Underwriters work out the cost of your premium based on a myriad of factors. Fortunately you do have control over some of these factors that go towards working out the cost of your policy. However there are some factors that you unfortunately do not have control over, one example being your post code. City postcodes attract a higher premium, simply because operating within city limits will increase the risk that your vehicle is stolen or becomes a victim of vandalism.
Your premium will be directly related to how an underwriter views you as a risk of making a claim based on your driving history and then how large that claim may be. One key metric used is the cost of the vehicle, normally the more expensive the higher the associated premium. Below are some of the factors that you may have control over that should enable you to take actions to reduce your annual insurance costs.
It is a statistic derived by actuaries that male drivers under 25 pose the highest risk of being involved in an accident and in addition the insurance payouts are normally larger than for other age groups. Whilst lady drivers under 25 pose less of a risk to underwriters this cannot be reflected by a lower premium that is until the European legal gender policy of 2012 is binned as it prevents gender discrimination within the insurance industry. When it is repealed it will be one plus for young UK lady drivers as they will then benefit rightly by having access to lower premiums than their male counterparts. If you are able, be selective and only employee drivers that are over 25 or over with a clean motoring history and preferably female. If sole driver then choose a named driver or solo driver over an any driver policy and in doing so you should also see benefits by way of reduced premiums.
Unfortunately a factor that you have no control over, namely your post code will also have a bearing on your premium, Cities for example London or Manchester will attract higher premiums as the likelihood of theft or damage is statistically higher in these areas. If you operate outside the large cities especially in rural regions you will benefit from a lower premium than city drivers.
Going for this approach can either reduce or increase your premium depending on how you measure up to as a driver in the eyes of the insurance company. In its simplest form a black box which can also be a phone app records information on how you drive. A few examples are as follows: how frequently do you break?, is your braking severe?, the frequency of sharp cornering, length of periods of steady driving without veering or excessive speeding. In short any biometric driving data that can be used to determine your level of risk to the insurance company. If you have a policy based on driver metrics you will then be rewarded for good driving by future discounts normally on a quarterly basis or at policy renewal time. Conversely if you are deemed high risk your premium will likely increase or the broker might even decide not to renew your policy.
A good history of no claims is proof to the underwriter that you as a driver pose less risk than other drivers or cab companies that have a history of making claims against the insurer. Please do keep this in mind before making minor claims as it may be more cost effective to shoulder small costs rather than make a claim against your broker.
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