10 things that affect car insurance premiums including parking

Price comparison experts from Quotezone.co.uk believe thousands of UK drivers could be paying more than they need to for their car insurance. A recent survey showed that 26.4 percent don’t update their policies throughout the year with changes to circumstances and 15 percent don’t know inaccurate details could void their insurance.

The insurance experts are therefore urging all drivers to check their policies and make sure all the information they have told their insurer is fully accurate and up to date.

Factors such as driver age, mileage and where the vehicle is kept overnight can all affect the premium cost.

Modifications such as vehicle branding, spoilers or alloy wheels need to be declared or could run the risk of invalidating the insurance policy.

It’s vital all drivers check the full modifications list and update where appropriate when finalising their details.

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Quotezone.co.uk founder Greg Wilson said: “We believe there could be thousands of motorists on Britain’s roads who haven’t given up-to-date information to their insurance company, as over 25 percent of our survey said they didn’t keep their provider updated throughout the year with any changes in circumstance.

“It could simply be because they’ve moved house or job or haven’t updated their mileage but there are many factors that can affect and even invalidate an insurance policy if the details are inaccurate – and it’s alarming 15 percent aren’t aware of that.

“We wanted to raise awareness of the most surprising points to help ensure drivers are not being caught out. It’s also important to make sure they are being quoted correctly for the policy they need and against accurate factors such as their car mileage and any modifications.”

Here the 10 surprising factors that could affect car insurance premiums:

Mileage

The process for many insurers is the more you drive, the more likely you are to end up in an accident and affect your claims bonus. But, there are some insurers who will charge more to those who aren’t driving very often, as they are perceived as lacking in confidence. Low-mileage insurance is an option to those who drive less than the average motorist.

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Fronting

If you share a car with your partner or you want to insure a young driver, they can be added onto your policy as a named driver. Adding a partner with no claims could actually benefit the cost of your premium. However, you need to ensure the main driver of the car is accurate and spends the most time behind the wheel – failure to do so is illegal and could not only invalidate your insurance but leave you with a criminal record.

Age and value of your car

The insurance group your car model is in will affect the premium cost. Car models are grouped based on the price, model, repair costs, performance, price of replacement parts and body shell. A less expensive car can lead to a lower premium cost, as the parts are cheaper to buy which makes the car easier to fix.

Your job

Those with jobs which require a high amount of time behind the wheel can experience higher premiums. Jobs associated with high levels of stress can also hike up prices, due to an increased chance of being involved in an accident. Also, if you use your car to get to work, even if it’s just to get you to the train station, it’s classed as commuting and needs to be declared as such.

Added extras

It could be worth adding a dash cam or a tracker to your vehicle – these are price-sensitive questions and could help reduce your premiums. Also, telematics products could be worth installing if you find yourself in a high-risk driver category, such as young drivers.