Car Insurance Advice
Finding the right car insurance at the right price is not impossible, even in South Africa. Be sure you know your cover options and how you can save on car insurance premiums.
You can choose from three basic types of car insurance cover: Third Party, Third Party Fire and Theft and Comprehensive. Third Party is the minimum cover and pays for damage to other people’s property caused by an accident that is your fault. Third Party Fire and Theft adds to the minimum by including cover for damage caused by theft, attempted theft and fire. Comprehensive Cover includes all of this and pays to cover damage to your own vehicle in an accident that is your fault.
While Comprehensive Cover costs the most, it also provides the greatest amount of coverage. Most South Africans should probably get this kind of insurance to cover all of the risks that they face. Now how do you get this insurance at the best price? These are ten tips that can reduce the cost of your insurance. Not all of them will work for you, but at least some of them will be effective for everyone.
If you are in the market for new insurance, the first thing you need to decide is what you want in your policy. You have decide what are you looking for the policy to cover. How much of deductible do you want, and how many cars are you going to cover. And if you own money on one or all of them, make sure that you have complete coverage. The best thing to do is do some research and then compare companies. That way you can make sure you make the best decision you can for what the cost is and for what you want.
Each policy comes with a deductible, which is the amount you have to pay if you file a claim. People save money by selecting a higher deductible. Make sure if you ever file a claim you a sure to pay the deductible.
You may gain lower premium with yyour current insurance company by being a safe driver. Each year that passes in which you don’t file a claim you may also be eligible to get better rates with another company.
Always consider your insurance costs when you’re shopping for a vehicle. High performance and expensive car models cost more to insure due to their increased risk profile and expensive replacement parts. Be sure to include your insurance premiums in your car shopping budget.
Consider moving, not only for better premiums, but for your own personal safety.Your premiums will reflect that due to the increased risk of your car being stolen or hijacke,if you live in a high crime area.
You may be eligible for a discount if you park in a locked garage or behind a locked gate overnight. By not having your car on the street, you reduce the chances of it being stolen or damaged and this, in turn, reduces the cost of your premium.
You can add security devices such as gearlocks or global tracking devices that exceed the minimum requirements and receive a discount.Most insurance companies will have minimum security requirements for the vehicles it insures.
The number of people you let drive your car is also a risk factor. If you keep the number of allowed drivers at a mininmum it helps the insurer calculate your risk factor better in turn lowering your premium.
As with many companies, insurance companies do have room to negotiate. Flexibility and negotiation can put a good insurance plan in your budget. The one thing you have going for you is that they want your business, and sometimes companies have to be flexible to get it.
Tom Martens is the syndication coordinator for Carinsurancesa.co.za. South Arica’s leading car insurance portal.
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