How to Save on Vehicle Insurance Premiums
Here are some tried and tested ways in which you can get the best deal on vehicle insurance. Always make sure you provide the correct information: Remember, being truthful about facts could be one of the easiest ways of bringing down premiums by almost 10% to 30%. So, never consider faking facts when you fill up your car insurance form.
Choose your make and model wisely: It is indeed true that your premium could depend on the model and make of car that you own. Some makes and models are considered to be more accident prone, on the basis of past performances. Therefore, these could be entail higher premiums than others. If you haven’t purchased your vehicle yet, it is a great idea to check out this aspect before choosing your car.
Profession and gender: In some cases, the gender of the driver may also matter when deciding on premiums for car insurance policies. Some insurers may consider women as better drivers or vice versa. Often, the profession of the owner may also be considered. For instance, if the vehicle belongs to an office-going professional, it is assumed that the car will be used for commuting to work and back. However, if the car belongs to a sales and marketing professional, it could be assumed that he will use it for traveling to his customers, far and wide.
The no claim bonus: For each year that you do not claim any repayment, your insurer rewards you by giving you a no claim bonus. The percentage of discount increases every year. Sometimes, the discounts for no claim on your vehicle insurance can amount to almost 50%. You can even opt to transfer this bonus to another vehicle, as long as it is insured by the same company.
Voluntary Deductibles: Voluntary deductible discounts are offered by insurers and this can sometimes be as high as 35% of the vehicle damage premium. This is an option that can be considered when a customer wishes to opt out of minor damages and petty claims and the insurer in turn pays up in excess of the voluntary deduction limit. The premium on your vehicle insurance policy can be brought down significantly by making a few smart moves. Besides assessing online deals when purchasing insurance, make sure you read all the terms and conditions carefully before making a final decision.