One of the commonest ways Irish motorists find the best car insurance deals is to pay off their policies in one go and increase the excess they pay.
Amid the economic crisis rising household costs are a sign of the times, but there are ways that you can keep your outgoings to a minimum. Some of the options available may see you paying upfront for your policy, which may seem like you are paying more than you expect, however, the benefits are reaped in the months following your initial payment. The advice of Ireland's Independent paper is to try and pay off your entire premium in one transaction.
This may be difficult for the cash-strapped who prefer to take the option of monthly instalment payments that are better suited to their finances. The advantage of buying your policy in one lump sum is that you do not have to pay interest that is often levied on smaller transactions. If you do decide to choose a monthly payment plan you are advised to find out the interest rates applied by different companies.
Some insurers can charge 24 per cent each month, while others have lower levels of 19.66 per cent. In addition, drivers who have started on an instalment scheme to pay off their premium are free to check with their policy provider whether they can choose to make a lump sum payment at any time of the year, as this is possible with some companies. Another common way that Irish drivers cut their outgoings is to offer a greater amount of excess for their policies.
When motorists take out car insurance they sometimes agree to finance a larger part of their claims following an incident. This amount is called the excess and can vary between companies but you may be able to reduce your premiums by offering to pay more should you need to claim. Insurers tend to lower the cost of policies if a higher excess is offered simply because companies will be liable to pay out a reduced amount in the event of a collision, or other events leading to a claim.
By increasing the figure you are willing to pay, you take the risk of having to fund a higher percentage of your car's repair bills but your premiums will be reduced to reflect this. The Independent suggests that committing to an excess of €300 can have a significant impact on the costs of your policy.
Amid the economic crisis rising household costs are a sign of the times, but there are ways that you can keep your outgoings to a minimum. Some of the options available may see you paying upfront for your policy, which may seem like you are paying more than you expect, however, the benefits are reaped in the months following your initial payment. The advice of Ireland's Independent paper is to try and pay off your entire premium in one transaction.
This may be difficult for the cash-strapped who prefer to take the option of monthly instalment payments that are better suited to their finances. The advantage of buying your policy in one lump sum is that you do not have to pay interest that is often levied on smaller transactions. If you do decide to choose a monthly payment plan you are advised to find out the interest rates applied by different companies.
Some insurers can charge 24 per cent each month, while others have lower levels of 19.66 per cent. In addition, drivers who have started on an instalment scheme to pay off their premium are free to check with their policy provider whether they can choose to make a lump sum payment at any time of the year, as this is possible with some companies. Another common way that Irish drivers cut their outgoings is to offer a greater amount of excess for their policies.
When motorists take out car insurance they sometimes agree to finance a larger part of their claims following an incident. This amount is called the excess and can vary between companies but you may be able to reduce your premiums by offering to pay more should you need to claim. Insurers tend to lower the cost of policies if a higher excess is offered simply because companies will be liable to pay out a reduced amount in the event of a collision, or other events leading to a claim.
By increasing the figure you are willing to pay, you take the risk of having to fund a higher percentage of your car's repair bills but your premiums will be reduced to reflect this. The Independent suggests that committing to an excess of €300 can have a significant impact on the costs of your policy.
