Getting the most out of your motor insurance in 2020 (#4 is our favourite)
If ever there was a time to get in control of whittling down costs, we would say this is it. Budgeting and making the most of your money doesn’t need to be daunting - we’ll walk you through 6 straightforward steps that will help you get the most out of your motor insurance.
For the sake of getting straight into it, we’ll start with this:
You can’t afford to not have car insurance
If you are behind a wheel, in ownership of a vehicle or driving a financed motorcar, you need to be insured. With the number of accidents and incidents of theft and hijacking that happen on our roads every day, having an uninsured vehicle is putting a huge financial target on a statistically probable (and deeply unfortunate) accident happening. The roads are a vulnerable place to be, and being in a massive amount of debt for an emergency you didn’t see coming even more so.
Fortunately, insuring your vehicle will always save you money even in the lucky circumstance you hardly claim. At Oneplan, we know that life gets expensive, so we give you the freedom to choose just how much you are covered for by being able to choose your excess (we’ll chat more about this at point number 5!)
1. Keep good credit
Keeping a good credit score is going to put you in good stead with any financial institution, including insurance brokers. The better your risk profile based off of your past credit behaviour, the lower your premiums are going to be. Keeping a good credit score means making all of your payments on time and making sure you don’t default on your credit payments.
Top tip: here are four things that affect your car insurance premiums!
2. Don’t sweat (or claim) the small stuff
If you can afford to get yourself out of an annoying but not detrimental vehicle situation, we advise you to do so. We say this because insurers base your premiums off of your past data which includes old claims from old policies (yes, we can access that) and if your insurer sees you are a serial claimer, they will mark your premiums up for protection. Don’t sweat the small stuff if you’re hoping to save money and make the most of your motor policy.
3. Seek out your options
You would be surprised at just how many people speak to only one or two insurers before making a decision. Choosing the right insurer is such an important part of getting the best possible premiums and services. Remember, it is a consultants job to be transparent about their offerings and services, without you feeling any obligation to stick around.
In the same breath, doing your due diligence on what is and is not included in your policy is imperative. Instead of immediately opting for the cheapest insurance option, make sure that you have a thorough understanding of additional costs, excess and restrictions.
4. Adjust your excesses (from the start with Oneplan)
Adjusting your excess is a far great option than cancelling your policy (read more about why cancelling your policy during these times is a no-go). Agreeing with your insurer to make your excess amount higher, is going to substantially lower your premiums.
When it comes to tweaking your insurance to fit perfectly into your life and budget, we have you covered. We give you a sliding scale that lets you choose your excess - giving you the chance to tailor your cover depending on your lifestyle needs and preferences. You have the option of then choosing an excess amount between 5 and 70% of any potential future claims.
Combine your policies
Combining your policies is a great way to gain access to certain discounts. Motor insurance is substantially loaded as a standalone policy, so a good move would be to chat to your broker about whether you can combine your contents and building insurance with your vehicle insurance.
There are so many options available to you to make sure that your insurance is suited to your life, when and as it happens. To get in touch with one of our fantastic consultants, click here and for a comprehensive instant quote, click here.
Yours in comprehensive insurance,