Car insurance is very important for the vehicle owners because it provides financial protection against loss in case of accident or damage. Therefore, it is necessary to buy car insurance policy. In this post we are going to discuss some strategies that helps to lower car insurance premium without sacrificing important coverage.
Proven Tips To Save Money On Car Insurance Premium
Here are some tips that can helps to save money while buying auto insurance policy
1. Make Comparison
There are different insurers providing car insurance services in the market. They offer different rate for same coverage. Consult independent insurance agent and find the best deal for you.
2. Increase Deductible
Requesting for higher deductibles is another smart way to lower car insurance premium. But you should have enough money to cover deductible in case of claim.
3. Reduce Unnecessary Coverage
Car insurance premium can be saved by reducing unnecessary coverage. We can drop comprehensive coverage for old vehicles. A car owners can eliminate other optional coverages to save money on premiums.
4. Bundle Different Policies
Insurance companies provide substantial discount if we combine car insurance with other insurance policies such as home or renters insurance. So, buying homeowners and car insurance from same company helps to save money on premium.
5. Try To Take Benefits Of Discounts
Insurance companies offer several discounts such as installing anti-theft device in the car, low mileage driving discount, good student discount, long-term customer discount etc. to attract the customers. These discounts also help to reduce car insurance premiums.
Also Read
Advantages and disadvantages of auto insurance
Factors to consider when buying car insurance policy
Difference between comprehensive and third-party car insurance
Advantages and disadvantages of third-party car insurance
Advantages and disadvantages of comprehensive car insurance
6. Choose A Vehicle Wisely
Insurance premium is based on the model, design and the price of the car. So, try to compare insurance quotes before purchasing the vehicle. Premium for luxurious, and newer models will be higher than cars with safety features and sensors.
7. Make Advance Payment
Upfront payment of premium helps to lower your cost than paying on monthly basis. Insurers provide substantial discount (up to 20%) if the premium is paid annually in advance.
