Paying extra money applies to every aspect of life, including car insurance. Be it a Model S or Camry, you’d hate to unnecessarily shell out to insurance companies. While you don’t have control over big-impact factors like the car’s age, you can control certain factors and bring down the overall insurance cost. So with that in mind, here are a few quick tips to help you cut the cost of car insurance.
Lookout for Better Premiums
Limiting yourself to a few famous insurers isn’t the right approach. When you are looking for a renewal on your current plan or searching for a new one altogether, compare quotes from different companies to have an idea of the cheapest plan in the market. Also, you must ensure that the insurer you chose is legitimate and has good reviews. There’s no point in getting a cheap plan if the insurer doesn’t have the capability of paying out the claim.
Increase Your Deductibles
You have to pay this amount before the insurance company comes in to complete the transaction. The cost of a deductible typically ranges from $250 to $1,000. And customers generally have the option to choose how much deductible they want to pay. To avoid paying higher premiums, it’s best to increase your deductible as this factor is inversely proportional to the insurance premium. That means the higher your deductible, the lower your insurance premium, and vice versa.
Keep Your Car Secure
A car without injuries invites lower insurance premium rates as compared to the heavily damaged ones. Insurance companies will offer you a more affordable plan if you manage to keep your car in top condition. So, you must take the utmost care with your car, if you don’t already do that. Keep it in a well-locked garage or, if the need arises, even a secure car park. Avoiding parking it overnight on the road as it could be vandalized or damaged.
Be a responsible driver
You should always drive carefully, even if you do not aim to lower your car insurance premium. This habit is not just for your own good but also for the other drivers on the road. As far as the connection between driving carefully and lower insurance premiums are concerned, insurance companies offer significant discounts to drivers who have a clean record. You could end up saving between 10% and 23% on premiums if your record shows that you’re a responsible driver.
Drive Less, If You Can
The chances of having an accident increases as you drive more. So insurers tend to charge higher premiums for drivers that have more mileage. Hence, if you’re looking to reduce your premium, it’s best to avoid taking your car everywhere you go. Take a cab instead, or use public transport especially for work.
