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How to bring down your car insurance premium
It’s official, the cost of living isn’t going to get any cheaper. With many salaries failing to keep up with inflation, it’s often tough to cut down on expenses. This is especially true when it comes to the necessary covers like car insurance. Of course, part of paying a premium that you’re happy with stems from finding a good car insurance company (Cape Town, Durban, Johannesburg or beyond).
At Compendium, we’re a nationwide provider of a range of covers to suit all needs. Our extensive experience in the industry means that we’re able to share knowledge with consumers that can make a real difference to their lives.
Want to bring down your monthly car insurance premium? We’ve compiled a list of a few steps that could help.
Beef up security
Part of calculating vehicle cover is taking protective measures into account. This means that your risk profile will be assessed in order to generate a realistic premium amount. A risk profile is made up of the area you live in, what type of car you own and what kind of security you rely on. This means that driving high-risk cars that are often stolen or hijacked could result in higher monthly premiums. The same can be said for vehicles that aren’t parked in a garage or don’t have a tracking device or alarm fitted. By adding in extra measures to increase the security of your car, you can probably get your insurance a little lower.
Increase your excess amount
Excess refers to the amount you’ll have to pay in should you claim on your insurance. It is taken off of the amount paid from the insurer to you. By upping your excess, you can expect a premium drop but, be warned, you’ll be expected to shell out more should you claim. This means that you would need to ensure that you have the funds available to cover the amount in question.
Take a closer look at your driving
Few of us will admit that we have bad driving habits. By observing the rules of the road and traffic laws, you will be far less likely to claim from your insurance. Avoiding dangerous situations is the key to living and driving claim-free. Keep your handbag out of sight to prevent the likelihood of smash and grabs. Only use your phone in hands-free mode via your car’s Bluetooth system so that you never take your eyes off of the road. Refrain from speeding and overtaking where it isn’t safe to do so.
Consolidate your policies
The right broker can really save you money. This saying is true in more ways than one. For starters, they can suggest the right products at the perfect premiums to give you everything you need and nothing that you don’t. They can also find ways to bring down the monthly cost of your insurance portfolio. One of the ways this happens is through housing all of your insurance needs under one umbrella. By grouping your policies, you might be able to enjoy reduced monthly premiums. So if you have car, building, household and even life cover, you might want to look at that as an option to save you money.
We’re here to help in any way that we can
Whether you’re an existing client or just wanting to enquire, our team of dedicated brokers are always on call to help you make feasible policy decisions. At Compendium, we never leave questions unanswered and we’ll always find a way to make sure you get the assistance that you need. For more on our products and how they could give you newfound peace of mind, please click here. https://www.cig.co.za