10 Easy Ways To Lower Your Insurance Premiums
Getting the motor car insurance you need initially can be annoying and frustrating, so, once you have it you tend to forget about it.
This oversight could be costing you a small fortune every year.
“Why”? You ask. The answer is because most people think car insurance premiums are fixed rates that never vary. That’s what you pay, finish and klaar!
That’s where you are wrong. You can save money on your existing premiums.
The Insurance Information Institute notes that the savings you can get from your existing payments can be lowered, however the savings will fluctuate depending on what car you drive, your location and your driving record.
Take Some Time To Look at These Insurance Points and See How You Can Lower your Premiums
1. Leverage your gender and age
Women, senior citizens, single parents and long-term customers are a group that can potentially qualify for lower premiums.
Car insurance quotes (and finally purchasing car insurance) takes into account things like – not having had an accident or traffic fine in a certain number of years, low annual mileage, air bags, anti-lock brakes, or having done a defensive driving course can all bring down your payments.
2. Install protective measures
Experts say it’s important to speak to your broker if you take any protective measures in and around your home. Details like having locks on windows, lighting, smoke detectors or fire alarms can all contribute to saving you money on your premiums.
Did you know that you could save as much as 30% on your insurance by consolidating your home and motor policies? Insuring with separate companies means repeated administration fees and unnecessary additional costs.
4. Assess your needs
There is such a thing as being over-insured. For example cars are insured at market value whereas house contents are insured for their replacement value. So if your vehicle is old and not worth much then it is best to opt for fire, accident and third-party cover only.
5. Re-assess yearly
In line with the point above, your car will depreciate over time so you can adjust the insured value of your vehicle every year and reduce premiums. Experts advise you to update your policy at least once a year to make sure all household contents and car accessories are fully insured.
6. Get professional advice
Before you make any changes to your policy, speak to your broker to understand how it will impact on future claims. Never provide false information eg. if you say that you have a gear lock when you don’t, not only will you not be paid out, rendering all your monthly payments pointless, but you can be held liable for fraud.
7. Ask employer about benefits
Even if your employer does not offer insurance as part of your salary package, you may qualify for a group rate if most of the employees are insured through the same company.
8. Know your options – shop around
Comparison shopping becomes powerful when you’re armed with knowledge. Challenge yourself to know the ins-and-outs, rather than allowing your brain to shut down when faced with a wad of insurance information.
Often it’s not as complicated as you think it is, and it’s not as complicated as our insurers think we think it is, which places us on an equal footing when negotiating.
9. Raise your excess
You can voluntarily opt to pay a larger excess when you claim, which can help keep your premiums down. You should only consider this if you are able to afford paying the higher excess.
10. Don’t submit unnecessary claims
Premiums are directly proportional to claims. When you claim, your no-claim bonus generally falls away and your premium goes up. If you can afford it, rather cover relatively small losses out of your own pocket and avoid premium increases.
There you have it, sure insurance agents know more about the finer points than you do but it’s not rocket science if you put your mind to it.
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