It pays to move in together

Co-habiting or married couples could be wasting money on their car insurance premiums by failing to take out joint policies, new research from Tescocompare.com warns. Tescocompare.com highlights that co-habiting couples could be saving an average of over £100 by adding their partner as an additional driver to their existing car insurance policies.

Despite the savings to be had, Tescocompare.com’s research shows that two thirds of couples (65%) fail to tell their insurer immediately when they move in together, potentially missing out on a lower premium. Almost half of couples (48%) wait to notify their insurer until their policy is up for renewal, while 17% admit to not adding their partner to their policy at all.

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Commenting on the research, Paul Baxter at Tescocompare.com said: "Many people believe that adding their partner to their existing car insurance policy will immediately increase their premium, but in reality this is not the case. Car insurers assess the individual risk profile of each customer and couples living together typically carry a lower risk, resulting in lower premiums."

"Here are many things drivers can do to lower their annual car insurance premium and adding your partner can be a very effective way of cutting costs. People should also check whether their current policy offers them the best deal for their individual circumstances and Tescocompare.com is an easy way to assist consumers in finding the best car insurance policy for their insurance needs. Tescocompare.com not only compares the premiums for different car insurance providers but more importantly it compares over 25 policy features, making sure people know what exactly they are covered for."

For further tips to reduce your car insurance premium, consider one of the following:

• Get a smaller car - the less powerful your car’s engine, the lower your insurance premium
• Consider where your car is kept – the more secure (i.e. in the garage) the better for your premium
• Be as accurate as possible about your annual mileage, as your premium will go down the fewer miles you do
• If you have more than one car, then make sure you register the highest no claims discount on the car with the highest insurance premium
• Consider the right voluntary excess for your needs – the higher excess you are willing to pay, the lower your premium
• Be as precise as possible about your occupation – different occupations have different effects on insurance premiums
• Get your no claims bonus right and make sure you have proof of it

Value your car right – over/undervaluing your car can greatly impact on your premium Tescocompare.com allows consumers to compare 25 different policy features – as well as the premium quoted – to help consumers choose not just the cheapest policy, but also the one which is right for them.