Getting the best price for your car insurance can save you hundreds of dollars per year. In September alone BestQuote saved customers an average of $319 by getting multiple quotes from leading insurers like ICBL, Guardian Insurance and CGI. There are a number of ways to save money while not compromising on cover so we’ve picked 5 to help you save money.
1. Increase your deductible or excess. Voluntarily offering to pay a higher deductible – the amount you’d have to pay up front if you made a claim — can significantly reduce the cost of your car insurance premium. However, make sure you’re able to afford to pay the excess if you do have an accident. As a rule of thumb the more you are willing to pay in the event of an accident the less your premium will be. Just remember if you do cause an accident and have to make a claim you may be out of work and have extra costs so make sure you consider this when deciding how much you can pay.
2. Pay annually not monthly. With the average comprehensive car insurance premium well over $1400, it can be tempting for drivers to stagger payments rather than shelling out for the cover all in one go. It’s usually much cheaper to pay for the whole year in advance rather than paying monthly, if you can afford to. You’ll avoid the monthly interest charges and could save a substantial amount.
3. Don’t modify your car. Car modifications, such as alloy wheels and body kits, often appeal to young drivers wanting to personalise simple-looking hatchbacks or medium-sized cars into street racing monsters to look similar to those The Fast And The Furious. However, avoid them if you want the best insurance quotes — modifications are known to increase premiums by hundreds of dollars and is a strong indicator to the insurer that you could be a higher risk customer.
4. Consider what car to buy. Before you purchase your car take note that the car you choose could impact hugely on your car insurance costs. Expensive, fast and unusual cars are more expensive to insure. Insurance companies like ‘regular’ cars from manufacturers that are common in Barbados. For example many European cars are known to have expensive parts and servicing which will increase your premium. Sticking to the common cars like Toyota, Suzuki, Nissan etc will help keep your premiums lower.
5. Consider the cover you need. It might make sense to buy third party insurance rather than fully comprehensive in order to save money in the short term but this might cost you a lot more if you do have the misfortune to be at fault for an accident and have repairs to make to both your car and yourself.
Above all don’t forget no matter what car you have and what your driving record is you are likely to be able to save hundreds of dollars on your car insurance when you shop around. BestQuote offers you a one-stop way to compare the market and get the best quotes so try us today: BestQuoteBB.com or call +1 (246) 537-0140