How to Lower Your Car Insurance Premium

car insurance premium

When you call an insurance company to ask for a car insurance quote, the agent asks a few questions. They basically want to know you, where you live, where you work, your credit record… to assess your risk. You obviously can’t change certain factors they use to assess you, like your age, but you can change a few other things to reduce your risk. Here are six tips…

car insurance premium

6 Tips to reduce your car insurance

Everything is about statistics in insurance. Insurance companies allocate certain levels of risk according to the factors they use to assess you. This helps them gauge your likelihood of filing a claim. So, do these six things to reduce your premium:

1. Opt for a higher excess amount

A higher excess helps reduce your monthly premium. This is a great option if you’re a careful driver. However, if you have an accident the  amount you pay-in for repairing your car can be very high.

2. Install a tracking device on your car

Installing a tracking device helps lower your premium when getting a car insurance quote. This is because of the extra layer of security that you add to your vehicle. Even if you have insurance, you inform your insurer and request a revised quote once you have a tracking device installed.

3. Buy an “insurance-friendly” car

The car you drive can make a huge difference in your premiums. If you already have an expensive car, there’s not much you can do about that right now. However, keep this in mind the next time you decide to buy a new car. When you do, ensure that car is insurance-friendly. This means avoiding excessively expensive or sporty cars. These cars carry higher insurance charges. In fact, any car that can interpreted as a sports car will increase the premium on your car insurance quote.

4. Choose cars with multiple safety features

In addition to the price you pay for your car, you have to not only consider but ensure it has certain safety features. These features can help lower your car insurance premiums. The easiest way to go about this is to get a list of of all the safety features that can lower your premium on the car before buying it. Ensure that any car you purchase incorporates as many as of these features as possible. Some of the safety features include passenger and rear seat airbags,  a security system, and anti-lock brakes.

5. Move closer to work

When you apply for car insurance, one of the first questions they will ask is how many kilometers your daily commute is. It’s not surprising that the shorter your commute is, the lower your car insurance premium will be. This is because you won’t be on the road for long periods which reduces your chances of being involved in an accident. What’s more, moving closer to work also helps you save on fuel costs. The fact that your car insurance quote will be more favorable as a result should be an added incentive. In fact, the biggest discount happens when you have a work-from-home arrangement.

6. Take advantage of King Price multiple car discount and decreasing premiums

Because your car loses value the moment you take ownership and continues to depreciate every month, with King Price, you won’t keep paying the same premium every month. They offer cheap insurance that decreases to match your car’s depreciating value. What’s more, King Price offers multiple car discount. The more cars you comprehensively cover with them, the more discount you get .Now that’s a great way to lower your insurance premium.

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