When buying car insurance ....

When buying car insurance, you want to ensure that you get the best cover for your needs at the most affordable rate available. What factor has the biggest impact on your car insurance premium?

The answer is: You, the insured.

Your age, where you live, the car you drive, your claims history (how safely you drive!) to name a few.

Car Insurance Coverage

Comprehensive car insurance provides cover against damage to your vehicle caused by an accident, fire, theft, hijacking, hail and liabilities to third parties.

Limited car insurance (3rd Party, Fire & Theft) provides cover against fire and theft as well as liabilities to third parties. Damage to your car caused by an accident is excluded.

When opting for 3rd Party Only cover, you are only covered for liabilities to third parties.

How To Save on Car Insurance

Shop Around

Compare insurance quotes from at least 3 companies or get a broker to do it for you.

Increase your Excess

By increasing your excess amount on the car, most insurance companies will give you a discount on your premium. Be sure that you can afford to pay the excess when you have to claim though.

Don't use your car for Business Purposes

If possible, insure your car for private purposes only. Business use of your vehicle will result in a higher monthly premium. Most insurers will still give you a reduced premium if you only need occasional business use.

Drive Safely

If you're not involved in any accidents, you'll be paying a reduced premium. After each claim-free year of insurance, you might qualify for a discount at your current insurer. If not, you could get a better premium at another insurer.

Buy a Low Risk Vehicle

High performance vehicles are usually seen as a higher risk by insurance companies (especially if you're under 25). The replacement cost of parts is also more expensive.

Move

If you live in a high risk suburb or in a city, you will pay a higher premium on your car insurance due to the risk of your vehicle being stolen or hijacked.

Overnight Parking

A vehicle parked on the street is at higher risk of being stolen than one parked in a locked garage. Some insurance companies will give you a discount if your car is parked in a garage or behind locked gates at night.

Upgrade Security Measures

Install an anti-hijack device, gearlock or tracking device in your car. If your level of secuirty is higher than the requirement of the insurance company, you'll get a discount.

Nominate Drivers

The less people will be driving your car, the lower your premium will be. This way it is easier for the insurance company to calculate their risk.

Negotiate

Most insurance companies are flexible with their premiums. If you're not entirely satisfied with the quote, ask for a discount. If they really want your business, they will accommodate you.

Source (Insurance ZA)

 

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