After paying so much to acquire your car, it will surely be helpful to find ways you can save costs when buying or renewing insurance for it. This article discusses some valuable tips on how to save money on your car insurance.
Tips To Save Costs On Car Insurance
1. Compare car insurance quotes
Auto insurance rates vary from company to company. When getting car insurance, check and compare the costs of various insurance companies.
To acquire the best insurance for your car, evaluate the price, standard, reputation, and customer satisfaction ratings.
2. Seek discounts
Policyholders who have had very little to no accidents tend to be favored with discounts by insurance companies.
There is a high chance that an insurance company would offer a discount if there has been a great use of previous insurance policies and they deem the policyholder’s history good.
3. Increase deductible
The deductible is the out-of-pocket cost that one is open to incurring when something happens.
Increasing deductible reduces the insurance premiums you pay. This means the insurer would not be covering as much as a full premium.
4. Group Insurance
Some companies have packages or plans for groups and it would cost less to go for them than pay individually.
This works especially when a policyholder has more than two cars to insure or has a group of friends or colleagues that wants to get their cars insured.
Some companies might not have group or bulk plans, but they could offer a deal based on the number of cars involved.
5. Consider car insurance before buying a car
Another way policyholders can save on car insurance is to drive cars that are cheap to insure.
Before getting a new car, find out about the cost of comprehensive insurance. This can help you decide the kind of car to buy which could be cheaper than your initial choice, thereby saving you some money.
6. Review coverage
Many times, policyholders pay for car insurance products and add-ons they would never need.
Diligently reviewing the coverage on a car insurance policy helps to cut down non-essential costs.
7. Drive safely
An important way to save on car insurance is by driving carefully and safely.
Cars that have been in too many accidents tend to have higher insurance costs.
On the other hand, a safe driver with little to no car crashes does not have the risk of high premiums.
8. Pay as you go
To pay as you go means that a policyholder gets a flexible insurance policy that gives the chance of paying on a bi-annual basis.
What this does is that it helps policyholders plan better depending on the chosen flexibility plan on how to pay for the plan.
9. Don’t always make a claim
Calling the insurance company every time the car is damaged can increase your payments.
Cover minor damages out of pocket to keep the car insurance costs in check. Only reach out to your insurer when the damage is severe.
10. Reconsider insuring an old car
Cars tend to reduce in value as time goes by, and buying comprehensive insurance, for instance, may not be worth the expense. It is better to fix any damage out of pocket, especially if the deductibles are high.
Bottom Line
Getting car insurance is great, but it is also helpful to work within your financial capability. Here at Leadway Assurance, our auto insurance plans are designed to provide a range of benefits for any level of cover you desire on your vehicle(s).
Ready to get started? Join millions of Nigerians whose vehicles are covered by Leadway, and choose any of our auto insurance plans today.
