Driving a car is an important part of everyday life, but it can also be expensive. If you are struggling to find affordable car insurance in South Africa, there are some things that you can do yourself that will help you to save money on your premiums. It doesn’t take long for these savings to add up either! Let’s go over a few tips for how to save money on car insurance.
Choose a reasonable excess
The excess is the amount you pay towards the damage if you have an accident. The higher your excess, the lower your premium. The lower your excess, the higher your premium.
Shop around for insurance quotes
The best way to shop for insurance quotes is by getting several quotes from different brokers. This will give you a good idea of how much your car insurance policy will cost, as well as which companies offer the cheapest rates.
Before you start looking for quotes, make sure that your contents and personal items are adequately insured. If they aren’t, it’s time to get some new items covered. Ideally, have all your premiums with the same provider as sometimes they may offer special discounts.
Drive a reasonable car
When it comes to choosing a vehicle, there are a few factors you should consider to ensure you get the best value for your money.
The first thing is safety. It’s important not only that your vehicle is as safe as possible, but also that it’s in good condition (no rust or dents). It shouldn’t be too old either—the longer you leave it, the more expensive maintenance costs will be down the line. And finally, don’t drive around in something too new—it won’t have much value if something happens to it and can cost more than it’s worth in insurance premiums over time.
Next up is size: bigger cars usually mean higher insurance premiums because they require more coverage against theft and damage claims than smaller ones do. However, if space isn’t an issue, then larger vehicles tend to have better value (as they’re cheaper) while smaller ones offer better fuel economy – so consider which one works best with your lifestyle needs before deciding on what type of vehicle will suit you best!
Have the right security measures in place
You can also reduce the cost of your car insurance by having the right security measures in place.
- Get a tracking device. A tracking device will be able to protect your vehicle if it gets stolen and help you recover it more quickly. You have to pay for the device, but it’s worth it as this can save you hundreds or thousands of rands on car insurance premiums.
- Install a car alarm system with remote control start option. This means that when someone enters your vehicle without permission, an alarm will sound and the engine won’t start until the alarm is disarmed. The system is particularly useful if you live in an area where cars are often broken into and/or stolen by opportunistic thieves looking for cash or valuables inside them!
Do not modify your car to make it look faster or more luxurious
The last thing you want is to spend a lot of money on modifications for your car, only to find that it has increased the cost of your insurance.
Modifications that can affect the price of your insurance include:
- Adding lights/lights bars
- Spoilers and body kits
- Vinyl wraps or decals
Take out fully comprehensive cover rather than 3rd party fire and theft
The next thing you need to do is decide on your car insurance cover. Some people opt for the cheaper option of 3rd party fire and theft, but that can be dangerous. If you want additional protection (e.g., if somebody hits your car while it’s parked), you will also need to get fully comprehensive cover.
Let insurers know if an additional driver is living in your household
- Let insurers know if more than one person in your household uses the same vehicle.
- Keep a good credit score and a good driving record.
To summarize, here are the factors that have a direct impact on the cost of your car insurance:
- Choose a reasonable excess. The level of excess you choose will determine whether or not the insurer pays out for any damages, and therefore how much they charge you in premiums each month. The lower your excess is, the more expensive your annual premium will be – but if there is an accident, you are likely to pay less money overall than if there wasn’t one. On the other hand, choosing a higher amount means cheaper monthly payments but more money paid out if something goes wrong with your car.
- Shop around for insurance quotes from different companies as well as read reviews online about them before signing up with one provider over another; this way, you’ll have more information about what each option has to offer at different price points instead of just going with someone randomly because it’s convenient (which could end up costing hundreds or thousands more).
- The type of car you drive, and the security measures you have in place. If your car is standing without cover outside your property and no security system, you are considered a high-risk client.
So, there you have it. There are several ways that you can save on insurance, and as we’ve seen above, some of these have a greater impact than others. As always, the most important thing is, to be honest with yourself about your driving habits and whether they fall in line with what insurers are looking for. If you want to get the best deal possible then it’s worth doing some research before committing yourself to any one provider; however, if all else fails just remember that price isn’t everything!
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This article is for informational purposes only and should not be construed as financial or legal advice.