There’s a lot to consider when taking out car insurance. How much of the repairs will your insurer cover in the aftermath of a motor accident? Is your insurance policy comprehensive enough to cover minor repairs like dents and scratches left by hail stones or runaway trolleys? But at the end of the day, you want to be sure you can afford your monthly premiums and expect your insurer to go the distance should your car need repairs. In this article, we look at how you can save money on your car insurance by knowing how to calculate the costs of your car’s requirements and make sure you get the best car insurance for your lifestyle.
How To Get The Best Deal On Your Car Insurance
Know what your car needs
You know better than anyone how your car handles on (and occasionally off) the roads. And you’re a pretty good driver. It’s the other people’s driving you have to worry about. If you’re shopping around for car insurance with this in mind, you would probably want a more comprehensive car insurance to protect your wallet from the consequences of car accidents, theft, or third-party cover.
However, if you don’t want to spend too much on your car insurance, but still want protection against damages to other people’s property, then a third-party policy alone should do the trick.
Lower premium vs lower excess
Not all premiums are created equal. More often than not, they are accompanied by some excess amount that you’re required to pay in. When an insurer offers you a lower premium, chances are that you’re expected to pay a higher excess to cover the remaining repair costs.
Cover for Market vs Agreed value
Should the worst happen, and your car is written off in an accident, how much would you want paid out to you? The answer to this question can also play into your car insurance quote.
Choosing to be paid out according to your car’s market value means your car would be cheaper to insure, but it might not be worth as much on the “market” as you’d like. That said, this is the standard arrangement of many car insurance providers.
If you decide to insure your car according to its agreed value, you would know exactly how much you’d get out after an accident. Just know that you would be paying considerably more year-on-year than a policy based on your car’s market value. You could always choose to insure your vehicle for less than its market value, but your insurer would likely insist on a valuation process nevertheless.
Buy in bulk
It’s not secret that finding cheap car insurance becomes easier if you get it from the same insurer that provides your household insurance or life or funeral cover. If your insurance provider does offer car insurance as well, try asking them for a discounted rate on a new car insurance policy.
Shop around
Rome wasn’t built in a day and you won’t find the best car insurance for you straight away either. The best thing to do is to request quotes from multiple insurers and compare their offerings. Websites like All Things Motor can help do the legwork for you, by helping you find the best car insurance quote for your budget.