How To Get The Cheapest Car Insurance
When you are arranging your car finance it's a good idea to check out car insurance at the same time
. Purchasing a new vehicle means making a large investment and trading yourself to monthly repayments for many years to come. But, when you think about it, the cost of the vehicle does not end after you negotiate the best price with the dealer. You still have to factor in ongoing maintenance costs, petrol and yearly registration before you can determine the total costs.Surprisingly, many people fail to factor insurance costs into the equation and this is a serious underestimation of your financial commitment. Insurance policies can vary by hundreds of dollars a year so it is vital to make sure you are getting the best deal.
Here are some tips on how you may be able to negotiate a cheaper insurance policy on your next vehicle.
Short trip discounts. If you only use your vehicle for short trips and you keep your average yearly mileage low, it is possible to negotiate a cheaper insurance premium with some insurers. Be careful however, because if the insurance company can demonstrate you have used your vehicle more than you claimed at the time you set up the policy, they can avoid liability.
If you combine your car insurance with other insurance like home and contents, you can benefit from multi-policy discounts offered by a variety of insurers. Always make sure you ask about this option and consider moving all your insurance to one company to take advantage of the discount.
Get to know your policy. Sometimes, a car insurance policy can overlap with your home contents policy and you may be able to avoid duplicate coverage by excluding certain elements. If you check out what is covered under your home contents policy you might save even more money.
If your car has a low market value you might consider whether you need insurance at all. For example if the car is worth only a few thousand dollars then for comprehensive insurance might not be necessary.
Change your excess. By increasing the excess you can decrease the cost of the policy substantially. Increasing the excess means you have to pay more when it comes time to make a claim, but if you can afford it take the highest excess you can and you will save on the premium.
Shop around. Every insurance company is different and what is cheap for one person will not necessarily apply to you. By obtaining several quotes you increase your chance of finding a lower price and saving money in the process. Make sure you are comparing apples with apples by listing all of your requirements before you obtain a quote and make sure the quotes you receive are for the exact same cover.
Just reading over these points makes it easy to understand that car loans are not the only thing you should be looking at when purchasing a new vehicle.
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