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How to Influence your Car Insurance Premiums

Updated on March 12, 2011

There are very many factors that affect the premium for your car insurance, some of which are within your control and others which are out of your control. The following are some of the key variables that are under the control of a car insurance premium holder, variables that you can take advantage of to reduce your premiums.

  • First and foremost, you might want to consider consolidating all your insurance policies under the same insurer. If you have a home insurance, life insurance and/ or several cars, if you use a single insurer, you can get a ‘bulk buy’ discount thus save considerably on what you will end up paying.
  • Installing car security devices will also give you savings on your auto insurance premiums. Be advised though that as technology advances, the quality of security devices gets compromised as the thieves become more advanced. So you ought to advance with technology.

  • One important factor to car insurers is your car park. Where you park it at night really matters and will determine how much you will end up paying in premiums. If you keep your car locked in a garage at night, most insurers will reward you with a low premium than a car left parked on the street as it is more vulnerable to theft.
  • Today, most car insurance policies are bought and sold entirely online as it is more convenient and affordable for both parties. As a result, some insurers extend a 10-15% discount on all purchases made online, so you can take advantage of that too and save up on what you will eventually end up paying.
  • A great way you can reduce your premiums is by agreeing to pay a higher excess on every claim you make. This is because you will be reducing the legal responsibility of your insurer thus they will extend a lower premium to you.

  • The slower and cheaper your vehicle is the more reduced premium you will get. Thus if you are planning on purchasing a new vehicle, ensure you fully consider the total cost of insurance. Buying the car could not be a big problem, but will you be able to maintain and run it?
  • One thing that greatly influences the general cost of car insurance is your location. The risks of car theft are always a great concern for car insurers. Thus, if you live in an urban area prone to theft and stuff, you will end up paying more than someone living on the countryside.
  • Another great way to control your car insurance premiums is by having a limited annual mileage. Be advised though that when you surpass the limited number of miles, you will fall out of insurance.
  • Save your no claim discount for a ‘rainy’ day by avoiding making a small claim on your policy. Normally, after a set number of years, typically 4 or 5, your insurer will often offer you the option of paying an extra small premium to cover your no claim bonus. This can come in very handy if you afterward end up having an accident. 

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