If you are planning to buy a new car and wondering about buying the right car insurance, you should know that there are multiple options available with a varied range of costing. While your age, gender and previous claims are factors that are out of your hands when it comes to influencing premium rates, there are many ways you can lower your premium and increase your savings. We bring you the top 5 secrets that will make you an informed customer and help you reduce your premium bills on motor insurance:
1. Compare Thoroughly
The policies and premium rates can vary by hundreds or even thousands of Dirhams. With the internet, it can become extremely easy to get multiple quotes from different insurance companies. The best way to lower your premium is to do a thorough research and comparison of various policies.
2. Choose a Low-Risk Car
While it may be really tempting to buy the latest fancy model in town, think about the additional costs associated with it. Insurance companies will charge you premiums based on previous claims made for the car’s model. If the car is more likely to be stolen or is highly accident prone, you might end up spending a lot more money than expected.
3. Opt For an Anti-Theft Device
Vehicles with an anti-theft device are less likely to be stolen and in worse case, can be found easily. Many car companies offer an alarm system along with your car. If not, choose to set up your own device for the safety of your car. This will also help in reducing your premium amounts as insurance companies will consider this as a safety net for your vehicle.
4. Consolidate All Your Policies with One Company
If you own more than one car, you can get a multiple-car discount with an insurance company. Also, it helps if you buy all your policies including home, health, life and car with a single company as you can get a multi-line discount in your premiums.
5. Drop Your Collision Coverage If It Is an Old Car
If your car is getting older, you might want to think about dropping the collision coverage in your policy. However, this should be a well-thought decision wherein you weigh the value of your car with the cost of the coverage and deductibles. If the deductible is as much as the value of your car, the coverage won’t be worth anything, and it will only add to your expenses.
The right knowledge and information can actually help you save a lot of money on your auto insurance premiums. Before you buy your car, make sure you check all the possible options of insurance so that you can save as much as possible.