In addition to being a mandatory requirement by law, car insurance can be costly. This mostly depends on the company you hire, the plan you choose, and how well you take care of your car, among other factors. But with the rising cost of insurance in general, how can you reduce your car insurance?
Here are 10 tips that can help you reduce your car insurance
Basically, most car insurance covers offer more or less, similar terms and features. The major difference is in the premium cost. Always compare the rates before signing up with a particular provider or auto insurance deal.
For you to bring down your premiums, you need to agree to pay more towards the cost of any accident repairs. This is important because if you’re not at fault in an accident, you can recover the excess amount. However, going up too high can be more expensive for you with a low-value car.
Auto insurance premiums or rates may depend on how frequent your car is on the road. If you drive to work, the chances of being involved in an accident are higher, at least according to most auto insurance companies. You can keep your car insurance low by keeping your mileage low. Commuting to work from time to time can also cut your premiums in addition to reducing your expenditure on gas and parking.
Unbeknownst to many, you can get a discount of up to 5% or more from your provider by simply improving your car’s security and safety. You can do this by fitting a tracking device, an immobilizer or an approved alarm.
You should only name regular drivers on your policy. Cars with more than just a few drivers are considered to have a higher risk exposure. This can affect your insurance cost somewhere down the line.
Adding young, inexperienced drivers, to your policy can be costly, especially for a large or high-powered vehicle. This is because insurance companies consider such drivers as high-risk and often lack a no-claim bonus.
A protected no-claim bonus can also help cut your car insurance costs. Although a long no-claims bonus can increase your premium by a few extra dollars, the additional cost becomes insignificant when facing a potential loss of 90% discount on a premium worth several hundreds of dollars.
To become a better driver, you can consider taking doing refresher driving courses, attending further driving classes, and driving with extreme caution. Tickets can have an unpleasant impact on your policy and so do accidents in your driving record. These can affect car insurance premiums for up to 6 years. Some insurance providers also reward policyholders for careful driving.
You can also cut your premiums just by keeping your car inside your garage overnight. Most insurers prefer when cars are kept in secured garages because they reduce the risk of theft and being exposed to harsh environmental conditions.
The type of vehicle you own will determine the Insurance rates you get? Cars with a higher risk of being involved in an accident or being targeted by thieves will cost you more to cover. It is thus imperative that you understand insurance risk ratings for cars before buying a new model.
These tips can help reduce your car insurance. In case you’re looking for the best auto insurance provider in the famous Canadian province, you’re even luckier. Services like My Choice Car Insurance let you compare popular companies.