Every year there seem to be more and more ways to save on your car insurance premium. In addition to comparing your renewal price to other insurers, we would also suggest to new and renewing customers to ask or query what additional discounts they may be entitled to from their insurance company. In this current economic climate here in Barbados, simply paying the renewal fee to your current insurer could see you wasting your hard-earned money.
Now for those who aren’t aware, here’s a list of discounts that you, the customer, may very well be entitled to – they all add up!
No Claims Discount/ No Claims Bonus – This is probably the biggest discount an individual can receive on their car insurance premium. The discount percentage usually depends on the insurance company and how their system is set up. Some insurance companies can give up to 85% no claims discount which is also known as maximum, while others only give up to 65% as their maximum. This usually is calculated yearly providing the customer doesn’t claim under his or her policy. So in other words, drive safely.
Deductible – Check to see what the current deductible (excess) on your policy is and then, if it suits your financial position, ask how much your premium would be if you increased it. Increasing your deductible means that, in the event of you making a claim, you would be responsible for paying a larger amount towards any repair costs before your insurer steps in to contribute. By reducing the likelihood of making a claim with the insurer, this will contribute towards your No Claims Discount.
Credit Union Member Discounts – Most, if not all insurance companies offer additional discounts if you are a credit union member. This discount is usually calculated at either 10% or 15% based on the insurance company. Therefore next time you visit your insurance company, ask them if you are earning a discount for being a credit union member.
Other Insurance Policies – If your car is currently insured with an insurance company and you are looking to insure your home next, we often suggest sticking to your current insurance company to receive additional discounts which can result in a reduced premium. This is called bundling. Also, if you have other insurance policies, such as health, life or even critical illness, each of these policies can help add some additional discounts.
BARP Discounts – BARP members can usually receive a 10% discount. You can thank me after for the cheaper premium.
Cave Shepherd Card Discounts – Yes, believe it! For those who currently have Cave Shepherd cards, there are some insurance companies who offer discounts for doing so. If you’re not sure about your insurer, ask the question.
To conclude, even though we would have provided you with some knowledge on how to save with your insurance company, we still believe the best way to receive Big Insurance Savings is by coming to us at BestQuote! We help you by shopping around to find you the lowest quotes island wide. Call us today at 1-246-537-0140 or visit us at BestQuoteBB.com