How,Cut,the,Cost,Car,Insurance finance, share, loan How to Cut the Cost of Car Insurance?
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However, due to the rising cost of vehicles and the litigious nature of our society, auto insurance costs continue to rise with each year. Unfortunately, these prices won’t reduce any time soon. However, there are some simple things you can do as a car owner to reduce the burden on your wallet. We bring you some factors that can lower your driving dollars. 1. Compare Insurance Costs Before Buying a CarNormally, car insurance rates are based on the car’s pricing, the average cost to repair it, safety features and the likelihood of theft. A lot of insurers offer discounts on cars that reduce risks of theft or injuries, giving you a chance to lower your premiums. Your insurance Broker will compare against several insurance companies.2. Limit the Number of People Who Can Drive Your CarThe more people you cover under your policy as drivers, the more your insurance will cost. Especially if you have included your kids in your policy, make sure to remove them once they get their own insurance as young drivers can be particularly expensive to insure. 3. Protect Your No-Claim BonusEvery year that you don’t have a claim on your insurance, you get a no-claim bonus. The maximum bonus depends on your insurance company but for a duration of 5-8 years, it can cut down about 80% of the cost. You can protect this bonus for a small fee and cut down your future costs for bigger savings in the long run. 4. Consider a Black BoxThis may be something most people haven’t heard of but an insurance company will install a device in your car that can help them monitor your driving patterns and reward safe drivers. Your insurer will adjust your premiums based on your driving quality and the number of times you use your car. 5. Drop Unrequired CoverageThis can be a little tricky as you can’t predict when or how an accident will occur. However, if you’re driving a really old car whose value is lesser than the collision coverage cost you are paying, it may be wise to drop the additional cover. You should speak to your broker to understand what coverages are unnecessary for your individual driving patterns and car type to save premium costs.6. Keeping Your Car in a Safe Place If you have a garage or a driveway, always choose to keep your car there rather than parked on the road. This can help you save 5 to 10% on your insurance premium costs. 7. Pay Annually If You CanIf you can afford it, try paying your premiums annually as it can save you some dollars. When you pay monthly, you’re essentially taking a loan from your insurer which can be a costly affair. 8. Compare, Compare, Compare Whether you’re buying a new policy or renewing your existing one, it’s always recommended to compare quotes from at least 5 insurance companies. Many times, there are cheaper policies with better coverages available, giving you a chance to save a lot more on your insurance. Auto insurance prices will continue to rise in the future. By being aware of how to save on your premiums, you can always drive in the direction of affordable insurance.
How,Cut,the,Cost,Car,Insurance