You have a car and you have got it insured. But, are you sure that your car insurer is not giving you the right kind of insurance coverage and charging more.
You can save a lot of money each year if you know how to negotiate for lower car insurance. Here are a few tips that you can follow to do so:
- Know Your Insurance
Hardly you know what type of insurance coverage you are buying. So, it is mandatory for you to know what kind of insurance you buying. Secondly, find out how much you are paying for that coverage. Surf the website of your insurance provider or call your insurance company. If something is not available on, call the representative of the company and ask for the details.
- Bargain For Lower Rate
Whenever you receive a call regarding insurance from any company, discuss with them and bargain for lower rate of insurance. Do quote the other insurance companies offering the same coverage at the lower rates. Also, clarify yourself what would be your saving if you buy insurance of a particular company. Do check, if there are any renewal discounts.
You can claim following types of discounts:
(i) Good Driver and Claims-Free Discount
If you have not caused any accident or you have a good driving history for a period of three to five years, you are offered a huge discount by many insurers.
(ii) Discounts for Vehicle Safety Equipment
If your car is equipped with anti-lock brakes, air bags, theft prevention device or daytime running lights, you will save big amount of money on insurance renewal.Additionally, you can add dashboard-mounted camera for recording while driving.This makes claims process easier and save the hassles if an accident occurs.
(iii) Safe Driving Course Discounts
If you have undergone a safe driving course, you can claim discounts on insurance premium.
(iv) Good Student Discount
If you are a meritorious student at school or college level, you are offered discounts on insurance premium. You must have scored minimum “B” grade. It is expected that meritorious students pose less risk while driving.
(v) Preferred Occupation Discounts
if you are a veterans or members of the armed forces, you get discounts in insurance premiums as an honor for your service. Similar, discounts are available to police officers, firefighters, or teachers.
(vi) Affinity Discounts
If you have continued insurance with a company for long time, you are entitled for some affinity discount.
(vii) Multi-car or Multi-Policy Discounts
If you have got insured multiple cars or you hold multiple policies with the same company, you are eligible for discounts.
(viii) Mature Driver Discounts
As a senior citizen, you are eligible for a discount.
- Confirm With The Company About Discounts
Some insurance companies offer discounts for like anti-lock brakes, low-risk occupations (engineers) etc. They also charge for roadside assistance. Just to discover for what additional benefits you are paying for.
- Maintain A Safe Driving History
As a sincere driver it is expected that you maintain a safe car diary. It lets you claim discounts while buying an insurance.
- Change the Insurance Company
If your present insurance company is not offering insurance at lower rates, change your insurance company. How to negotiate lower car insurance rates.
- Pay in Advance
You get some rebate if you upfront and in full. Keep in mind that if you break down your car insurance premium into low monthly installment, you have to pay the more amount. So, instead of paying your premium on a monthly basis, pay the full amount of your on an annual or six-month basis.
