. The video then guides viewers on how to input car details, emphasizing honesty in usage and mileage to ensure accurate quotes. It also stresses the importance of where the car is kept overnight for cost-effectiveness, suggesting a locked garage for the lowest rates.

05:00

🔑 Strategies for Lowering Insurance Quotes

This paragraph delves into strategies to lower insurance costs, starting with the impact of additional drivers on quotes. The speaker suggests trying different numbers of additional drivers, such as two, one, or none, to see which yields the lowest quote. The video also touches on the importance of the insurance start date, noting that setting it to seven days from the application can significantly reduce costs. The speaker advises on the selection of comprehensive coverage and making an annual payment to view the initial quote, then switching to monthly if preferred. Lastly, the video encourages viewers to input any no-claims bonuses and to avoid additional layers of coverage until necessary, concluding with a prompt to share their quotes and results from applying the discussed strategies.

Keywords

💡Insurance

Insurance is a contract where a person or entity receives financial protection or reimbursement in the event of a loss. In the context of the video, it refers to car insurance, which is mandatory and protects drivers against financial loss in case of accidents or theft. The video's theme revolves around finding ways to reduce the cost of this insurance, which is described as a 'scam' for new drivers due to its high price.

💡New Driver

A new driver is someone who has recently obtained a driver's license and is inexperienced on the road. The script mentions that insurance is particularly expensive for new drivers, making it difficult and sometimes almost impossible to afford, which is a central issue the video aims to address.

💡Comparison Site

A comparison site is an online platform that allows users to compare different insurance policies or other services to find the best deal. In the script, 'compare the market' and 'confused.com' are mentioned as examples of such sites, which the presenter uses to demonstrate how to find cheaper car insurance.

💡Car Registration

Car registration refers to the process of registering a vehicle with the relevant authorities, and it often involves a unique identifier for the vehicle. In the context of the video, entering the car's registration is a step in the process of obtaining a quote for insurance, which is part of the tutorial on how to get cheaper rates.

💡Social Domestic Pleasure

This term is used in the insurance industry to describe the use of a vehicle for personal purposes, excluding commuting to work. The video script explains that being honest about the car's usage, such as selecting 'social domestic pleasure' instead of 'commuting,' can affect the insurance quote.

💡Miles

In the context of the video, miles refer to the annual distance expected to be driven by the policyholder. The script suggests putting 7500 miles for the first year as a starting point, which can later be adjusted based on actual usage, affecting the insurance cost.

💡Locked Garage

A locked garage is a secure place to store a vehicle overnight. The video emphasizes the importance of where the car is kept at night, with a locked garage being the cheapest option for insurance purposes, as it reduces the risk of theft or damage.

💡Postcode

A postcode is a series of letters and numbers used to identify a specific location for mail delivery. In the video, it is mentioned that insurance prices are judged based on the policyholder's postcode, with higher premiums in high-risk areas, which is an uncontrollable factor for the driver.

💡Additional Drivers

Additional drivers are other licensed individuals who are allowed to drive the insured vehicle. The video suggests experimenting with different numbers of additional drivers to see which option yields the lowest insurance quote, as this can significantly impact the cost.

💡No Claims Bonus

A no claims bonus (NCB) is a discount on an insurance policy for drivers who have not made any claims during the policy period. The script mentions that if an experienced driver has an NCB, it should be declared when getting a quote, as it can lower the insurance cost.

💡Comprehensive Insurance

Comprehensive insurance is a type of car insurance that covers damage to the policyholder's vehicle as well as damage to other vehicles or property. The video script mentions selecting 'comprehensive' as a coverage type and making an annual payment to see the initial quote.

Highlights

Insurance can be extremely expensive for new drivers, often costing thousands of pounds.

Using comparison sites like Compare the Market or Confused.com can help find cheaper insurance.

It's important to be honest about your car usage when applying for insurance.

Estimate your annual mileage at around 7500 miles for your first year to avoid overpaying.

Where you keep your car at night significantly impacts your insurance cost; a locked garage is the cheapest option.

The cost of your insurance is partly determined by your postcode, which reflects the risk level of your area.

Adding additional drivers with long driving experience (20 years or more) can lower your insurance premium.

Sometimes having only one additional driver or no additional drivers at all can be cheaper.

Choosing comprehensive coverage and paying annually can reduce your insurance quote.

Starting your insurance policy about seven days from the current date can lower your quote.

Setting a voluntary excess of around £250 can also help reduce your insurance cost.

If you have any no-claims bonus, make sure to include it in your application for further discounts.

Test different configurations of additional drivers to find the cheapest quote.

Review and compare quotes to find the most affordable option that meets your needs.

Engaging with viewers, the host encourages them to share their own experiences and results in the comments.

Transcripts

hi guys welcome to another video of TV

and today we're gonna be talking about

how we can get you cheaper insurance on

your car so we all know insurance is the

biggest scam for any new driver in some

areas of the country it's so hard to get

in short it's almost impossible it's

like thousands and thousands of pounds

so that's why today I'm going to be

showing you guys how to get cheaper

insurance and hopefully at least half

the price of the quote you're getting if

you're like me you've passed your test

straight away first thing you did you

got home and you looked how much the

insurance is going to be on your car

that you've been a learner on or on a

car that you're looking at buying you

found out how ridiculous Insurance

prices are I was looking at two thousand

three hundred Great British pounds to

get your order my car for a year this is

way too much money to be spending on a

[ __ ] brand new BMW M4 let alone a 1.4

liter 75 horsepower cool sir it's

ridiculous so that's why I'm here to

show you guys how I got my insurance

from 2 300 pounds to 1 100 pounds

so step one you've got to figure out

what comparison site you're going to use

I'm going to be using uh compare the

market on the little meerkats but

confused.com is good as well but the

only reason I don't use it is because

like I don't know I thought the

website's too confusing so I don't use

it but use what you want we're using

compare the market in this tutorial

step two is your car by now you should

have already put in the registration of

the car you're wondering sure or you're

hoping to ensure so in this tutorial

we're only going to go through the

settings that actually matter so I'm

gonna if we if you see us ignore some

then that is just because they don't

matter so be honest well we're gonna be

honest anyway but be very honest so what

do you use your car for so so the first

one is uh social domestic pleasure so

that's basically normal day use but not

going to work in the car the other one

is social domestic pleasure and

commuting that is every that is exactly

what the last one was and you get to go

to work and the last one is everything

but you also use your car for work so if

it was a van or something so best way to

do it is to be completely honest and if

you're gonna use it to go to work say

you're going to use it to go to work it

doesn't really matter but if you have a

black box they'll be able to tell like

you go to this exact place every morning

or something so they'll figure it out so

just be honest so the next one is how

many miles to put to put on your

insurance so

I'd say about 7500 for your first year

and then kind of Judge it from there so

reason reasons only 7 500 is because

it's it's like a good amount of Miles

next year your insurance comes in and

you want to renew it you could like see

how many miles you did this last year

and adjust it from there if you know

what I mean but for now give yourself a

good amount of Miles about 7 500 will

though where you keep your car in the

day doesn't really matter but where you

keep your car at night is very very

important so listen in lock garage is

the cheapest one if you've got a locked

garage whack your car in there so you

could achieve this go if you don't have

a garage uh you can put your car in a

driveway that's the second cheapest and

the last one is like a street away from

home that is just the more most

expensive one on there you can press

more options and stuff like that but the

more options is is very similar to the

drive and all that basically be honest

on this one but try and do your best to

put it in a garage or try and do your

best to put it on a drive you know give

parents call off the drive and put yours

on there if you have to just you know

get it cheaper as much as you can

so the next part is actually the

simplest part just this entire section

just be completely honest because

there's no way you can really lie but

unfortunately the one we can't do

anything about it it's gonna be the

place where it's most expensive and can

vary from pretty much everyone so your

insurance Price is judged on your

postcode and unfortunately it's just how

it is uh from like more high risk areas

said by the insurance

it's a shame that you just can't do

anything about it but you can't I mean

yeah I mean I don't know what you'd do

if you can figure out something else to

do then you know give it a go but I

don't know what you could do about that

I bought for a move house if you you're

interested in doing that to lower your

insurance but that might cost you a bit

more money than just your insurance now

for the additional drivers part this is

where it gets a little bit interesting

so here you could really change your

insurance quote so I'm going to give you

free methods here

these vary for all different people so

try all three and see what you get

so the first one the first thing to try

is having two additional drivers along

with yourself so that could be your mom

your dad if you don't if you can't use

your parents just anyone who's had their

license for like a 20-ish years could be

grandparents literally anywhere it

doesn't matter who who they are to you

all that matters

is that they've had their license for 20

around 20 years so it's nice and cheap

the second method to try is only having

one additional driver I don't know why

but sometimes this should makes it

cheaper so just give it a go see if you

can get and see see if only ever One

driver gives you a cheaper quote

sometimes it does the third thing to try

is just yourself strangely this

sometimes makes it cheaper so you might

as well just give all three a go and see

your cheapest quote that's what I'd do

step four so this is what you're gonna

do this bit you're gonna go I'm gonna

say exactly what you put and you're

gonna go down in order so so yes

comprehensive one annual payment and

this is uh just to see what the quote

will be and then you can choose if you

want it monthly after it doesn't matter

but we just want to see what the quote

gonna be the next bit is literally

weirdly the most important part of the

quote that you can change if your

insurance code is too high try to put

your insurance from around seven days

from now

that can really lower the insurance I

don't know why when it when it asks you

to choose when the insurance start I

don't know why but seven days from now

around then

couldn't cut it down by half give that a

go it's a weird one but definitely give

that a go and see what you get next one

put around 250 quid and say if you've

got any no claims obviously if you're

new driver you won't but if you're an

experienced driver put if you've got any

nightclubs press next and then press no

other side layer for now on all of them

now it's finally time for your quote now

guys have a look at the quotes what you

what do you get put in the comments

section if you've got a decent quote but

if you're still too high try the

additional driver's idea that I said you

know if you tried two two additional

drivers there try one and then still two

I try zero just see what you get and

then choose your cheapest from there so

guys unfortunately that is the end of

today's video If you guys did enjoy it

make sure to smash subscribe and if I

helped any of you guys out to lower your

shortages let me know if you want to

watch me do a POV Drive click here

otherwise I'll see you guys later

goodbye goodbye guys