Ever wonder how you can lower you car insurance payments without removing useful features from your policy? Here we explore some common tips to help you get the best quotes from car insurance companies.
Driving is a privilege and it feels great to get behind the wheel of your own car and have so much freedom to go where ever you want. The downside of cars is the cost. The car itself, the gas and car insurance can be a heavy burden on your wallet. Here are some tips from Money Monster on how to get cheap auto insurance in the Philippines.
Trim down your coverage for cheaper premiums
When you’re looking for cheap car insurance quotes one of the easiest ways to lower your premiums is to decrease the level of coverage you have. Fully comprehensive car insurance offers the most coverage but is also the most expensive. It’s great having lots of free perks such as 24/7 road side assistance and complete protection for your car against accidents, fire and theft or getting a free rental car if your main vehicle is in a repair shop. But remember, each extra piece of cover will add pesos to your total premium each month. To help lower your monthly payments try losing some of the items in your policy. You can consider removing cover against minor damages and injuries, If you don’t need free medical care, remove that from your policy. If you don’t need an allowance for transport when your car is in for a check up, remove that too. The more you remove from your car insurance policy, the cheaper your monthly premiums will be but think carefully before doing so as you might regret it if you actually get into an accident.
No claims discounts on your car insurance
Insurers really love drivers who never crash as this makes you a much less risky policy holder in their eyes. Many Insurance companies will reward you for each year you don’t make any claims, known as a no-claims discount (NCD), they doing this by giving you up to 10% discount on your premiums each year. It really does pay to drive safely, after 3 years of making no-claims, you could be enjoying up to 50% discount on your insurance quote. This can add up to big savings each year!
Insurance policy excess payments
Choosing a higher excess payment level could really help you find cheaper car insurance. Excess payments are what you will pay the insurer if you get into a car accident. For example if you crash and the damages to your vehicle are 100,000 pesos and your excess is 20,000 pesos, this means you will pay the insurance company 20,000 pesos and they will pay the remaining balance to have your car repaired. On the other hand if you get into a minor fender bender and the damages to your vehicle are just 15,000 pesos this means you will pay the full amount as it is below your excess payment of 20,000. If you rarely get into accidents and you’re a good driver then setting a higher excess payment level will help lower your car insurance quote, meaning you pay smaller premiums each month.
With the above points in mind, using our money monster car insurance comparison tool will help you find and compare the cheapest car policy quotes available for you.