5 Tips to Save Money on your Car InsuranceFollow these 5 tips to save money on your car insurance 1. Shop around 2. No-claims Bonus
3. Higher excess 4. Age related discounts 5. Location and security
Lets expand on the 5 Tips below 1. Shop Around Get at least two or three quotes whether this is a new car insurance or at renewal time. If your current insurer is dearer than the other quotes you have established, Negotiate! Compare separate quotes for car, house and contents. These can vary between insurers, and may not always be advantageous price wise when packaged. Also get a package quote for home and contents insurance along with the car insurance, as many insurers give a package discount up to 20- 30 percent in some cases. If you pay annually your premium may be cheaper than paying monthly with a 10% surcharge Ask about the following discounts and special terms
2. No-claims discounts If you have an accident free year, at renewal time you are rewarded with a small discount off the original premium called a “no-claims bonus”. This can accumulate and be a valuable discount for good driving over several years, accumulating to as much as 60% of the new premium. 3. Higher excess discounts Taking a higher optional excess - that part of the repair bill which you pay yourself - can result in lowering your premium. The level needs to be balanced with the premium charged and you own financial ability to fund the excess amount from savings should you need to claim. Larger excesses may be put on a younger driver, which they will need to pay if they make a claim. Check these out as you shop around
4. Age-related discounts Discounts for older drivers, usually over 55 or 60, can reach 20 percent, and some companies offer policies exclusively to people over a certain age. You can also do this another way: agree that you won't let anyone under 25 drive your car, and that too can give you a lower premium - as much as 20 percent less. . Statistics show younger drivers can potentially have more accidents than a more experienced driver, and can be charged a higher premium for the privilege of having the car covered by insurance. Check this out if you are in this category as you shop around.
5 Location and Security Some companies offer discounts if your car is kept in a locked garage, and if you have alarms fitted eg. professionally installed alarm or engine immobiliser.
Not all companies have all discounts, this is why shopping around allows you to tailor your needs to what is on offer in the market place to pay a fair premium for a fair cover.
Click here to see what type of Car Insurance would suit your needs best
If you do not have the time to shop around yourself, enlist the assistance of a Professional General Insurance Agent in your area, who could provide this service for you.
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