Cutting costs, not corners: 5 ways to lower your current car insurance costs
There is always a way to make sure you’re getting the best mileage out of your car insurance. Here are our insider tips on how to cut costs whilst staying safe with an insurance plan in place.
Whether you’re new to the car-owner club or you’ve been around the block a few times, it’s never too late or too early to re-look at how you can start saving money where it matters.
Car insurance is one of those costs that you need to accept as a standard for as long as you’re a car-owning/car-driving adult. It isn’t going away anytime soon and it definitely isn’t something that you can try and do without so we thought we would make your life a little easier!
Saving on car insurance is easy when you know what to do and usually, it simply comes down to being a responsible car-owner, driver and policyholder.
1. Stop sweating (and claiming for) the small stuff
This is where we’ll start! The people who save the most on their premiums are people who have an appealing claims history, meaning that they don’t have lots of claims or their claims have been clearly valid.
For example, if an insurer can see that you often claim for scratches and small dents, they’re going to want to up your premium because your risk-profile becomes riskier.
If you can pay for your small car expenses out of your personal finances, you should. It will create a better insurance history for future premium negotiations and contracts.
2. Keep it comprehensive
When it comes to saving on car insurance, don’t only look at what you can save on a month to month basis. Look at what will be saved in the bigger picture. This is where comprehensive car insurance comes in.
Car insurance hasn’t always been a priority for car owners and it still isn’t for some cars on the roads today. Of the 10 million cars on South African roads, only 2.5 million have vehicle insurance
With those numbers in mind, your monthly premium suddenly seems a whole lot more justifiable.
Comprehensive insurance will cover you for the following:
- If you are responsible for the damage to someone else’s car or property.
- For the damage costs to your own vehicle.
- In the event of theft, flood, fire or storm.
Read more about the differences between third party insurance and comprehensive cover.
3. Choose your excess
This isn’t a general insurance tip, by the way. This is a Oneplan client exclusive tip and if you’re serious about saving on your car insurance, this should excite you.
Oneplan lets you choose your excess so that you have total control over your cover.
We know that each month is different and you need to be able to do what suits you. All you have to do is choose an excess amount between 5 and 70% of any potential future claims, depending on whether you want to lower your monthly premiums in exchange for a higher excess or vice versa.
If you want a more in-depth understanding of this process, read about controlling your excess amount with Oneplan.
Please note that these prices are reflective of the date that this article was written. For up to date pricing, please follow this link.
4. Keep us in the loop
It is in your best interest to let your insurer know if and when anything changes - it could mean lower premiums for you! With living and working situations changing drastically for so many families during COVID-19, remember to update your insurer about any new lifestyle changes.
If you’ve been working from home and your commute, parking and driving situation has changed, get in touch and have a chat with your broker.
5. Invest in security
Maybe you don’t like the idea of having to buy things to get a lower premium but it could be completely worth it to tick some security measures off your list. A big chunk of your premium has to do with how safe your car is both on the road and when it’s parked. If you park in a secure garage, make sure that your locks are in good condition and if you have the cash to spare, cameras around the garage area are always great to have.
If you park on the road, you need to make sure you have a car tracker installed and that your insurer is aware of your parking situation. You could also consider hiring a community car guard during the evenings.
Discover: what happens if I lie on my insurance policy?
It’s going to also pay to be known as a safe driver on the roads - so why not find out if your insurer will lower your premiums once you complete a recognised advanced drivers course?
Take the wheel on your car insurance
Do yourself a favour and take control of your car insurance. When you ask the right questions, do the research and keep communication open there is no reason for you to not have an easy and beneficial insurance journey. Please get in touch with our team of consultants or pop onto our website for a live quote.
Yours in affordable insurance,Oneplan