Savvy Drivers Use 'Family Trick' to Slash Car Insurance Costs Before October 1st Rate Hikes
Savvy drivers are utilizing a 'family trick' to cut car insurance costs by transferring policies to children. However, this transfer is final. Meanwhile, insurers are adjusting rates on October 1st, giving policyholders a month to switch to cheaper providers. Older drivers, statistically seen as higher risk, can reduce premiums with certain measures.
The 'family trick' involves transferring the vehicle registration and no-claims class to a family member, reducing costs but making the transfer permanent. Insurers classify drivers aged 70 and above as higher risk due to increased accident likelihood.
Many insurers adjust rates on October 1st, allowing policyholders to cancel and switch within a month. Transparency is key; false statements about these factors can cause claim problems.
Older drivers can reduce premiums by having a garage parking space, restricted driver circles, or agreeing to a higher self-burden. Comparing providers and asking one's own company for cheaper tariffs can also save money.
Pensioners should realistically estimate their annual driving distance, considering alternatives like e-bikes or public transport if driving is minimal. Careful assessment helps reduce expenses like fuel, maintenance, and insurance. Switching providers can save several hundred euros yearly.
Older drivers can employ strategies to reduce car insurance costs, such as the 'family trick' and realistic mileage estimation. With insurers adjusting rates on October 1st, policyholders have a month to switch to cheaper providers. Transparency and careful assessment are crucial to avoid unnecessary cost increases.
