Ultimate Guide To Reducing Your Car Insurance Premiums
Car Insurance can be quite pricey, particularly if you have just opted for the very first insurance company. While shopping around and comparing quotes and taking advantage of no-claim bonus features may be the most practical ways of reducing your monthly insurance premiums there are plenty of additional methods of drastically reducing the relative costs. Here are just a few simple and effective ways that you can significantly reduce your monthly insurance costs.
Shopping around for the best insurance deal will surely provide tons of options that will essentially save you an impressive amount yearly in premiums. Whether you are considering insurance for your first car or simply renewing your policy, comparing deals will definitely benefit your pocket. While initially using platforms such as Money Expert for car loan comparisons can help you locate and compare undeniably impressive solutions, the same can be done to find alluring insurance deals that will save you a fortune.
Take Advantage Of No-Claim Bonuses
Even if an extra feature such as a no-claim bonus may add a small amount to your monthly premium, it can pay out impressively. It is vital to be fully aware of the terms and conditions attached to these extra features as some insurance companies may not consider accidents where the other involved party is responsible as a claim while some companies will. When cashing in a no-claims bonus that pays cash, you could consider the benefits of paying the amount back towards your monthly premiums.
Make Sure Your Vehicle Is Secure
Your premium can be reduced significantly simply by taking further safety precautions to ensure that your vehicle is secure at all times. While parking your car in a garage overnight will keep it safe from potential bad weather and the unpleasant event of theft, your premiums will also be lowered significantly as the insurance company will consider your vehicle a low risk. In addition to this, you can consider fitting your vehicle with safety features such as a tracker, alarm, and an immobiliser to further lower your premiums. This could provide you up to 5% on your monthly premium.
Consider Increasing Voluntary Excess
By agreeing to pay a larger amount towards the costs of repairs after an accident, your monthly premiums will be lowered significantly. While this method of lowering your premiums may not seem all too appealing, you can recover excess in the event that you are not responsible for the accident. However, you should avoid increasing voluntary excess too high especially if your car is of lower value.
When taking into account that there are several ways of effectively lowering your monthly insurance premiums, you could drive the car of your dreams in no time. Furthermore, other effective methods of reducing costs include opting for direct debits to avoid additional costs as a result of late payments and covering a minimum amount of drivers on your policy as having too many drivers covered would increase your premiums. With these effective methods and the solution of safe driving, you will essentially be able to save significantly on your car’s cover.