Do you recall the joy of owning your first car? I certainly do. It was my father’s old car, essentially a hand-me-down, but when I was a carefree youngster, none of that mattered. All that did matter was the thrill of road trips with friends and being the guy with wheels for the party. It epitomized freedom.
Yet, owning a car comes with substantial duties. Once you’ve purchased your vehicle and covered the required taxes, the next step is ensuring it’s adequately insured. Insurance isn’t just for your own protection and that of your vehicle, but it also safeguards other road users in case an unforeseen mishap occurs.
Just as critical is the need to save on your family car insurance without compromising on quality. Remember, with insurance, the value you secure corresponds to your investment.
Here are my top five strategies to help you save money on car insurance, enabling you to fully enjoy the benefits of car ownership while keeping any concerns at bay.
Drive Prudently
Driving is a skill that anyone can master, unlike activities like writing or drawing. It’s important to be diligent and competent before getting behind the wheel. The vehicle you’re piloting is a heavy, moving machine. Any demerits on your driving record could complicate or increase the cost of getting insured, so it’s best to observe all road rules, respect fellow drivers, and maintain safety.
Hunt for Online Deals
This is a strategy I truly appreciate, yet surprisingly, not many are aware of. If you’ve used discount platforms like Groupon, you’d know what I mean. Insurance providers often offer significant discounts for online sign-ups and applications since the process is more cost-effective. Increasingly, insurance companies are resorting to online platforms for promotional activities, understanding that the internet is today’s core battleground for business.
Weighing the Decision of Claims
The quandary of whether to claim or not could be challenging. My advice is to avoid claiming, specifically for minor incidents you can rectify inexpensively. Insurance providers who notice frequent claims on your record are likely to raise your premium. Consistently making claims year over year will do you no favors in saving money. Conversely, avoiding minor claims can earn you a no-claims discount (NCD), potentially cutting your premium by up to 50% if you remain claim-free for five consecutive years.
Selecting the Ideal Vehicle
During the phase when I purchased my first car, I diligently conducted weeks of research. I pored over crash test analyses, fuel efficiency figures, drive comfort studies, and more. I sifted through countless car reviews, seeking the perfect vehicle that met my requirements. Insurance companies categorize cars based on engine size and projected repair costs, causing a direct impact on premiums. Therefore, always verify the insurance rating of a model before making a purchase.
Ensure Safety
My car, endearingly named Eleanor, is always kept safe. I always choose the safest possible parking spot and have installed a high-end security system that incapacitates the engine when activated by an unauthorized key. Eleanor is also equipped with GPS tracking, and if the alarm sounds, she shoots me an informative text message. It’s crucial to clear any such additional security measures with your insurance agency before installation.
