Car insurance premium is certainly a big issue these days. The amount charged is enough to burn a hole in your pocket and put the monthly budget in a spin. There are; however, a few points that you can consider to get a better deal.
Consider the Coverage You Need
You must carefully consider the coverage you need while going in for car insurance. In case your car has been around for quite some time, it is better to let go off the accidental coverage. The repair work of old models does not really cost that much. In addition, citing the old age of the vehicle, you might not even want to get it repaired. This could help you save a lot of your insurance cost.
Get All Insurance Types from One Organization
You can get as much as 10 percent discount in case you get an insurance for your car, home, health and other aspects from one insurance company.
Increase the Deductible
Deductible refers to the amount that you would be paying by yourself while making a claim. More the deductible less would be the insurance cost. Increasing the same by around $200 can get you a discount of around 15 percent on comprehensive and collision coverage. In case the amount increased is around $500, the percentage discount can go up to 30.
Install Safety Gear
Safety gear simply means added protection and you can earn an additional discount on premium because of the same. Some of the safety equipments that most insurance companies consider includes anti lock brakes, automatic seat belts and air bags.
Consider the Medical Coverage
In case you already have a life insurance, you can strike off medical coverage and get a better deal while taking car insurance. This medical coverage is meant to take care of the additional medical expenses of the driver and passengers in case of a collision. However, if you have a life and disability insurance, you do not need this coverage.
Type of Car
The insurance cost of premium cars is always on the higher side when compared to other car types. This is one factor that you must keep in mind while purchasing the car. In addition, certain cars are more prone to theft as compared to others. This likelihood developed by the thieves also result in additional insurance expenses. You can discuss the details regarding this point with your insurance company before reaching to a conclusion.
Cars that have additional accessories including the high end audio systems, lights, custom wheels and navigation system would also attract higher car premiums. Consider the options carefully to save some money on insurance.
The Payment Options
You can pay the premium in one go or in small monthly installments. While monthly payment would surely help in keeping pressure on your bank account to minimum, you would end up paying more due to add on fees. It is; therefore, better to pay of the yearly amount in one go.
Other Discount Types
There are certain other conditions as well that might help you in saving some of your hard earned money while going in for a car insurance. These include age of around 50 to 60 years, a clear credit record and a good driving record. Sticking to the same insurer for a long period can also help you earn additional discount for your loyalty.
It is always better to discuss the details well in advance with an executive of the company. You can ask for additional discount types as well in case your daily mileage is on the lower side.