If you are looking to get a great motor insurance plan this New Year at a great price, we have some very useful tips for you. You would be happy to know that there indeed are ways in which your car insurance premium can be reduced. Read on to know more.
Tips to save on car insurance
- Choose a good plan: You need to start off by choosing the most appropriate motor insurance plan for your car. These plans are available under two categories – third party cover and comprehensive cover. Go through the features of each plan and see which one suits your requirements. If you choose an incorrect type of cover, you will end up paying money unnecessarily.
- Compare: When you calculate car insurance premium online, you must also compare. Comparing shows you the different plans on offer. This helps you to choose the correct cover at the best possible price. You therefore end up with some very handsome savings.
- Review the riders: This hold especially true for a car insurance renewal. When renewing your plan, look to adjust your riders. Check your existing riders to see which ones you actually need and which are redundant. Every rider comes at an added cost, so dropping a few (that you don’t require) may help you save money on your premium.
- Calculate your IDV:As your car ages, it depreciates in value. And since the objective of a car insurance plan is to cover the vehicle’s current value, the IDV plays a crucial role. The lower the IDV the more likely you are to get cheap car insurance quotes or premiums. It is in your best interest to ensure your IDV is accurate and not undervalued. Undervaluing your car’s IDV can result in cheaper premiums but can cause significant problems when you claim.
- Check for the no claim bonus: If you have some no claim bonus in your kitty, make sure you get the correct discount on your premium. This discount will help to bring down the premium cost considerably.
- Join an automobile association: If you haven’t joined an automobile association yet, do so without any further delay if you like the benefits. Once this is done, you can expect to get a handy discount on the premium of your next car insurance cover. Sounds interesting, doesn’t it?
- Install safety features: This is another great tip for you to save money when you go in for an online car insurance renewal. Just install an anti-theft device in your vehicle, communicate the same with your insurer, and see a drop in the premium rates.
- Go for digital-first insurers: Digital-first insurers offer low-priced car insurance policies. And in doing so, they do not compromise on the cover.
- Look for deals: When you opt for an online car insurance renewal, make sure to check out the various deals and discounts on offer. Many insurance companies have such deals during special occasions like New Year. So, make use of these deals to lower your car insurance premium costs.
- Adjust your deductible: Last but not the least, you could actually save a lot of money on your car insurance costs by adjusting your deductible. If you are confident of your own driving skills, opt for a higher deductible. This will automatically lower your car insurance premium rate.
The bottom line
Once you take care of these important measures, you will surely see a reduction in your car insurance premium. So, follow these tips and see how you can save money when you calculate car insurance premium online in 2019. Get a good plan at a good rate and you will be sorted for the rest of the year.