As most drivers know, running and maintaining a vehicle can be very expensive. There are various costs involved with driving a vehicle, and one of these is insurance costs. When it comes to auto insurance, the cost of cover can depend on a range of factors such as the vehicle you drive, your driving history, your age, and the level of cover you choose among other things.
Some people find that cost of insurance their vehicle is crippling, and this can affect their ability to get behind the wheel and enjoy the benefits of being able to drive a car. The good news is that there are various methods you can use in order to bring down the cost of your vehicle insurance, and this can make a big difference to the amount you pay. In this article, we will look at some simple ways in which you can reduce car insurance costs.
Some of the Methods You Can Use
There are various methods that can help you to cut the cost of your insurance. This includes:
1: Compare Plans and Prices
One of the things you can do in order to cut the cost of your cover is to compare plans and price. You should compare costs from different providers, but also make sure you check the policies to see what is and is not covered. You can then find a suitable plan at an affordable price. Also check to see if you have to put any deposit down, as you can get car insurance with no deposit if you compare plans and providers.
2: Choose Lower Cover Levels
The cost of cover can also vary based on the level of coverage you choose. If you do not have a high-value vehicle, it is well worth considering one of the lower levels of coverage. This can cut the cost of your premiums significantly and means you can get a reasonable level of cover based on the age and value of your car.
3: Take Advanced Driving Courses
If you want to lower your insurance costs, you can do this by proving to the insurance company that you are a lower risk. One of the ways to do this is to take an advanced driving test, as this will then show that you are a safer and more skilled driver than the average insurance customer. This can make a big difference to the cost of your cover.
4: Fit a Dash Cam
You can also cut the risk of a claim by fitting a dash cam, which many people do these days. When you have evidence of who was at fault in an accident, it can make you a lower risk to the insurance company. This can then help to cut the cost of your insurance premiums.
5: Install a Tracker
Another thing you may want to consider doing is installing a tracker on your vehicle. This means that it can be more easily located and recovered in the event of theft, which then means you pose a lower risk to the insurance company. This can then lead to a reduction in insurance premiums because you are less likely to have to claim for theft.
6: Park in a Garage of on a Driveway
If you ensure your vehicle is always parked somewhere safe such as a garage of driveway, it can result in lower premiums compared to being parked on the street. This is because there is less chance of damage and theft when your vehicle is parked in a safe place that is less accessible to others.
7: Install a Car Alarm or Immobilizer
If your vehicle does not yet have an alarm, it is well worth getting one installed because this can help to lower the premiums on your car insurance. In addition to cutting the cost of your over, having an alarm can act as an effective deterrent for thieves and vandals. So, it will also provide you with greater peace of mind and protection.
8: Increase the Excess
If you want to cut the cost of your premiums, you can do this by increasing the excess on the policy. The excess is the deductible, or the amount you pay from your own pocket before any claim is paid out. The higher your excess, the lower your premiums will be. Just bear in mind that this means you will have to pay more from your own pocket if and when you make a claim.
9: Improve Your Credit Score
Your credit score can also impact your insurance premiums, so if your score is not all that great, work on improving it. Make sure you keep up with all your repayments and be sure to get your bills paid on time. Also, do not overload yourself with credit, as this can also look bad on your credit report and can reflect on your score.
10: Bundle Your Cover
Finally, you may be able to save money by bundling your cover with other types of insurance with the same provider. For instance, you can look at taking out auto insurance along with your home insurance, as you can then often get a generous discount when you have more than one insurance product.
These are some of the simple yet very effective ways in which you can slash the cost of your insurance cover.
