Car insurance is an unfortunate by-product of being a driver, and as it’s a legal requirement, we must live with it. But don’t stress, there are several ways we can arrange things to lower our insurance costs. Check out this fantastic guide to lowering your car insurance costs.
Shop Around
It’s a well-known fact that loyalty is not rewarded in the insurance industry. If you choose to stay with the same insurer year on year, you will be punished, rather than rewarded, with exponentially increasing premiums. But we can evade this nefarious process if we plan, there are numerous price comparison sites where we can check details and prices of hundreds of insurers. Even if you forget to change providers before the renewal date and last year’s quote renews, you have 14 days in law to cancel that policy.
Consider a Smaller Vehicle
If you love a beast that tears up the road and lets everyone know you’re there, then great. Big cars are always fun, but they may be the reason your insurance is so high. Switching to certain smaller cars can reduce your costs, except for performance cars such as small sports cars.
Up Your Skills
Better drivers get better prices, this is the mantra we must drill into our psyches. If we can prove we are not likely to get in an accident and cost them money by claiming we will lower our costs. The classic way of doing this is by building up a ‘no claims bonus’. The theory behind this is simple; for every year without an accident, we receive an increasingly large discount. But we don’t all have the luxury of waiting years to get a discount, if we can take an advanced driving course, useful ones are those labeled defensive driving, and some insurers recognize these by offering discounts to holders.
Driver Trackers
Another great way to prove your worth as a careful driver is to allow your driving to be monitored. Various trackers can show how well your driving is from a safety point of view. The great thing about trackers is that they can report back to you and let you know where your weaknesses lie so you may improve upon them. They also are an added security measure that can help locate the vehicle in the event of a theft.
Extra Drivers or Cars
If you bring extra business to an insurer, you can often get better prices as a result. If you are a multi-car household adding those subsequent vehicles to the same policy often is advantageous. There are specific policies that cater to this.
Insurance Type
Most people don’t think about what type of policy to take out, but its important to remember that sometimes certain things can invalidate a claim if we have the wrong policy. If we use the car for business use, we must have specific insurance for that. It’s also important to remember not to exclude any details as this could invalidate our claim.
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