A company that offers cheap car insurance but good customer service and features is the dream for most car owners. Finding the best deal takes time, as it means lots of research and comparing prices and companies. To help, research and data-driven personal finance site NimbleFins has put together a list of the top 10 cheapest car insurance companies in the UK. These companies have been compared on factors including Trustpilot customer ratings and independent professional ratings.
Not every company will fit every driver or offer the best deal for the motorist and vehicle, but some companies can stand out for their good customer reviews, features and cost.
The results of the comparison put the top three cheap car insurance companies as:
1. LV=
2. 1st Central
3. Churchill
But finding a top-rated cheap car insurance company isn’t the end of the process as it doesn’t mean it will offer the best deal for every situation or be the right choice for every driver.
The key to finding the best deal on motor insurance is research and comparison. When it comes to finding the cheapest option for insurance this is even more important.
By taking the best-rated companies and comparing what is on offer from them, there is a higher chance of finding the most suitable policy at the best price.
There are several ways to bring the price of a policy down.
Insurance costs vary hugely, and this is based on several factors.
The type of car being insured plays a part in the price, as premiums are calculated using the insurance group rating of the vehicle. This rating goes from 1-50, with the lowest-rated cars being the cheapest. The rating itself is decided on factors such as the cost of repairing the car and the cost of replacing it.
Then the car owner must decide on what type of cover is needed, whether it is third-party, third-party fire and theft, or comprehensive cover. While third-party insurance is the lowest level of cover available, and the legal minimum, it does not necessarily mean it is always the cheapest, so it is important to get quotes for all types of cover for comparison.
To get the cheapest insurance there are pitfalls to avoid, one of which is the added extras offered with a policy. Most insurance providers will offer breakdown cover or a courtesy car, but it is important to decide if these are needed as they will increase the cost.
Opting for a higher excess can also bring down the cost, as long as the policyholder is happy to pay the excess should the need arise.
Compare car insurance from multiple companies
The most effective way to find the best deal on car insurance is to compare quotes.
Insurance prices can vary hugely from provider to provider, so it is important to gather quotes from multiple companies.
Comparison is also needed to decide on the type of insurance cover to best suit the motorist and to get the best price. Third-party is the legal minimum level of cover required for vehicles in the UK, which offers cover for other vehicles and property in the event of an accident. But while this does not offer cover for the vehicle on the policy, it does not necessarily mean it is the cheapest option making it more important to compare prices for different levels of cover.
NimbleFins has analysed dozens of UK car insurance providers, comparing them on price and ranking them according to customer and independent professional reviews.
The top ten cheapest companies on the list are:
- LV=
- 1st Central
- Churchill
- Hastings
- Swinton
- Bell
- Admiral
- Elephant
- QuoteMeHappy
- Diamond
Using these companies to gather a number of quotes offers a great way to compare the prices in the market and find a cheap insurance policy with great features and customer service.
There are some other ways to lower the cost of an insurance premium. One of these is to have a black box or telematic installed in the vehicle to assess the competence of the driver. This is particularly beneficial for young drivers who face high premiums to get a cheaper policy.
Careful driving can also build up no claims which, when looking for a new policy, can mean you qualify for a no claims bonus. However, it is important to know that this discount is only for new policies and the second year will likely see the cost increase.
Try a car insurance comparison site
Comparing insurance providers is hugely important, but it is also time consuming to gather all those quotes and look at reviews on each provider.
The easiest way to do the price comparison is by using a price comparison feature like the one offered by NimbleFins, mentioned above, or QuoteZone, Compare the Market or Confused. There are other options in the marketplace as well.
This comparison is important when first looking for a policy and equally as important at the time of renewal to ensure the best deal is found. If a driver finds a better price on a comparison site, this can be taken to the current provider to see if they can match it.
