September 21, 2018

How to Save Money on Your Car Insurance

Having a car insurance is essential as it serves as your security blanket. It protects you from huge expenses related to your vehicle in case of an unfortunate event such as an accident. Cost for repair is one less thing to worry about if your car is insured.

Car insurance is another expense to be included in your budget, and it doesn’t come cheap especially if it’s a comprehensive one. However, this does not mean that you need to pay more than you have to. You can actually lower your car insurance cost with a few simple tricks. Here are several ways to save on car insurance:

  • Compare prices and value

Insurers differ in price and features of their car insurance, so it is advisable to shop around. Market value, roadside assistance, and monthly payments at no extra cost are some of the features to look into. Get quotes from several insurers so you can be sure that you’re getting the best offer – enough coverage without leaving a hole in your pocket.

  • Consider adding age restrictions

Having drivers under the age of 25 can dramatically increase your premiums. You can save on car insurance if there are age restrictions. If there are young drivers in the family, you may want to let them only one of your family cars if possible so the cost of insurance remains low for all other cars.

  • Keep a good driving record

You can lower your premiums by maintaining a good driving record. This tells the insurer that you have a low risk of making a claim which can then translate to lower premiums.

  • Review your add-ons

Additional options add up to your premiums, so it may be wise to check if you really need that no-excess windscreen replacement, used car extended warranties, and other extras that you may have. If not, then maybe you can forego these add-ons so you can save on car insurance.

  • Bundle multiple policies

If you have a home and life insurance from one insurer, you may want to add your car insurance and get multiple policy discounts. Aside from saving money, bundling your insurance products makes it more convenient for you – from getting monthly bills and paying premiums to making claims. You can ask your insurer if they offer this option. Shop around with different insurers and consider moving all policies to one that offers the cheapest bundle price.

There really is no best way to save on car insurance, but consider these tips and you may be able to lower your premiums and save money.

Do you know other ways on how to save on car insurance? You can share your insights in the comments section below.

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