Car insurance is mandated by the law for all automobile/vehicle owners regarding the various risks involved in owning and driving a car, e.g., the incidence of accidents, car theft/robbery, damage caused by natural disasters among other various ‘car-owned’ related issues that could come up at you unexpectedly.
Hence, securing car insurance in place is certainly of utmost importance and benefit to you as a vehicle owner.
However, expenses involved in insuring a car can be very high, daunting and unnecessary in most cases if you aren’t aware of the basics to get an affordable plan for your needs and category as a motorist (taking both personal & social factors into consideration).
It is therefore highly necessary to know how to get the cheapest and most easily affordable car insurance rates best tailored to suit your needs and also at the same time, avoid getting poor value in return from the insurer or trading off important coverages unknowingly for a supposed cheap car insurance policy.
How to Get the Best Cheap Car Insurance
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In this article, I’ll be taking you through all proven ways in ensuring your easy clinch of the cheapest car insurance premium available while also getting the best value for your plan.
First Things First, Know Your ‘Factors’.
Car insurance rates majorly depend on a lot of factors that present more risk to a particular vehicle insured. They include personal attributes such as your age and marital status, location, occupation, financial status, driving record and car type.
Global data statistics show that teens and elderly adults are charged highest among all age groups – younger drivers between 14-25 are expectedly charged higher as they’re inexperienced and are more prone to accidents and elder drivers from age 75 upward are also charged due to increasing health complications. Meanwhile, some States in different countries charge lower for married couples than for single individuals as the former are considered to be more responsible while driving.
Also, to be taken very much into consideration is your area of location as it is a very crucial determining factor in influencing car insurance policies on account of characteristics such as the population of area concerned, rate of accident occurrences, condition of roads and cost of living in the region. However, for occupations generally considered to be more demanding, a slightly higher premium rate than those less demanding is inevitable.
And while financial records such as your credit score influence your car insurance company decisions on setting cheaper rates, having a clean or near-perfect driving record i.e., no accidents, speeding/tickets history and insuring a cost-effective car will greatly increase your chances of getting a comparably cheaper car insurance rate.
It is therefore imperative for you to have knowledge of all these factors before proceeding on looking out for cheap car insurance rates as this will make your searching effortless and enable you to find the cheapest car insurance rate at maximum value.
Look Out for Car Insurance Discounts Based On and Outside Your Factors.
All insurance companies have discounts they offer their customers based on a wide range of criteria. According to Valuepenguin, there are five major types of car discounts ranging from driver safety, driver status, policy, vehicle car insurance discounts and usage-based discount programs.
Other discounts involve bonus points for some factors such as your good driving record taken into consideration, amongst others. It is thus, very important for you to be aware of these discount opportunities and take advantage of them to minimize the costs of getting a valuable insurance policy.
Expand Your Car Insurance Discount Opportunities
As explained previously, a very reliable method to finding cheaper car insurance quotes is by having multiple discounts on a policy plan. And the good news is that you can easily tweak the process by creating discount opportunities for yourself.
Sounds cool right? I mean imagine enjoying 5+ discount benefits all from a single car insurance company just because you played your cards right from start by undertaking all steps necessary to render you and your car of lower risk – it’s almost like you’ve succeeded in creating the system(winks).
Here are things you should have in place in order to increase your chances of getting a quality auto insurance policy for its best value:
Take a defensive driving course and obtain a certificate
- Acquire anti-theft devices with safety feature-benefit cars such as car alarms, GPS tracker, external car locks, airbags, etc. To safeguard against future theft and accidents occurrence and hence encourage the insurance company to give you a cheaper rate.
- Own a garage or an in-home safe parking space for your car – car insurance companies charge higher on cars that aren’t parked in safe places.
- Lay hold on no-claim bonuses.
- Add on a secondary driver who is much more experienced in driving than you are to convince the insurance company to give you a more affordable rate – for younger drivers.
- Ensure to gather clean and safe driving records to influence your insurance premium.
Efficiently Compare Car Insurance Company Rates and Pick the Best Option.
To determine the best cheap insurance car plans available for you at a specific period, always ensure to compare the rates from different automobile insurance companies.
There are several car insurance comparisons calculating sites on the net that you can simply make use of to get the cheapest affordable rates. Slim down your comparisons to 3-5 rates found and choose your preference.
Apply for a Black Box Insurance Policy.
Black box insurance is also known as telematics, it’s a type of technology that monitors car speed and mileage, drive durations and your general driving performance.
This will enable your insurance company to charge you on a pay-as-you-go basis and inevitably save you from paying high premiums as good driving performance gives you a cheaper car insurance rate.
Choose an Insurance Coverage Best Suited for You and Your Car.
There are majorly six types of car insurance policies options that you must familiarize yourself with in order to choose the best option needed to cover you and your car – Allstate explains the common car insurance rates policies that exist.
While searching through these plans, consider the risks you are most likely prone to and choose plans as appropriate.
You should however make sure you do not forget on cutting down unnecessary coverages like the personal injury protection policy if you already have a health insurance plan in place. This will prevent unnecessary expenses on your part and also ensure that you get adequate vehicle insurance coverage.
Consider Optimal Increase of Your Insurance Deductible.
A car insurance deductible is what you pay out of your own pocket on the incidence of damages before your insurance company covers the rest. The higher your deductible, the lower your payments on your insurance premium but you will have to be careful with this by considering the limits of your financial capability before raising your deductible.
Choose Paying your Car Insurance Annually or for a Specific Amount of Time to Reduce Cost.
Paying for your car insurance annually will save you mostly from compounded interest as opposed to paying monthly. Ensure that you can afford to pay the required amount before going for this option.
Check out Other Car Insurance Companies Periodically to Get the Cheapest Rate.
As your factors or risks change with time and circumstance, do not limit yourself to remaining in your chosen car insurance company as you can compare other best price options within a time frame and switch companies well due before your renewal date. Nevertheless in some cases, as regards the time of cancellation and other factors, you should be ready to pay a cancellation fee.
Make Enquiries to Know if You Can Participate in a Group Insurance Policy.
Some companies, groups or certain organizations employ a single car insurance contract that covers their whole members. Asking your boss or manager to know if there’s such a policy in place and taking advantage of it will improve your chances of securing a cheaper car insurance rate.
Smaller Insurance Companies Might Just be the Savior You Need.
Seeking out local companies with their offers is sometimes the best alternative to go for when looking out for lower risk rates. Make sure to not overlook this area.
Lastly, Check for Insurance Costs Before Purchasing That Car.
The general rule of car insurance policies on cars is that the bigger the size and cost value of a car, the higher your insurance rate will be. Hence, putting insurance costs into consideration before getting an expensive car is necessary.
CONCLUSION:
Now that you are aware of all the factors and ways to find and pay for cheaper car insurance, I’d advise you to drive safely at all times and also, endeavour to pay your insurance premiums on time so as to continue enjoying affordable policy rates and getting the maximum quality you deserve.
It is also necessary you understand why car insurance is important and why you need one for your car.
