5 Tips To Modify Your Car Insurance’s Premium Payment
A car doesn’t come for cheap…
Not only are you required to pay for the premium price tag that the vehicle comes with along with the EMIs on the car loan, you will also need to pay the monthly or annual premium for the car insurance.
In case you are planning to bunk getting a car insurance done in the first place, you must know that the same is considered illegal by the federal government. You will be attracting fines if you are caught without vehicle insurance for your car.
This is why it is important that you know how to reduce the premium payment for your car’s insurance in order to contain the financial burden. Here are 5 tips for the same:
1. Bunk The Collision Coverage
In case you are the owner of a vehicle that is aged and also has been paid for, you must consider dropping the clause of collision average from your car insurance contract. The collision coverage usually covers the damages that your car undergoes due to your own negligence.
2. Agglomerate All Your Insurances
Using only one insurance agency for all the insurance needs of your family, health, car, home, medical, et al. will give you a substantial discount on the premium payment. The best thing about this discount is that by this way you will not only be saving money from your car insurance’s premium payment but also from the premium payment of all other insurances. Expect a discount till up to 10% if you agglomerate them all.
3. Pump Up The Deductible
The deductible is the basic amount that you need to shell out on a pertinent repair or expenditure of the vehicle before your car insurance company starts paying you for the expenses. In short, it is the triggering point for the car insurance claim.
It is recommended that you increase the deductible limit of the car insurance in order to get a benefit with the premium payment that you need to make. Remember that it is better to pay the small bills from your own pocket and keep the big ones for the insurance company.
4. Drive Your Car Less
It is simple. The lesser you drive; the lesser is the chance that you will be involved in an accident. The lesser your chances of being in an accident, the lesser is the probability that your insurance company will have to pay for the damages. This is why it is beneficial if you are an infrequent driver who drives less. Inform your insurance company about the same and they will give you a relaxed premium payment plan.
5. Drive Carefully
Well, this aspect of the car insurance is self-explanatory. If you are a proven safe driver who has a clean record when it comes to accidents, you will be enjoying a discount on the premium that you need to pay.
Remember that add on modifications affect car insurance and the subsequent premium payment that you need to cough up.
