Making the most of your 4x4 insurance
For many of us, our trusty 4x4 is more than a means of dropping the kids off at the school gates. It's an interest, a hobby and for some, even an obsession!
The 4x4 modifications market is a lucrative business, with customised parts coming at a cost to buy fit and insure too. In fact, when it comes to insuring a highly modified 4x4, it's worth taking the time to shop around the car insurance market, ensuring you get the best you can from your yearly premium.
To get the best insurance for your 4x4, consider the following tips:
Shop around
Price comparison sites are a great way to compare a large number of insurers in one quick search. Remember that the search results will include standard insurers as well as specialist brokers and 4x4 insurers. You'll need to pick out the most relevant insurance companies, bearing in mind that the cheapest quotes won't always be the best in terms of value.
Put your renewal date in your diary
When renewing your policy don't settle for your existing insurer's renewal quote. Customer loyalty isn't rewarded in the insurance world; instead, new custom is favoured. And with the easy transference of no claims bonus, there's nothing to stop you switching.
Install security
The more secure your 4x4, the less attractive it is to thieves. Insurers view 4x4s with security measures such as alarms, immobilisers and trackers to be less likely to claim for theft, potentially reducing the premium as a result. Also, storing your motor on a driveway or in a garage is preferred over roadside parking, reducing the perceived risk of theft and often impacting on insurance premiums. It will also help protect your car against rust and other elements.
Monitor your usage
Insurance generally works from the principle that the lower the mileage, the lower the premium. This is good news if your 4x4 is only used for your hobby. However, there are unrestricted mileage policies available.
Off-road insurance is not included in all 4x4 insurance packages so you'll need to check the policy covers this. If you only intend to use your truck for off-road use then a smaller, lower mileage policy will suffice. Also note that 'green-laning' (using unpaved roads) is not always included in all insurance packages. Remember to check the small print.
In addition, if you want to show off your motor at car shows and other events, you'll need to obtain insurance for this too. Look for insurers who offer special event insurance.
Become a club member
Some 4x4 insurers will give discounts to club members. The level of discount will depend on the insurer and the cover type selected.
Set your voluntary excess high.
If you can afford to raise your voluntary excess (the excess you agree to pay in addition to the compulsory excess), it may reduce the premium. It is important to consider the amount you could afford to pay out if you did need to make a claim.
Pay in one instalment. If you have the funds available, it's worth paying for your car insurance in a one-off payment rather than across a matter of months. In a recent quote for a Land Rover Freelander, monthly payments totalled to nearly £100 dearer.
And if modifying your 4x4 is part of your hobby, you may be interested to know…
All modifications reduce the number of insurers who will quote on a vehicle. In a recent quote comparison, 79 insurers were willing to quote on a standard Land Rover Freelander compared to 22 who were willing to quote for the modified model. So with reduced insurers willing to quote, it's particularly worth your while to visit comparison sites.
Whilst modifications can increase the premium a little, it is particularly important to inform the insurance company of all modifications. Failure to do so could result in an insufficient pay out should a claim arise.
In a recent insurance quote, modifications such as chrome plating, security glass, paint work, three inch suspension and body lift, winch, roll cage and under-body modifications increased the premium to £180.06 from a slightly lesser £163.77 for a standard, unmodified model of the 2001 Land rover Freelander ES TD4 1951cc on a comprehensive policy*.
*Prices provided by sureterm.com, correct on 16.02.2011. Prices based on a 40 year old male driving a 2001 Land Rover Freelander ES TD4 with a 1951cc engine at 2,000 miles per annum and having held a full licence for 20 years and a 5 year no claims bonus.
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17 Mar NL