5 Ways To Lower Your Car Insurance Rates

Although it is compulsory to have car insurance, you do not need to pay more than required. By comparing some online quotes, and following these simple steps, you can drastically lower the amount you spend on your policy.

Step 1 – Accept higher voluntary excess and cut the risk on your policy. This will lower your premiums considerably. Let’s say the average excess for the car insurance company is $150, and you meet the first $250 of any claim, you will see your premiums being reduced. You will be rewarded with a discount as you are taking more of the risk. Take into consideration that you will have to meet the cost of any damage, whether it is a broken windshield or repair to bodywork after an accident.

Step 2 – By fitting security devices to your vehicle, you lower your risk together with your premiums. Many insurers require that you install Thatcham rated equipment to your car, with the minimum requirements being an alarm. If there is a lot of crime in your area, add some extra security. When you renew your insurance, security devices will ensure that you save money. It will also give you peace of mind, knowing that it is harder for your vehicle to be stolen.

Step 3 – Insurance companies will usually lower your premium if you do not travel more than 5000 miles a year.

Step 4 – Add a named driver to your policy. This may increase or decrease your rates, depending on the driving record of the designated driver. If you add a young driver, your premiums will be increased. However, if you add someone over the age of 30, you can save a lot. This will primarily be the case if the driver has a clean record, or is a female driver. Step 5 – Shop around, online and offline. This is how people save the most. Do not take the first best policy you see. For the same plan, there can be significant differences in the price you pay depending on the on the insurer you choose. Begin by comparing a few quotes online, take the best ones and contact those companies to determine if they can give you better quotes for your needs.

To summarize, next time you get quotes, don’t settle for the best one. Follow these steps, and you will almost be guaranteed to save on your future premiums!