Insurance – Make it work for you!

So, you’ve bought your dream car. Now what? 

Before even driving your car off of the dealership floor, you’re going to want to insure it first. If you’ve financed the car, then this will be a prerequisite anyway. 

Insurance, while some may see it as a grudge purchase, is an important financial safety net should something ever happen to your car, but the premiums are not always a welcomed expense. Having said this, there are ways you can qualify for a lower premium and we’ve listed them below for you. 

  • Shop around 

Insurance premiums vary from company to company so it may benefit you to shop around and get quotes from different insurers and then compare costs and benefits to find the best option. This is where Insurance Brokers come in handy. They’ll source quotes from a number of different insurers for you, taking out the hassle and finding you the cheapest option, best suited for your risk. 

  • Include your household insurance 

Most of the time, you can benefit from a better premium if you include your household cover under one policy, as well as any additional cars and cover you need (i.e. commercial insurance). So, bring all of your insurance needs under one group, and possibly benefit from a reduced premium. 

  • Become a better driver 

Insurers are making use of the latest technology to incorporate driving programmes into their policies whereby good driving behaviour rewards them in the form of cheaper premiums or cash back rewards. Find out what your insurer offers and then take advantage of the programme by improving the way you drive. 

  • Avoid claims 

While claiming may sometimes be inevitable, you should at all costs try and keep your claim record as low as possible. The higher your claims, the higher your risk and therefore the higher your premium. A good track record will get you a much lower premium and if your insurer has a NCB (no claim bonus) incentive, you could be rewarded for a low claim record too. 

  • Take an advanced driving course 

Some insurers will lower premiums if you’ve been on an advanced driving course. Investigate the costs involved and what difference it may make to your premium and then weigh up your options. 

  • Opt for a higher excess

While this comes with its own risks, you can opt for a higher excess (first amount payable BY YOU in the event of a claim) which will decrease your monthly premium. This will benefit you if you never have to claim, but be cautious. Make sure the excess is affordable should you need to submit a claim and have to pay it. 

Safe driving!

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