7 Quickest ways to lower your Auto Insurance Premium - Ratinah

Quickest ways to lower your Auto Insurance Premium - Are you looking for ways to lower your Auto Insurance Premium? Auto insurance rates can spiral depending upon factors that include your age, past driving record, and other factors such as credit history.

7 Quickest ways to lower your Auto Insurance Premium - Ratinah

However, the trick is to find ways to lower the annual pay-off. We have pulled up for you the 7 quickest ways to lower your Auto Insurance Premium.

1. Ask the Premium Price Before Buying a Car

So that you don't pay insurance premiums that are too expensive, you can ask the estimated annual premium price that you must pay if you want to buy the car insurance.

Usually, insurance premiums will depend on the type, year of issue and model of your car, The rarer or more expensive your auto parts are, the higher the cost for repairs, To cover the loss, the insurance company will then charge you a high premium.

In some cases, if you buy a car with good passenger protection, the insurance company will give you a discounted premium. Such security systems are for example airbags or automatic seat belts, For that, consult the cost of insurance premiums before you buy a car to get the lowest possible premium.

2. Use Only One Insurance Company

The insurance products that you use may vary, ranging from health insurance, life to car insurance. In fact, you can save on car insurance premiums by using several insurance products from only one insurance company. Especially in the current era, 1 insurance company already has many diverse products to meet customer needs.

You can ask the insurance product you want at the car insurance company that you are using. Ask about the bonuses and benefits you get if you use several different insurance products from them. Are there any premium discounts or waivers? Or is there an acceptable protection bonus?

If the car insurance company does not provide the insurance product you want, you can look for another company that provides car insurance products as well as additional insurance. In this way, in addition to saving on car insurance premiums, you can also save on other insurance premiums.

3. Hike up your deductible 

Stop trying to get the ‘lowest deductible’, instead go in for a comfortably higher out of pocket payment plan. ‘Deductible’ is the amount that you would pay before your insurance policy kicks in. This is an easy way to reduce your periodic premium amount, however, be warned, in such a case, if something happens to your vehicle - you need to shell out more to cover the initial expenses, prior to going in for a claim.

4. Park your vehicle in a garage

One of the simplest ways to cut down on insurance premium is to park your vehicle in a garage, personal or commercial establishments. This helps in knocking off, in some cases, close to 20% of the premium. In a garage, the chances of your vehicle getting stolen or sideswiped are considerably lower. From a transaction perspective, parking in a garage could mean a difference between a preferred rate and a standard rate. 

5. Shop around and bargain  

Nothing beats the traditional ‘shop around to bargain’. Make sure you at least have three to four price quotes with you, prior to fixing on the service provider. Ensure that you are not shopping for price alone, but the whole deal.

6. Take a Defensive Driving Course

Not many people are aware of this. By volunteering for a state-approved defensive driving course, you can avail discounts in premium of up to 10%. However, do cross check with your insurer on this. 

7. Downsizing Coverage

Well, downsizing coverage is perhaps the easiest way to lower your auto insurance premium. However, we suggest you to be careful and prudent, while taking this decision. This might save money, but, would also limit coverage.

That's 7 Quickest ways to lower your Auto Insurance Premium - Ratinah

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