With the cost of living increasing on a daily basis, it seems any form of saving can help lighten the financial load. Benjamin Franklin once said “a penny saved is a penny earned” and here at Compendium Insurance we are all about saving. So we’re glad to share these secrets on how to find cheaper car insurance.
Security Means Savings
One of the factors that influence your car insurance premium is how secure your car is. When taking out vehicle insurance you will always be asked whether your car is fitted with extra security features such as a tracking device and immobiliser. The more secure your car is, the lower your motor vehicle insurance premium could be. This is because added safety features lower the risk of your car being stolen, and in the event that your car is stolen, those safety features can also help find the vehicle.
Keep Your Insurance Eggs in One Basket
The ‘eggs in one basket’ theory may not always work in every-day life, but when it comes to insurance this could be very beneficial. If you already have your household contents and gadgets insured, it could be wise to insure your car with the same company. The more items you have insured through one company, the lower the cost of your insurance could be; in comparison to insuring different items with various companies.
Increase Your Excess
When looking for car insurance people often try to find cover that has the lowest possible premiums and excess fees. What many don’t know is that if your excess is higher, your insurance premium becomes lower. Now this may not be everyone’s cup of tea, but if you have a savings fund or some cash for a rainy day, you could choose to increase your excess, lower your premiums, and in the event of claiming from your insurer, you can use your savings to pay for the excess fee.
Always Update Your Details
A golden rule for motor vehicle insurance is to always update your details. This is because a si ple factor like the location of where your car is parked can influence your insurance premiums. So f you move house, contact your insurer and provide them with the new address. Moving to a lowé risk neighbourhood could decrease your car insurance premiums. It’s also wise to point out milestones to your insurer like the fact that you have turned 25 or have had your licence for longer than 5 years. This is because people aged between 25 and 55 are considered to be the safest drivers. It is also believed that if you’ve had your licence for longer than five years, you are a more experienced driver, which lowers your risk.
Pay Attention To Your Premiums
Knowing that your car is insured can give you sure peace of mind. But this can only be possible if your premiums are paid on time. Ensuring that your premiums are paid on or before the due date every month will prevent you from paying late fees and additional fines or charges. A great tip is to also pay extra towards your premiums. Some insurers even offer you the option to pay your premiums yearly, at a discounted rate. All these options mean savings on your motor vehicle insurance.
Do you have car insurance but are worried about the premiums you are paying?
Fear not! We’re here to help. Let Compendium Insurance Brokers help protect what’s important to you. Contact one of brokers today on 087 724 9390 for an obligation-free quote.