Maintaining a car costs a lot of money. You have to buy fuel, pay for insurance and pay for repair costs every time you take it to the mechanic. These costs can at time leave your pockets empty. The good news is that it is possible to reduce the cost of maintaining your car by reducing your car insurance premiums. This can be done using the following strategies;
1. Select the right policy
The biggest mistake that most people make is choosing an auto insurance policy that does not suit them best. Select the insurance policy that right for you. When you choose a wrong policy, you end paying large premiums for extras that are irrelevant to you. If you own an older car or a less valuable model, consider taking a third party theft and fire policy. A comprehensive cover is suited for new and expensive cars.
2. Insure multiple drivers and cars
Add other people to your insurance policy to cut costs. Insurers usually welcome this move if the person you are adding is an experienced driver. This will help to reduce the amount of premiums that you pay every month. If you have more that one car, insure it with the same insurance company. This is because you will get a better deal when you bring more to the insurance company. This tactic is used by many parents to young drivers. Talk to your agent/auto insurance company to know if the person you want to add to your policy is qualified. Generally speaking, most insurance company allow this type of arrangement only if the driver that you want to include in your policy lives with you in the same residence or if he/she is related to you by blood.
3. Take your time to shop around when looking for auto insurance
Do not settle for the first insurance company that you bump into. Shop around to obtain quotes from competing auto insurance companies. This will help you find cheap car insurance that best suits you. However, do not jump into the cheapest deal without checking the insurer’s credit worthiness. If you don’t check, you may end up taking a policy from a company that will not pay your claim when you need it..
4. Pay your premiums in full
Paying for your annual cover at once is cheaper than paying premiums on a monthly basis. This is because when you pay for a whole year you avoid the monthly installments and the bank charges that you will incur if you decide to pay for your cover monthly.
5. Install anti-theft devices
Install anti-theft devices and tell your insurance company about it. This can help to lower the amount of premiums that you pay tremendously. Before installing anti-theft devices, ask your agent/insurance company to recommend specific anti-theft devices that can lower your premiums.
6. Maintain a clean record
Your record is obviously one of major factors that is considered when determining the cost of insuring your car. A driver that has been involved in many accidents or that has committed many traffic offenses will definitely pay more premiums than a driver who has a clean record. Therefore, try as much as you can to maintain a clean record.