The 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 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. If your car has been around for quite some time, it is better to let go of the accidental coverage. The repair work of old models does not cost that much. In addition, citing the vehicle’s old age, you might not even want to get it repaired. This could help you save a lot of your insurance costs.
Get All Insurance Types from One Organization
You can get as much as a 10 per cent discount if you get insurance for your car, home, health, and other aspects from one insurance company.
Increase the Deductible
Deductible refers to the amount 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 per cent on comprehensive and collision coverage. If the amount increased is around $500, the percentage discount can go up to 30.
Install Safety Gear
Safety gear means added protection, and you can earn an additional discount on premium because of the same. Some of the safest types of equipment that most insurance companies consider include anti-lock brakes, automatic seat belts, and airbags.
Consider the Medical Coverage
If you already have 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, you do not need this coverage if you have life and disability insurance.
Type of Car
The insurance cost of premium cars is always on the higher side 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 than others. This likelihood developed by the thieves also results in additional insurance expenses. You can discuss the details regarding this point with your insurance company before concluding.
Cars with additional accessories, including high-end audio systems, lights, custom wheels, and navigation systems, would also attract higher car premiums. So consider the options carefully to save some money on insurance.
The Payment Options
You can pay the premium in one go or small monthly instalments. However, while monthly payment would surely help keep the pressure on your bank account to a minimum, you would pay more due to add on fees. It is, therefore, better to pay off the yearly amount in one go.
Other Discount Types
Certain other conditions might help you save some of your hard-earned money while going in for car insurance. These include 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 an additional discount for your loyalty.
It is always better to discuss the details well with a company executive. You can ask for additional discount types if your daily mileage is on the lower side.
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