Insurance is one of the recurring expenses associated with owning a vehicle. Depending on your age, sex, driving record and a host of other variables, the amount you pay can vary between different insurers. Although car insurance premiums is determined by various insurance companies, there are some steps you can take to keeping your costs as low as possible. Read this article to learn how you can save when it comes to car insurance.
Because all car insurance companies take a lot of factors into account when calculating the premium, it’s worth your while to pay attention to the details. Many insurance providers offer discounts for a number of reasons. Find out what discounts you may be eligible. Typical discounts apply to mature drivers, accident and traffic violation free records, drivers’ training, having your auto and property policy with the same insurer, short commute, anti-theft devices, collision avoidance sensors etc.
Paying in Installments
By paying your insurance premiums in installments rather than in one lump sum, you may avoid paying a service charge. Insurance providers will usually charge a fee and/or interest charges for installation payments. You’ll also end up paying penalties if you make late payments. Missing a payment can result in the cancellation of your insurance policy altogether. Avoid extra fees, charges and penalties by paying your balance in full at beginning of your policy’s term.
The more you drive your vehicle, the more risk there is that you’ll end up in an accident. They find this especially true during daily commutes. By not using your car to commute to work daily you’ll find your insurance premiums may be much lower.
Traffic violations such as speeding, distracted driving or at-fault collisions will not only cost you demerit points on your driver’s license but could increase your insurance costs. However, the best way to keep your premiums low is to be a safe driver without any traffic violation offences on your record.
Loaning Your Car
Although you’re allowed to let someone else drive your car, you should know that their actions can affect your insurance policy. If the person you lend your vehicle to ends up in an accident, it will be your insurance policy that provides any protection against claims – even if the borrower has their own car insurance. Therefore, you should be careful when lending your car by trusting the person you’re lending to and having some sort of an agreement in place in case of an accident.
To find out more about how you can save on your auto insurance policy, contact an experienced professional at Bow Valley Insurance for a free, no-obligation quote.