With the rising costs of vehicles and the litigious nature of the society, car insurance can be an expensive affair in the country. However, every car owner must have insurance even though the prices seem to be rising. The good news is that there are some simple and effective ways you can reduce the load of insurance premiums on your pocket.
We bring you 5 crucial tips you can employ to save on your insurance costs.
1. Select Your Car Carefully
It may seem adventurous to buy the latest huge SUV in the market. However, you must think about the huge premiums you will be paying for the car’s insurance as well. Insuring a small but safe city car can be much more affordable if you’re looking for lower premiums. Sometimes, older cars can also be cheaper to insure compared to their modern counterparts. Before you buy a car, it is important to think about the cost of insurance and make the right buying decision.
2. Think about Raising your Deductibles
When you buy a car insurance online, you can choose a deductible, the amount you would have to pay before the insurance company picks the tab in the case of an accident or theft. Usually, if the deductible is lower, your annual premium is higher and vice versa. It is advised to check with the company how much your premium will get affected if you raise your deductible.
3. Consider Installing Anti-Theft Devices
Car owners can also reduce the premium costs by installing smart anti-theft devices like car alarms and tracking devices. However, remember to check that the savings are considerable enough to recover the investment of the device.
4. Insure Multiple Cars
If you’re insuring your vehicles for a business, getting insurance on multiple cars can save you a lot of money. On a personal front, you can get insurance for all family members and their cars together at a bulk rate as well.
5. Shop Around Every 2 Years
It is best to check for insurance quotes from other companies every 2 years so that you know if you’re paying the right price and can buy a cheaper insurance if it is available out there.
It is best to check for your car insurance online and compare prices and coverage thoroughly before you make your buying decision.