How To Get A Good Deal On Vehicle Insurance

It is a given that vehicle insurance is a necessity these days what with the number of cars on the road, and the insurance industry has grown accordingly. The proliferation of vehicle insurance packages available on the market can make it difficult to find the one that best suits your needs, not to mention the time it could take you to find the right quote. But do not despair as it is possible to get a good deal on vehicle insurance.

If you are female, you will automatically pay less on your vehicle insurance premium than a man because men are considered by insurance companies to be a higher insurance risk. Drivers younger than 25 can also expect to pay a higher premium for a similar reason. Sex and age are factors beyond your control but there are still a number of other things you can do to get a good deal on vehicle insurance. Begin by assessing how much you use your car. If you don’t spend much time driving, then it is advisable to consider an insurance package where you pay per kilometer. Obviously, you will have to pay some sort of premium but it should be minimal. You can control how much you pay over and above the premium by setting the number of kilometers you think you will drive in a month.

You should also reassess your car insurance yearly. A car is a depreciating asset and insurance companies usually insure vehicles at market value which decreases with each year that a car ages. It is important to get your insurance company to reduce your premium accordingly otherwise you will continue to pay the same premium on a car that is continually devaluing and that you will get less for if you should need to claim. If you are insured for retail value then you are likely to get back more or less what you paid for your car if it is stolen or written off but this will require you to pay a higher premium. Raising your excess level is another way to decrease your monthly premium but this is a double edged sword as you must be sure that you can pay the higher excess further down the line.

Be a safe and careful driver and you may not have to claim for a number of years. Many insurance companies offer incentive schemes whereby you get cash back or your premium is reduced if you have not claimed for a number of consecutive years. Accidents are sometimes unavoidable, particularly if it’s not your fault, but if you are fortunate enough not to be involved in an accident for a few years, then getting a premium reduction or cash-back is a nice bonus, so be sure to check if the company you go for offers something like this. It may not be an upfront reduction but it amounts to a saving on your premium in the long run. Limiting unnecessary claims for minor dents and scratches can also help you preserve your no-claim status.

Another way of getting a good deal on vehicle insurance is to combine your auto insurance with another type of insurance like household insurance and insure with the same company. This can be cheaper than using a number of individual insurance companies because companies sometimes offer loyalty incentives to clients for designating them sole insurance provider.