Car insurance is one of the most expensive costs associated with driving a car, and it is unavoidable – a minimum level of insurance is required by law. That doesn’t mean you have to pay whatever your insurer quotes, because there are a few simple things you can do to lower your premiums.
Car is not an expensive model
1) Shop around and buy online: According to statistics, many people simply renew their existing policies without shopping around. Why not take advantage of the internet’s ability to compare prices from various insurers? Furthermore, buying your policy online usually results in a 10% or higher discount.
2) Policy type: do you really require a comprehensive policy with all the bells and whistles? A third-party fire and theft policy can significantly reduce your premiums and is well worth considering if your car is not an expensive model.
Claim later on
3) No-claims discounts: Almost all policies include a discount that increases with each year you do not file a claim. The greater the available discount, the more money you could save. Examine insurers that offer a ‘no claims bonus for life,’ which allows you to keep your current discount level even if you have to make a claim later on.
4) Excess: An excess is the amount of a claim that you must pay before the insurer pays the rest. Choosing a higher excess level than is standard will usually result in lower premiums.
5) Security: Installing an alarm, immobiliser, or other security devices in your vehicle may result in a premium reduction. Parking your car off-road, such as on a driveway or in a garage, will also result in a lower insurance premium.
6) Pay annually: Many insurers charge interest for the convenience of making monthly payments. If you can afford it, pay annually to avoid this, or look for a company that does not charge a monthly fee.
7) Mileage: The more you drive each year, the more your insurance will cost. Even if you are unable to reduce your mileage, ensure that you are not overestimating. How much you drive and provide your insurer with an accurate figure.
8) Drivers: The more drivers on your policy, the more expensive it will be. Reduce the number of people who are insured to drive your car to a bare minimum. And try to get the policy in the name of the driver with the lowest risk profile. If a car is driven by both a man and a woman. Insuring it in the woman’s name will frequently result in a lower quote.