It is a known fact that young drivers carry a high risk and thus pay a higher premium. However, here are 10 tips and tricks for saving money on car insurance. If you work and earn money, you would always appreciate it when you look at your bank account and see money there; money that you can always fall back on when you need it. Although it is relatively difficult to save money- especially if you don’t have enough, but it is indeed the noble thing to do if you earn money.
If saving becomes part and parcel of your life, you would always look for means to save money. Spending all the money you earn without something to fall back on is not a good way to live your life. One of the ways of saving money is to get a better deal on your car insurance. If you can critically look into your car insurance, you will notice that you can indeed save money from it. As a matter of fact, you can save a reasonable amount of money that will be enough for you to sort out some major expenses on your budget or ‘project to do list’.
If buying car insurance and saving money is your priority, then you would need to get certain information handy that can help you make informed decision on the type of insurance that may suit your financial status, as well as the company that could provide you with the best insurance cover for your State or Country. If indeed you want to save money on car insurance, here are 10 helpful tips that you need to take note of;
Saving Money on Car Insurance – 10 Tips & Tricks That Work
Table of Content
- Apply and Undertake Driving Test Organized by Insurance Companies
- 2. Compare Prices
- 3. Maintain a Clean and Good Driving Record
- Leverage on Your Family Insurance Company
- Know What You Want
- Research on the Available Car Insurance Companies
- Request for Quotes from Various Insurance Companies
- Evaluate Your Options before Making Your Choice
- Know When to Engage the Services of an Insurance Broker
- Maintain Good Behavior
Apply and Undertake Driving Test Organized by Insurance Companies
If you truly want to save money on a car insurance policy cover, you should apply and undertake the driving test organized by the insurance company that you want to buy car insurance cover from. Most insurance companies organize driving tests for young drivers to test their driving skills and knowledge. One good thing is that you can undertake this test online. The questions are basically about existing driving rules and regulations and about driving signs et al.
2. Compare Prices
Another important tip for saving money on car insurance is to get quotes of car insurance covers from different insurance companies and then compare the prices and the total packages. With that in place, you will be able to choose a cheaper car insurance cover and save money for yourself. It is a fact that there are insurance companies out there whose policy cover and premiums are cheaper than the average price in the industry. It is important to state that you need to critically examine such insurance policy cover so that it won’t be a case of penny wise and pounds foolish.
3. Maintain a Clean and Good Driving Record
Maintaining a clean driving record is yet another way you can successfully save money on car insurance. The truth is that you can actually save money on car insurance cover if you maintain a clean and good driving record. It is fact that if you present a good driving record to the insurance company that you intend buying your car insurance cover from, you may likely get a good discount and that would save you good money that you can use for other stuffs or paying some of your bills.
Leverage on Your Family Insurance Company
You can also get a cheaper car insurance cover and save money if you still live with your parents and it happens that they have an existing car insurance cover. What you need to do is buy your car insurance cover under your family’s name and from the same insurance company that your family has been dealing with. You will sure get a good discount, especially if your family has a history of good driving. This can only work for people whose parents are willing to vouch for them.
Know What You Want
In order to avoid getting confused with different car insurance policy covers that are available to you, it is very important that you make a decision of what you want. If you have a picture of the requirements you want from an insurance company; then you would be properly guided when shopping for a car insurance policy cover to buy.
For instance; if you know your car is a fairly used one or a low value car, then it pays you to know the kind of car insurance cover that can be economical for you. It would not be wise for you to buy the same car insurance cover that is ideal for a brand – new car. So, from the onset, make up your mind on what you want based on the amount you want to save; it could be comprehensive car insurance, or it could be a third – party insurance et al.
Research on the Available Car Insurance Companies
There are various insurance companies that sell varieties of car insurance covers. The wise thing to do as a newbie or someone who truly wants to save money on car insurance is to carry out research on all the available insurance companies in your state to know what their offerings are and their claims record. In case you don’t know, there are insurance companies that can subject you to delays when you make claims and that will cost you money. If you don’t want such scenario, then you must carry out proper research before making your choice.
Request for Quotes from Various Insurance Companies
The best procedure to follow to get a good deal and save money when you want to buy insurance policy cover for your car as a first timer is to request for insurance quotes from as many insurance companies as possible. With that, you would be able to know the various price categories of different kinds of car insurance cover, and then you would be well guided when making your decision.
When you are requesting for insurance quotes, if you are a teenager, ensure that you inform the insurance companies beforehand that you are a teenage driver; because some insurance companies provide discounts for teenage drivers and you might benefit from it and save money.
Evaluate Your Options before Making Your Choice
Evaluating your options before making your choice is another good way to save money when shopping for insurance policy cover. The truth is that once you know the options you have, the total insurance cover (i.e. Sum Assured), the Premiums required and the limit of the coverage, then you can now evaluate all these options based on the condition of your car and your financial status. If you do all these, you are sure to get a very good deal and save money from the car insurance cover you will eventually purchase.
Know When to Engage the Services of an Insurance Broker
Another good way to save money on car insurance policy cover is to know when to engage the services of an insurance broker. No doubt if it is your first time of buying a car insurance cover, you might get confused. If you know you can’t handle all the stress of shopping for a good car insurance cover, then it is advisable you engage the services of an Insurance Broker. Although you will be required to pay some charges for their services, but you can be rest assured that they can help you get a better deal.
Maintain Good Behavior
This is applicable to students and drivers under 25 who truly want to save money on car insurance. In the united states of America and in most countries of the world, you can actually save money on your car insurance policy cover if you maintain good behavior in school.
The fact is that if you have not been indicted of any unruly behavior in school and you have good testimonial from your school authority, then you must ensure that you present the testimonial as part of your supporting document when requesting for discount on your car insurance policy cover as a student or an under 25 driver.
There is a correlation between maintaining a good behavior and maintaining a good driving record. Insurance companies know that if you are known to be of good behavior at all times, then the risks of covering you as a student or an under 25 driver is low and they would be willing to lower your insurance cover and the premiums you are expected to pay.