5 Ways to lower your Auto Insurance Premium

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Shop around before selecting your Insurance Provider
Are you looking for ways to lower your Auto Insurance Premium?

Auto insurance premiums can escalate, depending on factors that include your age, past driving record, and even your credit history. However, the trick is to find ways to lower your annual pay-off. Through intensive research, we can now give you the 5 quickest ways to lower your Auto Insurance Premium.

Auto Insurance Tip 1: Increase your deductible or excess

Deductible or Excess is the amount that you would pay before your insurance policy starts paying. Stop trying to pay the lowest deductible. Rather go for a higher out of pocket payment plan that you can comfortably afford. This is an easy way to reduce your premium amount. However, be aware of the fact that if something happens to your vehicle – you need to pay out the Excess or Deductible amount determined by you to cover the initial expenses.

Auto Insurance Tip 2: Park your vehicle in a garage overnight

One of the simplest ways to cut down on insurance premium is to park your vehicle in a garage overnight. This may cut up to 20% of your premium. In a garage, the chances of your vehicle getting stolen or damaged are considerably lower. Parking in a garage could mean a difference between a preferred rate and a standard rate.

Auto Insurance Tip 3: Shop around and bargain for Auto Insurance

Make sure that you have at least three to four auto insurance quotes before making your decision. Ensure that you are not shopping for price alone, but the whole deal, including auto insurance products available and the claim pay-out history of Insurance Providers.

Auto Insurance Tip 4: Take a Defensive Driving Course

By undergoing an approved advanced or defensive driving course, you can obtain discounts on your premium of up to 10%. First affirm this information with your Auto Insurance Provider, as insurance packages vary.

Auto Insurance Tip 5: Downsizing Auto Coverage

Downsizing your car insurance coverage is the easiest way to lower your premium. Keep in mind that Insurance Providers require comprehensive cover for financed vehicles. If you drive an older car, you may opt for Third Party, Fire & Theft cover, which excludes accidental damage to your own vehicle. Third Party Only cover is suitable for older cars that are already paid off.

We trust that this information was helpful. Please fee free to leave a comment.


What exactly is Travel Insurance?

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Travel Insurance is vital for any traveler

Travel Insurance is special insurance designed to cover almost all emergencies that may occur when traveling either locally or abroad.

You can usually obtain Travel Insurance when you book your trip and can choose either single or multi-trip Insurance. Single trip Insurance covers one trip for the entire duration of that trip. Multi-Trip Insurance covers all the trips you undertake within a certain specified period of time.

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Insurance Coverage for Travelers

The most common risks that are covered by  insurance include:

  • Accident: Accidental death, injury or disablement
  • Baggage: Lost, stolen or damaged baggage and personal or travel documents
  • Delayed Baggage: Emergency replacement of essential items needed
  • Emergency Evacuation: Immediate removal from hazard or danger
  • Flight Connection Missed: Due to Airline Schedule
  • Funeral: Overseas expenses
  • Health: Visitor Health Insurance
  • Medical: Emergency due to accident or illness
  • Repatriation: Remains of deceased
  • Return: Return of a Minor
  • Travel Delay: Due to bad weather
  • Trip: Cancellation or Interruption
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Always tag all your baggage clearly
Travel Insurance: Optional Coverage

If you need additional Insurance coverage when traveling, ensure that your Insurance Provider offers that particular type of Optional Travel Insurance cover.

Optional Travel Insurance Options include:

  • Sports: Element of risk, e.g. scuba diving and skiing
  • High Risk Countries: If you travel to countries that have a high risk regarding war, terrorism and natural disasters
  • Pre-existing Conditions: Diabetes, Asthma and more
  • Additional AD&D: Accidental Death & Dismemberment Coverage
  • Insolvency of 3rd Party Supplier: Hotel or airline went into administration
  • Acute onset of Pre-existing Conditions: Acute onset of medical condition

It is vital that all travelers take out decent Insurance before embarking on their trip, whether local or abroad. The additional cost of  Insurance may well save you a great deal of money and hassles when something unforeseen and unfortunate happens.


New trends in the Auto Insurance Industry

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How will Telematics affect auto insurance?

At a recent Auto Insurance Report National Conference [AIR]  the theme was that advances in data collection will provide benefits to consumers and challenges for insurers. Sources of data will vary from government agencies to data collected from cars via telematics. Auto Insurance companies will have to figure out how to stay on top of up-and-coming demographic trends, including the increasing influence women have in the purchasing decision. They can increase their knowledge of customer needs and serve their clients better.

 Auto Insurance Facts revealed at the conference

1. Auto Insurance Market. There wasn’t much movement in the auto insurance market in the past few years, but the top 7 insurers increased their market share by aggressive pricing and advertising. That leaves some companies with waning revenues and at risk over the long-term. Only a few other companies showed growth resulting from first-class customer service and retention programs. If insurers make intelligent use of the new data they will improve their understanding of customer needs and discover growth prospects.

2.  Telematics. Companies have gone ahead assertively with their telematics schemes. Many major auto insurance companies have introduced programs over the last year. Telematics is an ends to a means. The best move is Usage-Based Insurance (UBI) – where a driver’s behavior is used to price the policy more accurately. Insurers cannot put off development of a UBI solution. Consumer demand will increase hand in hand with the adoption of UBI as well as the corresponding advertising budgets to flaunt these cheaper and smarter policies.

Google’s Self-Driving Cars was showcased where a legally blind person is able to commute using this “smart” technology. It is expected that these cars will be publicly available in 5 years. Safety ratings will be higher. Driving and accidents will be video-recorded. This will bring forth complicated implications for auto insurance companies and fresh challenges for underwriting and service.

IMPORTANT Liability Insurance Facts

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Do you have enough Liability Cover?

What are the Basics of Liability Insurance?

Liability insurance covers legal claims regarding liability, or legal accountability, against the insured policy holder.

Homeowners  Liability Insurance

Liability cover in the basic Homeowners Insurance protects the insured or policyholder against rightful claims by a third party being injured on the property of the insured. It also covers damage or loss to the property of a third party. This applies to one of your guests being bitten by your pet, falling down stairs or having a tree branch break and fall on his/her car.

Vehicle Liability Insurance

Car Insurance policies include liability regarding injury to a third party in the event of an accident and also includes compensation for loss or damage to the other person’s property. If you caused an accident, this cover will pay for the injured passengers of your car, as well as the other car.

Liability Insurance Cover

Liability Insurance offers protection to the insured or policyholder regarding a legal defense, as well as indemnification regarding a settlement or court verdict. This cover applies to the negligence of the insured, but does not cover malicious or intentional destructive acts by the insured or policyholder.