HomeMoneyInsurance & Legal

Cutting Costs on Car Insurance 


2nd Mar 2020 Insurance & Legal

Cutting Costs on Car Insurance 

There is no doubt that we benefit in many ways from having our own car. When you drive your own vehicle, you have the freedom to go where you want when you want rather than having to rely on public transportation or ask for rides. It gives you more freedom in terms of your personal life as well as your work life.

However, there is a downside to driving, and this is the cost associated with car ownership. Of course, you need to find money to purchase a vehicle in the first place, but then you have ongoing costs such as filling up the tank, repair work and servicing, and car insurance. When it comes to the latter, some people pay a fortune in premiums, but there are ways in which you can save money. We will look at some of the methods to cut car insurance costs in this article.

How You Can Make Savings

You will find car insurance available to suit all types of drivers and vehicles and to suit a variety of needs these days, so finding the right policy shouldn’t be a problem. Keeping costs down, however, can be challenging, but these tips can help:

Purchase Online

These days, people go online for all sorts of things: to stream content, socialize with friends, shop, and even find criminal records information. Many also turn to internet technology to find the best deals in car insurance, and there are some great deals to be found online. By making use of internet technology, you can access excellent deals on car insurance , so you can get the protection you need with total ease and convenience.

Find the Right Level of Cover

Another thing you should remember is that the cost of your coverage will vary based on the level of protection you choose. If your car is old and not worth much, it is best to go for more basic cover, as this will cost far less. However, if you have a high-value vehicle, going for a comprehensive coverage plan is financially more viable. Otherwise, you will have to pay a fortune if and when an incident or accident occurs.

‘Remember to be completely honest in the information that you present to the insurance company’ says Autowise.  ‘If your car has been modified in any way it is vital that you make it known as well as any medical conditions that you may have, your marital status and what you are using the car for.  If you are seen to be dishonest, this can lead to the company not paying out on future claims and at worst, a fraud case made against you’.

Make Sure Your Vehicle Is Protected

When your vehicle has proper security protection in place, it is far easier to get cheaper insurance because you pose less of a risk to the insurance company. With this in mind, it is well worth investing in a good, professionally fitted car alarm as well as additional features such as a dashcam and tracking device. This means you can slash the cost of your cover considerably.

Park Somewhere Safe

Your insurance costs can also be affected by where you park your vehicle when it is not in use. You should try to park in a safe place such as a driveway or garage when you are not using the car, as this will provide better protection.

All these things can help to lower the cost of your car insurance.

Keep up with the top stories from Reader’s Digest by subscribing to our weekly newsletter.