How to Cut the Cost of Car Insurance
How to Cut the Cost of Car Insurance, When I was 17, I wanted to own a Ferrari and live life in the overtaking lane. Even though I could afford the car, I could not afford the insurance to cover it. As a 17-year-old, you are completely new to the automotive world, and statistically speaking, you are more likely to make an insurance claim.
Mixing powerful cars with inexperienced drivers is not something car insurance companies are super-eager about, the chance of an injury shooting through the roof with the price of the premium after it. When you are young and inexperienced, buy a low-powered, low-value car to try to keep your car insurance premium to a minimum. If it is worthless, it will cost less to repair/replace when you plunge it down in your youthful abundance. How to Cut the Cost of Car Insurance.
The same logic actually applies to everyone, the lower the value of the vehicle and the lower the car insurance will be in most cases. Sports and premium cars will always cost more to repair in an accident, so the insurance reflects this.
How to Cut the Cost of Car Insurance, New cars now have countless anti-theft and driver aids that in many cases will help reduce the cost of insurance, so keep an eye on the specification sheet when looking at a new car. A good rule of thumb is that less desirable and cheap cars are cheaper to insure.
Age is a concern
I mentioned it above and it can be repeated. In general, the younger you are, the higher your car insurance premium. This is due to inexperience and the youthful belief that bad things will never happen to you. The statistics say otherwise, which is often a shock to an unsuspecting young motorist who ends up in an accident and wonders how it happened to him. How to Cut the Cost of Car Insurance.
Driving experience and age are usually linked, and this leads to a method of reducing your Insurance Premium – No matter what age you are, you will benefit from advanced driving courses, and many car insurance companies offer discounts on these qualifications. It may only be a 5-10 percent saving for the course, but for a £ 1000 prize it is worth having the savings and it will stay with you for years so it should be a good investment, not to mention do you to a better driver.
Keep adding to the no-claims bonus
The more years you can accumulate without making a claim, the better, as most car insurance companies will offer a discount on your insurance for this. You effectively prove that you are a good business to have, and because you have not made any demands, you are a good risk for them to draw. How to Cut the Cost of Car Insurance.
How to Cut the Cost of Car Insurance, You can do nothing but keep your nose clean and not make a claim. If you own a low-value vehicle and dents on it, you will be advised not to make a claim for hull insurance because it would reduce your bonus without claims, probably for a small amount of money, and you may even end up with pay mostly depending on deductible.
In that case, provided you have not caused damage to other vehicles or property, you must keep quiet, repair it yourself, and your savings on a damage-free bonus will be sweet the following year – with time when you have built up three or more years no-claims bonus, you can actually protect your bonus, which means that even if you make a subsequent claim, you will not lose your bonus.
Belief is not cool
If you are a teenager in the inner city, an ASBO can be a sign of honor. However, insurance companies are less impressed with judgments, so it is best to avoid them if you can. Minor speeding offenses are certainly not in the same category as serial killers, so if you have a few points, it will not be the end of the world or have a big impact on your premium depending on the insurance company. How to Cut the Cost of Car Insurance.
If you have a garage, use it
How to Cut the Cost of Car Insurance, What are garages for? If you ask the average person, they will probably say for storing all the kids’ toys, home gym, bikes, the freezer, and the dryer. I have news for you all; The garage is designed to house your vehicle when you are not using it.
The fact that it puts a physical barrier between any opportunistic thieves and your car is a really good thing, and car insurance companies will recognize this and reduce your premium if you park in a garage overnight. Using your garage will save you money; it does not get easier than that.