If you feel you can’t afford insurance on your car there are several things that you can do to reduce the premium but still get the same amount of cover. Small changes in your day-to-day life can make a big difference to your premiums.
Adding a car alarm and or vehicle tracker can reduce your premiums. Some insurance companies insist on a tracker to insure your vehicle. You don’t need a bells-and-whistles system that will heliport a crew of Navy Seals into the theft zone, a run-of-the-mill system should do the trick.
Most vehicles decrease in value every month. It is important to ensure that you are not paying to insure a brand-new vehicle when you’ve been driving it for five years. Many people assume that the market value is automatically amended but in most instances, that is not yet the case. However, if you want to get the same quality vehicle in the case of theft or damage, then stick to the higher premium.
If you have more than one vehicle consider insuring them all with one provider. The financial benefits can be substantial. You can also bundle your homeowner's insurance into the deal for further discounts.
While it’s great to have a free rental car if yours gets stolen or damaged, having this service can push up your premium. If public transport is an option or you have a friend you can carpool with leave out the rental car.
If you can afford it, rather pay for small dings and dents from your own budget. Frequent claims will affect your premiums.
You can increase your excess to reduce your premium. The excess is the amount you pay towards your claim.
Finally, always be truthful, misrepresenting a situation can result in your cover being withdrawn and this makes it difficult to get cover in the future.
The Hollard Insurance Company. Ltd (Reg No 1952/003004/06) is an authorised Financial Services Provider.
