It could be that you’ve started working from home more often, or that you’ve swapped the school run for online classes. Maybe you’ve simply cut back on driving to save fuel. Whatever the reason, with fewer kilometres on the clock, you might be wondering… Do I really need this detailed level of car insurance?
It’s a good question, and trust us, it’s 1 we hear pretty often.
So, let’s unpack what happens when you’re driving less, and whether downgrading your insurance is the right move (spoiler alert: not always).
Less driving = less risk (right?)
Technically, yes. If your car is parked most of the time, it’s not exposed to road accidents as much. But… It’s still exposed to other risks. Seriously, so much can go wrong when you’re just parked. Like theft, hi-jacking, damage from storms, flooding from a summer downpour, or a dent courtesy of your neighbour’s reversing skills.
While you might be driving less, your car isn’t immune to everyday dangers.
Downgrading your cover could mean that you’re not protected when something unexpected happens, so it’s really important that you think long and hard before you hit the ‘third party only’ button.
What it means to ‘downgrade’ your insurance
Usually, it means switching from comprehensive car insurance to third party only or third party, fire and theft cover. This can save you money monthly, but it also means you’re footing the bill if your car is damaged in an accident, even if it’s not your fault.
Here’s a quick refresher:
- Third-party only: Covers damage you cause to someone else’s car or property. Nothing for your own car. Nada. Niente. Zero.
- Third-party, fire and theft: Covers your car for theft or damage as a result of fire, but still nothing for accident damage.
There are smarter car insurance options
If your car is parked more often, but you still want decent protection, King Price can help you. There are other things you can do instead of downgrading. It’s true. It’s not an all or nothing situation.
- Adjust your mileage: Let us know if you’re driving less than before. Fewer kilometres usually = a lower premium.
- Review your risk profile: Has your parking situation changed? Are you in a safer area? Working from home? These changes can reduce your premium… Without cutting your cover.
- Opt for value-based add-ons: You can still save by fine-tuning your cover, which would include increasing your excess to lower your monthly premium and choosing extras that suit your current needs (like credit shortfall if your car’s financed, or king’s cab if you rely on your car daily).
Keep your car insured (even if it’s parked)
Downgrading might feel like a good way to cut costs, but it could come back to bite you. At King Price, we offer options to reduce your monthly premium while still keeping you covered for theft, storms, and other risks that don’t care if you’re on the road or not.
Need help adjusting your policy to suit your lifestyle?
WhatsApp us on 0860 50 50 50 or click here for a commitment-free quote.