WE HAVE compiled a list of helpful tips that could potentially save you some money on your monthly car insurance premiums.
Apart from your monthly premiums that appear to be ever-increasing – thanks to our Reserve Bank – many of us car owners have to contend with car insurance payments that often reflect the problem of vehicle-related crime and the high accident rate in South Africa.
Here is a list of helpful tips that could potentially save you money:
- Make sure your details are correct– Have a look through your insurable quote and ensure that the company in question has all of the correct information. Perhaps you now have a more secure parking spot at the office or at home; this would reduce your premium.
- Always check if you qualify for discounts– At certain points in your life or during your time with an insurer your risk profile will change. For example, the day one turns 25 your premiums will go down, while those who have been claim-free for many years will often receive better premiums. Activities that improve your skills as a road user also reduce your premiums. For example, an advanced driving or ant-hi-jacking course would mean a lower premium for the insured.
- Insure multiple items– Many insurance companies enjoy package deals. This means that the company will insure your house and car, which will allow the company to provide you with a lower premium for your car as it equates to less risk.
- Make sure your next car is low risk – Many people see that popular car models have a great resale value however, many often forget that popular vehicle are often those that are stolen more often, which drives up premiums and could mean that in the life cycle of your vehicle the additional cost of our insurance might make the resale value quite redundant. A bit of research regarding insurance premiums on your next car could save you quite a bit of money.
- Have a tracker installed– Many insurers have devices that track your driving habits. If you’re okay with the company knowing your driving style, speed and where you are all of the time then these devices will lower your premium. On the down side, if you drive badly you could see your premium increase.
- Change your excess– The amount of excess that one pays is proportional to their premiums and therefore if you need a lower monthly premium then raising your excess (or money that you pay when claiming) can save some cash. Be cautious though as a large excess could cripple you when it comes to claiming. Many companies offer a fixed excess amount, which means that a set amount is paid no matter what the claim.
Article credit: http://www.autodealer.co.za/articles/Latest-News/Top-tips-for-lowering-your-car-insurance-premiums-1997.html
