Many companies claim to be able to help you slash your car insurance cost by as much as 40%. Which means if your motor insurance premium is an average of $1,200, you may end up saving $480.But is this really credible, and can this even be achieved? This article seeks to find out more about these claims. The 2 points below sums up our findings and were gathered with consideration to how insurance companies price their policies.
Major factors that contribute to car insurance pricing include:- Vehicle details: Make and Model of Vehicle, Engine Capacity & Vehicle Age- Driver Details: Age, Sex, Marital Status, Driving Experience and Occupation of Driver- Insurance Details: Amount & nature of claims in the past 3 years- Type of Cover (Third Party Only, Third Party Fire & Theft or Comprehensive)
- You can reduce your car insurance premiums by 15% if you choose to drop the optional riders. Each rider cost you between 3-10% of your car insurance premiums. Thus, if you opt out of the unnecessary frills, you can easily save up to 15% of your car insurance premiums.
- You can save as much as 30% of your premiums if you compare quotes with at least 12 insurers. This happens because insurance companies have many business guidelines. They price insurance premiums of each vehicle model differently. A point system is used to determine if a particular car is of higher risk…or not. Car models with higher points attract more premiums.
The points are awarded based on the claims made by the existing client base.3. You can save up to 35% when you choose not to insure your car with comprehensive coverage this is really subjective. And there is a condition attached to it. But if you really need to slash your motor insurance by a huge chunk, you can purchase a Third Party Only or Third Party Fire & Theft coverage.
However this is provided your car is fully paid. If you intend to cut down on car insurance premiums on your coming renewal, the above tips will be of significance to you. Thus, do yourself a favor by comparing your renewal quotes with other insurance companies.
Chances are there will be the significant difference in price. And you really have to get hold of more than 12 quotes from different insurers to notice the difference. As you can now see, your car insurance cost can be reduced by as much as 40% quite easily. The best way to compare car insurance with at least 12 insurance companies is by going to.