subject: Car Insurance Is Not An Optional Extra [print this page] Car Insurance Is Not An Optional Extra
It's funny how we have no issues with paying all our bills every month. We have no problem paying our mortgage installments, as we know that without that we won't have anywhere to stay. We don't mind paying our clothing accounts, without that we won't not be able to buy fancy clothes each month. Even paying our electricity accounts happens with not too much of a grunt and groan, because let's face it, we are lost without our hot water and televisions!
Why are so many of us complaining each time we have to make a payment for car insurance?
Not many of us have the privilege of being able to buy a car cash, and then if something happens to that car, simply shrugging it off and buying a new one! For that reason, we need car insurance.
You do not have to spend a small fortune on your car insurance policy. If you're part of the group of people complaining about having to pay your car insurance each month, have a look at the following and see how much you can actually save on your monthly premiums!
The cheapest type of insurance that you can purchase is third party insurance. In the case of you causing an accident, you will be liable for the other party's expenses. You will have to cover the repairs to their car, or in the case of a serious accident, you will be responsible for replacing the car! You can put in a claim against third party insurance when this happens. This type of insurance will however not cover your own damages and expenses and are usually taken out on older or less pricey cars.
Insurance policies usually have an excess amount. This is the amount that must be paid in case of a claim, and is not covered by the insurance company. If you opt for a policy with a higher excess amount your premiums will be lowered accordingly.
If your car is fitted with added security, such as an immobilizer, alarm and tracking device, remember to mention this to your insurance company.
Shop around on the internet. Some companies offer discounted rates for policies bought over the internet. Going this route is also very convenient as you can compare anything from 3 to 5 policies in a matter of minutes.
Some insurance companies will lower your premiums if you've done an advanced driving course. This will also make you a safer driver on the road as you are taught how to handle the car in unusual situations.
By paying your insurance monthly, you are of course paying a lot of interest. The same as with any other account, you are charged interest on the total outstanding amount. If it is possible, pay your insurance for 12 months upfront. You will be saving a lot of interest and might even be offered a further discount on your total policy price.
Don't be labeled as a "bad payer", make sure that you look after your credit record! By missing installments on your accounts or by frequently making late payments, you can very easily be regarded as a high risk client. The bad news is that it will take forever to clear your credit record again.
So stop complaining about your car insurance! Rather rest assured that you are covered in the case of an accident or other emergency.
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