2nd edition April 2024

HarleyPerkins
Insurance
Guide 2.0

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Introduction:
In the world of car insurance, securing the best deal often means navigating
through a complex maze of various companies. Fortunately, drivers have a
best friend in the form of comparison sites. These digital platforms serve as
useful tools, offering a wide range of insurance options. By simplifying the
long winded process of policy assessment, they allow individuals to make
informed decisions. However, comprehending the inner workings of these
comparison sites and harnessing their mechanics to obtain the most cost-
effective quotes requires a niche understanding that this guide will help you
get to grips with.

Explaining the Mechanics:

Comparison sites operate on a foundation of algorithms and sophisticated
data analytics. Their primary objective is to streamline the evaluation process
of insurance policies. Each user interaction triggers a series of calculations.
These computations scrutinise every piece of information provided by the
user. The result? An intricate web of factors woven together to determine the
final insurance quote.

Understanding the Multiplier Effect:

At the core of this process lies the concept of the multiplier. This critical
element plays a pivotal role in the final price of the insurance quote. The
multiplier dynamically adjusts based on an array of variables, ranging from
excess amounts to number of additional drivers to car modifications and

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location. Its primary function is to amend the quote in response to each

decision made by the user. This recalibration effectively reflects the level of
risk associated with the selected policy features e.g a 17 year old proposing
more risk than a 45 year old with 25 years no claims, thereby influencing the
final cost of the insurance premium.

EXAMPLE:

Base Insurance offering on a Mercedes A45:

£1500
Driver inputs he is 21, this means the insurance multiplier will be 1.5X
Leaving to the quote increasing:
£2250
Driver adds an additional driver who is 50 years old with 25 years no claims
multiplier will be 0.8X leading to a quote of:
£1800
Now imagine the above but this happens in every box you fill out on every
comparison site, each input leading to a different factor that the price gets
multiplied by.

This series of increases and decreases will be different for each insurance
provider and leads to the array of quotes you may see.

Certain Insurance providers have no quote returns such as for any driver
under the age of 21 they will not quote on a vehicle such as an Mercedes a45
this is why you get a different number of quotes every time you run a search.

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Methodical Adjustment of Quotes:

The methodical adjustment of multipliers allows users to systematically fine-
tune their insurance quotes. Rather than making lots of changes all at once,
this approach involves tweaking one multiplier at a time and observing its
impact on the overall cost. By isolating each factor, users gain a clearer
understanding of how it contributes to the final quote, enabling them to
make more informed decisions.
- For example, suppose a driver is exploring different excess amounts. By
adjusting the excess incrementally and running full quotes each time, they
can gauge how each level affects the premium. This methodical approach
allows them to strike the right balance between excess and premium,
ensuring they're not overpaying for coverage they may not need.
- Similarly, when considering additional features like breakdown cover or
courtesy car provision, methodical adjustment allows drivers to assess the
cost-effectiveness of each option. By adding or removing features one at a
time and comparing the resulting quotes, drivers can identify which features
provide the most value for their money.

Refining Your Quote:

The key to success to getting the cheapest quote possible lies in working out
the relationship between these multipliers and the information you are
inputting into the comparison site. By methodically refining each aspect of
the policy, drivers can achieve the optimal balance between coverage and
cost. This approach ensures the most cost effective policy is gained by the
driver.

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Steps to Secure the Cheapest Quote:

1. Start with Basic Information: Enter your vehicle details, driving history,
and personal information accurately.
2. Adjust Excess: Experiment with different excess amounts to see how
they affect the quote. A higher excess typically results in a lower
premium, but ensures it's still affordable in the event of a claim.
3. Explore Coverage Options: Toggle between different coverage levels
to find the optimal balance between protection and cost. Consider
factors like comprehensive, third-party, fire and theft, or third-party only
cover.
4. Fine-tune Additional Features: Consider adding or removing
additional features such as breakdown cover or courtesy car provision.
Each additional feature may impact the overall cost, so assess their
value against the potential savings.
5. Experiment with Policy Details: Run a full quote each time while
changing details such as the number of additional drivers, job title,
relationship status (believe it not not this has its own multiplier) or
switching between business and social cover. For instance, adding
extra drivers might increase the premium, but it could also lead to
discounts if they have a good driving record.
6. Compare Comparison Sites: Utilise multiple comparison sites, as each
may have preferential rates with different insurance providers. Don't
rely solely on one site; explore several to ensure you're getting access to
the widest range of quotes available.
7. Monitor Price Changes: After each adjustment, carefully review the
new quote to see if the price has gone up or down. If the price
increases, revert back to the previous setting. If it decreases, maintain
the change and proceed to the next adjustment.

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8. Repeat and Compare: Continue this process systematically, adjusting

one factor at a time and running full quotes each time. Compare the
results from different comparison sites to identify the most cost-
effective combination of policy details.
9. Final Review: Once you've explored all options and identified the
cheapest quote, review the policy details one last time to ensure it
meets your needs in terms of coverage and features.
10. Purchase with Confidence: With a thorough understanding of the
quote customisation process and comparison site exploration,
purchase your chosen policy with confidence, knowing you've secured
the best deal possible.

28 Additional Tips & Pointers:

1. Install security features: Consider installing a ghost lock on your car,
which may cost £500 upfront but could potentially save up to £1000 on
your insurance while also providing peace of mind against theft.
2. Add named drivers: Adding older family members as named drivers
can significantly reduce premiums.
3. Review main driver: While controversial, some individuals opt to put a
parent as the main driver, although this practice may carry legal risks.
4. Reduce mileage: When obtaining insurance quotes, accurately
estimate your annual mileage to avoid overpaying.
5. Advanced driving course: Completing a recognized course like Pass
Plus can lead to substantial insurance discounts.
6. Bundle policies: Insuring multiple cars together or bundling car and
home insurance with the same provider can result in significant
savings.

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7. Use private browsing mode: Prevent insurance websites from

tracking your activity by browsing in private mode to avoid potential
price increases.
8. Create a new insurance account: If dissatisfied with initial quotes,
consider creating a new account with a different email while browsing
privately to access better deals.
9. Shop around: Utilise comparison sites such as Money Saving Expert,
Compare the Market, and Money Supermarket to explore multiple
quotes.
10. Increase voluntary excess: Opting for a higher voluntary excess can
lower monthly premiums, but ensure you can afford it in case of a
claim.
11. Job title: While remaining truthful, consider using job titles that
insurers perceive as less risky, potentially lowering premiums.
12. Pay upfront: Paying for your insurance upfront typically results in
cheaper quotes, with savings of around 10% compared to monthly
payments.
13. Avoid auto-renewal: Always review your policy before renewal and
seek better quotes from either your current provider or others.
14. Obtain quotes in advance: Request insurance quotes at least 30 days
before needing coverage to secure lower rates.
15. Buy add-ons separately: Consider purchasing add-ons such as
breakdown cover directly from providers like the AA, as they may offer
better deals than bundled options.
16. Negotiate over the phone: After finding the cheapest quote online,
call the insurer to see if they can offer further discounts, often resulting
in significant savings.
17. Explore black box insurance options: Even if you prefer not to use a
black box, consider selecting the black box insurance option when

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obtaining quotes, as it may lead to lower premiums compared to other

quotes without the black box feature.
18. Tinted windows: Adding tinted windows not only provides privacy but
can also deter thieves by obstructing their view into the car, potentially
lowering insurance premiums.
19. Park in a garage: Parking your car in a secure garage overnight
reduces the risk of theft and vandalism, which insurers may reward
with lower premiums.
20. Drive a less popular colour: Surprisingly, choosing a less popular car
colour, such as beige or gold, could result in lower insurance premiums
as these colours are less attractive to thieves.
21. Join affinity groups: Some insurers offer discounts for being a
member of certain affinity groups or organisations, such as the BMW
driving club
22. Install a dashboard camera: A dashboard camera not only provides
evidence in case of accidents but may also deter fraudulent claims,
leading to potential insurance discounts.
23. Opt for eco-friendly vehicles: Driving a hybrid or electric car may
qualify you for insurance discounts, as these vehicles are often
considered lower risk due to their environmentally friendly nature.
24. Utilise mileage tracking apps: Installing mileage tracking apps on
your smartphone can provide accurate data on your driving habits,
potentially leading to lower premiums for low-mileage drivers.
25. Consider usage-based insurance: Some insurers offer usage-based
insurance programs where premiums are based on actual driving
behaviour, potentially resulting in lower rates for safe drivers.
26. Install a GPS tracking device: Installing a GPS tracking device in your
car can aid in recovery in case of theft, which insurers may reward with
lower premiums.

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27. Complete a defensive driving course: While similar to advanced

driving courses, defensive driving courses focus on accident avoidance
techniques and may result in insurance discounts.
28. Avoid high-crime areas: Living or parking your car in low-crime areas
can lead to lower insurance premiums due to the reduced risk of theft
and vandalism.

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Glossary:

Ghost lock: An advanced security device for cars that prevents theft. It's like
an invisible lock that makes it harder for thieves to break in.
Named drivers: Other people listed on your insurance policy who are allowed
to drive your car. They're usually family members or friends.
Voluntary excess: The amount of money you agree to pay towards a claim
before your insurance kicks in. It's like a deductible.
Job title: The name of the job you have. For example, instead of saying you're
a construction worker, you might say you're a builder.
Auto-renewal: When your insurance policy is automatically renewed for
another term without you having to do anything. It's like your insurance
being renewed automatically each year.
Black box insurance: A type of car insurance where a small device is installed
in your car to monitor your driving habits. It's often used by young or new
drivers to prove they're safe on the road.
Tinted windows: Windows that have been treated to make them darker. It's
like wearing sunglasses for your car windows.
Affinity groups: Groups of people who share a common interest or affiliation,
like alumni from the same university or members of a professional
organisation.
Dashboard camera: A small camera installed on your car's dashboard that
records video footage while you're driving. It's like having a witness in case of
an accident.
Eco-friendly vehicles: Cars that are better for the environment, like hybrid or
electric cars. They use less fuel and produce fewer emissions than traditional
cars.

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Usage-based insurance: A type of insurance where your premiums are

based on how much you actually drive. It's like paying for exactly the amount
of insurance you need.
GPS tracking device: A device that uses GPS technology to track the location
of your car. It's like having a built-in map that can help you find your car if it's
stolen.
Defensive driving course: A course that teaches you how to drive safely and
avoid accidents. It's like getting extra training to become a better driver.
Pay-as-you-go insurance: A type of insurance where you only pay for the
miles you drive. It's like a prepaid phone plan for your car insurance.
High-crime areas: Neighbourhoods where there's a lot of crime, like theft or
vandalism. It's like living in a place where you have to be extra careful with
your belongings.
Excess: The amount of money you agree to contribute towards the cost of a
claim before your insurance company pays out. It's like a deductible in health
insurance.
Premium: The amount of money you pay to your insurance company in
exchange for coverage. It's like a subscription fee for your insurance policy.

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