How to reduce your car insurance premiums

In this difficult period, auto insurance premiums continue to increase, which has brought a greater burden to car owners. Rising fuel costs, new government policies and higher auto insurance premiums are burning up in the pockets of customers.

Increase deductible

You can reduce the car insurance premium by increasing the insurance deductible. If you pay too much premium for car insurance, the purpose of purchasing the policy becomes futile. Therefore, only pay what you can afford. By increasing the deductible portion of the policy, you can lower your premiums. This can save a lot of money every year.

Don't ask for small payments

Asking for insurance benefits every time your car encounters some minor problems is a short-sighted move. In the long run, this may affect the benefits of insurance coverage. Therefore, try not to make claims for problems such as broken taillights, broken rearview mirrors, or small dents. This kind of repair can be done easily by a local mechanic, and the cost is low.

Following this step will also help you accumulate non-claim bonuses. If the car owner purchases an insurance plan and does not claim benefits, he or she is entitled to a non-claim bonus or NCB in each non-claim year.

Accumulation and transfer of bonuses

In the long run, accumulating non-claim bonuses will help to obtain better underwriting benefits from the plan. Car insurance is related to the owner, not the vehicle. The jackpot for your current vehicle can be transferred to the new model you will buy. Therefore, when you sell your current car, please keep the insurance in your name.

Loyal payment

Long-term loyalty to a particular insurance company has its own advantages. In addition, if the car owner has other insurance policies in different market segments of a particular company and contacts the same insurance company to purchase auto insurance, he or she may use a lower insurance premium as a loyalty reward.

Pay attention to safety

The installation of anti-theft devices, steering locks, gear locks, wheel locks, anti-theft alarms, airbags and other safety devices can help reduce insurance premiums. If your car has these features, the insurance company may offer premium discounts of up to 5%.

Avoid car modification

Modifying a car will definitely make it different from the crowd. But this will have a negative impact on premiums. Installing high-end gadgets or after-sales parts may result in higher premiums. Failure to notify the insurance company of the amendment may also cause the policy to lapse.