A. Maintain a clean driving record.
Having no driving ticket or having no traffic violations on your
record can help you reduce your car insurance premiums by as much
as 50%. Apart from proving yourself a careful and responsible
driver, and therefore a low risk one, insurance companies would not
hesitate to cover you at a discount. You can also get as much
as 50% in terms of a no claim discount or no claim bonus when you
renew your policy.
Some insurance companies also give your added incentives for
having a good record, helping you save more.
Meanwhile, a clean traffic record earns you a certificate of
merit which equals to a 5% discount.
B. Opt for a higher excess.
Each insurance company will impose a certain amount as your
policy’s excess amount. The excess is the amount you would
have to shoulder in any claim against your policy before the
insurance company would be liable for anything. This means
that the higher the excess amount, the lower your premiums would
be. If your insurer allows you to set your own excess amount,
then opt for a higher excess to reduce your premiums.
C. Choose only benefits that you need.
Study your policy before buying it and make sure that all the
add-ons and benefits in there are of use to you. Removing
add-ons and benefits that you do not need means that you do not pay
for it, thereby reducing your premiums.
D. Do not name
inexperienced or young drivers unless it is absolutely
necessary.
While definitions differ from one
insurance company to another, a young driver is usually one who is
less than 26 years old, while an inexperienced driver will have
less than three years driving experience. Naming somebody who
falls under these categories can cause your car insurance premiums
to shoot through the roof! Check to see how often an
offspring, or a brother or a friend drives your car and gauge if
the frequency they drive your car would justify the added
premiums.
E. Choose to have “age
restricted cover”.
You can choose to limit the age of
people who can drive your car. Say you opted for an age
restricted cover that only allows people above 30 years old to
drive your car, you can get as much as 15% discount on your car
insurance premiums because of that. The downside is if
somebody younger than 30 years old drives your car and gets into an
accident, your insurer might not be liable to pay for the
damages.
a) Age of
Driver:
b) Gender & Marital
Status:
c)
Driving Experience: