How to Lower Your Car Insurance Premiums


Car Insurance Premiums

Projections show that the global auto insurance market will reach a value of $1.06 trillion by 2027.

Having car insurance is always a good thing. You never know when you might need to make a claim, and if you’re not covered, you could face some serious issues. With that being said, cover can be expensive.

Fortunately, there are several things you can do to help get lower car insurance. For some key tips, keep reading.

Multi-Car Discounts

When you get a car insurance quote, you may just be looking for a single vehicle. If you have more than one car, you can look for a policy that will cover multiple. When doing this, you’ll usually find that the quote costs less per car than insuring them individually.

Companies will reduce your car insurance if you apply for a multi-vehicle policy as a way of getting more business. This is most commonly done by insuring multiple family members on the same policy, as most people don’t own multiple cars themselves. The cars will all need to be owned by people living at the same address, so you could do this along with your partner or any children who are driving and still living with you.

Note that younger drivers generally have higher insurance premiums due to a lack of driving experience, so the discount may not be as effective as it would with someone who has been driving for a while.

Drive Safely

You should always be mindful of the road – both to increase safety and to lower car insurance premiums. If you have any accidents or violations, they’ll likely cause your premiums to go up. Any violations can lead to points on your license, and insurance companies see these as a risk, so they’ll charge more for your insurance.

Take a Defensive Driving Course

There are approved defensive driving courses that you can take once you’ve got your license. Many insurance companies will give a discount on their auto insurance premiums for anyone who has completed one of these. If you have points on your license, these courses may also reduce these points.

Sometimes insurance providers don’t make it clear that they offer these discounts, so make sure you ask when you’re getting a quote.

Shop Around

It’s always a good idea to compare different companies to find cheap auto insurance. Some companies use different criteria to set their premiums, so it’s worth taking a look at different options.

There may be other things you need to consider such as SR22 insurance. Head over to SR22 Savings to get more info.

Getting Lower Car Insurance

When it comes to car insurance, the cheapest isn’t always the best. You want to make sure you know what you’re covered for before committing to a company. Follow the tips above to find lower car insurance, and decide which is the best value for money out of the options that you have.

For more finance articles, check out some of our other blog posts.