Car insurance is 1 of those things that usually come with getting your own wheels. It’s just part of adulting, along with paying rent, understanding how house bonds work, mastering the polite nod when you bump into someone awkward, and showing up to places on time.
Of course, just because you should get car insurance doesn’t mean that you have to pay through the nose to avoid the risk of hitting a pothole, having your car stolen during the night, or being struck from behind by another car. Obviously, it’s essential to secure yourself against potential mishaps, but the trick is doing it wisely, by securing the lowest possible premiums.
Here’s how you can save on your car insurance premium.
· Pick the right cover for your car
In South Africa, there are generally 3 types of car insurance available. The top option is comprehensive car insurance, which covers the most risks, including damage to your own car. This is the most expensive option. Then there’s third party, fire and theft and third party only. These 2 options don’t cover as much, including damage to your car, and because of this, they’re the cheapest.
If your car is paid off, then these 2 are worth considering. They’re best suited to older cars with lower values, and will make it lighter on your budget. Remember, some cover is way better than none! If your car isn’t paid off and you want comprehensive insurance, then keep reading.
· Pick a higher excess
A lot of insurers will let you pick your excess. Simply put, a higher excess will lower your premium while a lower excess will result in a higher premium. The excess is what you’ll pay when you claim for your policy, so you have to make sure it’s a figure that you can afford. There’s no use in choosing a R5,000 excess to bring your premiums down by a few hundred if you’ll never be in a position to pay up when you claim.
· Compare, compare, compare
Don’t fall for the first premium you’re offered. Make a list of what you want, like the type of policy your car needs and what excess you can afford. Then compare quotes from a handful of the top insurers in South Africa.
By doing your research, you’ll find special offers and discounts that you wouldn’t have if you’d gone with the first offer. For instance, you might come across an insurer who decreases your premium every single month. (Yes, there’s 1 out there.)
How do they do this? By taking into account the depreciating value of your car and factoring it in when they calculate your premium. Who are they? King Price, an insurance company that’s been around for several years and prides itself on offering fair and logical car insurance.
If this sounds good, then click right here and get a super cheap, commitment-free quote. You’ve got nothing to lose and so much moola to gain!
What is an Insurance Excess? The Ombudsman Explains! https://t.co/gZx4jYIXhW #Insurance #Omudsman #Excess @Ombud4ShortTerm @SAIA01
— Arrive Alive (@_ArriveAlive) April 4, 2019