There are several factors that could affect your insurance premiums, so it’s smart to get a new quote every year from your current insurer. You could also take it one step further by getting a quote from another insurer to assess if you could be getting a better offering elsewhere.
It might take a bit of time and “admin”, but you could be saving money with a new or updated premium, observes Barend Smit, Marketing Director of MotorHappy, a supplier of motor management solutions and car insurance options. “Shopping around also empowers you with knowledge to make better choices, and you’re more equipped to make decisions that are good for your wallet, assuming you have decent cover.”
If you’ve had any life or work changes, then let your insurer know as this could affect your cover and premiums. For example, if you previously lived in a house with no cover and in a high crime area, and you moved to a secure complex where you park your vehicle under cover, your premiums could go down. When your situation changes and you think your premiums might go up as a result it might be tempting to withhold the new information, however Smit advises consumers to always be honest with their insurance provider. “While this might seem like an expensive factor you don’t want to disclose, it’s imperative you do in order to receive full benefits if you claim. Also, educate yourself around what you can do to lower your premium,” he says.
Smit lists the following activities that could help lower your car insurance premium:
Take a defensive driving course
Taking an advanced driving course will improve a driver’s skills and as a result many insurers will assume you are a safe driver, which could translate into lower premium.
This sounds obvious but driving cautiously and within the speed limit will decrease your chance of an accident, which will have a positive effect on premiums. The more often you claim from insurance as a result of an accident, the higher your premiums could be.
Installing a new safety device like a tracker
The “safer” or more likely it is that your car will be recovered if stolen, the lower your premium will be.
MotorHappy has partnerships with most car insurers and can provide consumers with accurate quotes to help you compare up to 7 different quotes. They cover cars for theft and hijacking, accidental damage, accident damage and third-party damages.