Why is my premium so high?
First things first, we need to know why the cost of your premium is higher. It’s a simple answer; insurers count you as a higher risk investment. Your conviction means that the insurer views you as a risky driver and that the likelihood they will need to pay out on your behalf is significantly higher than the average motorist. Insurers also have access to data which accurately correlates minor motoring offences and the likelihood of a claim, meaning they can predict the risk you provide more accurately, and this leads to varying degrees of increases depending on what convictions you have and how many are on your record.
Car Choice & Lower Cost
A good starting point would be to look into the different insurance groups of cars. These range from 1-50, with 1 being the cheapest to insure, and 50 being the most expensive to insure. Cars are assigned a group based upon multiple factors, such as, repairs, safety features, cost of spare parts and overall value of the car. This means that you can reduce the premium on your car insurance by getting a lower maintenance, cheaper car because it would fall into a lower group.
Black Box & Lower Mileage
These things are the easiest ways to get your premium lower and as thus, they are your new best friend. Let’s start with the black box; not everyone likes the black box. It’s very dependant on your driving ability and how well you stick to the highway code, but for those who are looking to save money (and also need an incentive to keep that conviction to being their only conviction) this is one of the best ways for you to achieve that. It’s rather simple; the better you drive, the more money you save. However, not all black box providers will cover drivers with convictions so you might have to search around to find one. Next, we have Lower Mileage. This one is exactly what it says on the tin. The less miles you can cover between renewals, the more money you will end up saving.
How long does my Conviction last on my record?
That depends on what conviction it is. If it’s anything that is less than a prison sentence it will be removed as soon as the conviction itself is spent. After they have been expunged from your record you do not need to declare them any further. This is called a “Spent Conviction”. Insurers may ask for details of convictions over differing time periods - be careful and make sure that you declare any penalty points or convictions for the period they are asking; if you don’t declare them correctly you may find your policy cancelled, and if you declare them longer than required, this could lead to you paying more than you need to your insurance company.
Do I need to declare my conviction?
As you read previously, that would depend on whether the conviction is spent or not. If it’s spent, then no (unless your insurer asks you to declare spent convictions) because you could end up paying more for a conviction you don’t have. If it isn’t spent, then you should declare it when you’re applying for a quote. If you decide not to declare your conviction(s) your insurer could end up cancelling your policy and even refuse to renew your policy when it is time to renew. This doesn’t take into account the legal ramifications you could face as well; not declaring a conviction is Insurance Fraud and the last thing you want is another conviction on your record!
Whether your conviction is for speeding, drink or drug driving or a non-motoring one altogether, hopefully you have seen that it doesn’t need to set you back as far as it could. Just remember, not everything I have put forth will be useful to you, it may be most, it may only be some, but hopefully there will be something of use to help you stand better when it comes to your insurance.