Paying for insurance premium isn’t a fascinating job but an essential one. Whether it is your precious moody life, your health or your car, insurance gives you a hand during hard times and protects your peace alongside the finances. Knowing that car insurance is mandatory leaves no way out for you other than the one which opens you to the premium rates. Before you seal the deal, you should try some smart ways to save car insurance premium. In this article, we have mentioned tips to lower your insurance premium. Let’s hit the list.
Ways to Lower Your Premium
We have gathered the most useful tips on how to save car insurance premium to help you avoid paying hefty prices for insurance. You can read up on this list, reevaluate your policy and requirements and save up.
Here are the best ideas on how to lower your premium:
1. Window-Shop First
Just write this reminder down: Comparison is the key here. There are a multitude of different insurance companies out there which you can explore online (you need to make use of the online platforms) and look into the car insurance premium rates they are offering (Keep a magnifying glass). Be intuitive and remain patient while searching for a made-for-you car insurance plan as comparing different insurers will only help you get better of your requirements and take a call.
2. Buy a Cheaper Car
The cheaper your car, the lower will be the premium. The model and age of the car you wish to get insured impacts premium rates a lot. One of the best ways to lower car insurance premiums is to drive a cheap car. You can get a decent and useful car insured at cheaper rates than the stunning and expensive one.
3. Revisit Your Policy
If you don’t need it, don’t buy it. You are not obliged to pay hefty premiums for covers which you are not going to require. One of the smart ways to lower your premium rates is to go through your policy again, read up on the inclusions carefully and encircle the inclusions that are too important to not buy. Leave the rest behind.
4. Use Safety Features
If you stand on the safe side of driving carrying all the safety weapons studded on your car then you can look forward to paying lower premium rates. Most cars, today, are engineered with safety features and have safety equipment installed inside. Cars equipped with safety features such as anti-theft devices, anti-lock braking system, alarm system etc., stand huge chances of low premium slabs. When it comes to old car models, this opportunity gets blurry.
5. Earn No Claim Bonus
Yes, no claim bonus can help you save on car insurance premium rates. Yet another best way to lower premium is by driving safely and make no claim for a year or more. Doing this, you will be able to emanate no claim bonus points (up to 50%) from the insurance company and thus, you will have a treat of discounts on your car insurance premium. The more years you go without making claims, the higher the discount will be on your insurance premium rates.
6. Improve Your Credit Score
Insurance companies take drivers with a good credit score into consideration when it comes to reducing car insurance premium rates. Those with a messy credit history are asked to pay higher premiums than those who have a sober credit score. Thus, if you have a history of timely payments then you can take the benefit of lower premium slabs.
7. Avoid Add-Ons
One of the most important ways to save on a premium of car insurance is staying as far away from the additional covers as possible. Add-ons exist to enhance your insurance policy and safeguard you and your vehicle under different circumstances other than the ones included in your policy.
These add-ons include zero-depreciation cover, no claim bonus cover, roadside assistance cover, engine protection cover, personal accident cover and key replacement cover. While these add-ons sound useful at times but you can still review your requirements and avoid them in order to save insurance premium of car.
Revisit Your Plan and Reduce Your Premium
As a bonus, you can increase your deductibles in order to reduce the premium price of your car insurance. This tip is the best workaround if the location you live witnesses less number of accidents and your driving history is good. This method is one the most used ways to lower car insurance premiums. Hope this list of tips on how to save premium on car insurance helps you find what you are looking for.