The Ultimate Guide to Lowering Your Car Insurance Costs
3 min read
If you’re like most people, you probably dread the thought of paying for car insurance. It’s one of those necessary expenses that can quickly add up, leaving a dent in your budget every month. But what if we told you there are ways to save money on car insurance without sacrificing coverage?
In this blog, we’ll share some expert tips and tricks to help lower car insurance premiums and get you on the road to serious savings.
Put the brakes on car insurance premiums
Finding the best possible car insurance premiums doesn’t have to be complex. In fact, with just a few straightforward tips, you can lower your premiums without hitting any bumps in the road. So let’s get you started:
1. Raise your deductibles
Raising your deductibles is one of the simplest ways to lower your car insurance premiums, and it’s a strategy that many overlook. But what exactly is a deductible, and how does it work?
A deductible is an amount you pay out of pocket before your insurance coverage kicks in. For example, if you have a R5000 deductible and get into an accident that causes R10 000 worth of damage, you’ll pay the first R5000, and your insurance will cover the remaining R5000.
By raising your deductible, you can reduce the amount of money your insurance company has to pay out in the event of an accident, which translates into lower monthly premiums. Of course, you may have to reach further into your pocket upfront; but you will save money in the long run.
2. Consider taking an advanced driving course
Many insurance companies recognise that drivers who have received additional training are less likely to be involved in accidents. As a result, they offer discounts on insurance for those who have completed advanced driving courses.
To qualify for the insurance discount, you’ll need to complete an approved advanced driving course and provide proof of completion to your insurance company. The discount amount can vary, but it’s common to see savings of up to 10% or more.
An advanced driving course will not only allow you to get lower insurance premiums but also make you a safer and more confident driver, which can help you avoid accidents and reduce your risk on the road.
3. Question the car you drive
Believe it or not, the car’s make, model, and age can factor into how much you pay for insurance. If you are looking for ways to lower your insurance costs, it’s worth considering the car you drive.
For example, newer cars often come with advanced safety features, such as airbags, anti-lock brakes, and backup cameras, making them safer to drive and reducing the risk of an accident. As a result, insurance companies may offer lower premiums for these vehicles. On the other hand, older cars may lack these safety features and can be more expensive to insure, as they are more likely to be involved in accidents.
4. Shop around for quotes
With so many insurance companies and options available, it can be overwhelming to know where to start. But, by comparing quotes from different providers, you can find a policy that offers the coverage you need at a price that fits your budget.
But that doesn’t mean you have to spend hours on the phone or trawling through various websites to find the best quote. Instead, You can take advantage of Spot Money and our partnership with Hippo right now.
By using Spot, we can help you source up to 11 quality car insurance quotes in under 2 minutes and present them side-by-side for you to compare. This means you can easily compare coverage options and pricing from multiple insurance companies in just a few clicks.
Save time and score big on car insurance deals. It’s a win-win.
Put your foot down on insurance premiums
As you have established, there are many ways to lower car insurance costs and find a policy that fits your finances. From raising your deductibles to shopping around for quotes, taking an advanced driving course and choosing a car with advanced safety features. Don’t settle for overpaying on insurance – take control of your coverage and find the policy that works best for you.
The content provided in this article is provided as general information. It is not intended as nor does it constitute financial, tax, legal, investment, or other advice. We accept no responsibility from any loss arising as a result of your reliance on information contained in this article, any related communication or on our app.