Learn 10 Tips Towards Lower Insurance

Below are ten tips on how to lower the costs of car insurance premiums.

1) Think Before Buying

Research any insurance costs applicable to a year, model, and make of a vehicle before you buy anything.

2) Reduce Your Coverage

Think about dropping anything called fully comprehensive insurance in favor of third-party theft and/or fire, since that’s typically much cheaper. It’s not actually an option for everyone, but if you can, it’s worth considering, especially if your car is only worth a few thousand or less. Young drivers might unfortunately only have this option and have to deal with the costs of high premiums, although once insured, you could start building up your discounts for no claims.

3) Do Not Modify Your Vehicle

Every change means more added costs that you run the risk of accumulating.

4) Raise Your Excess

Have you gone accident-free for multiple years? According to Money Expert you might be able to raise your excess in order to reduce the total premium you are obligated to pay.

5) Inquire About Available Discounts

You might wind up paying less based on your age or lack of accidents. Some insurance providers offer discounts for the completion of advanced driving courses. When you prove you are maintaining your skill and education about driving safely, you get rewarded with discounts towards your insurance coverage.

6) Reconsider Paying Installments

When you pay your entire premium in one lump sum, it’s going to prove cheaper than paying in stages since you’ll avoid finance charges for the individual installments.

7) Shop Around To Collect Insurance Quotes

The more you get, then the better your odds are of finding the cheapest possible quote. Remember you need to compare all your insurance quotes against each on a similar basis; that is, make sure the quotes are for identical coverage so you’re comparing apples to apples.

8) Park As Safely As You’re Able

The more safety your car has at night, the more happy you’ll make your insurance provider. In some instances, there might even be discounts.

9) Keep Your Vehicle Value Realistic

When most drivers are asked to value their car, they usually have a heavily inflated price in their head. You need to keep in mind that if an accident happens, your insurance company is only going to pay out to your the actual market value of the car at that time.

10) Cut Down On Your Annual Mileage

The more miles you put on the car, the more of an actual risk you present the insurance company. Track or estimate your mileage and see if you can get lower premiums for lower miles.