Motor insurance is a mandatory necessity if you own a vehicle. It provides a protective cover and lends a helping hand in times of distress. It provides complete coverage if by chance your vehicle gets involved in an accident. It covers all the expenses related to your medical needs in case of injuries and provides complete coverage of all the damages incurred to your vehicle. It offers you third-party coverage when another person gets injured or damages their car due to an accident caused by your vehicle. Hence, in short, it provides complete coverage to the vehicle owner and his/her family.
So, now that we know the importance of getting motor insurance, the next question will obviously be how to get cheap motor insurance. You might be spending a fortune to buy your car, and hence, you might want to know if there are any easy ways to get cheaper insurance. And the good news is, there are many ways by which you can get affordable insurance! Here are some of them:
Yes! Never jump in at the first motor insurance you happen to get your hands on. There might be better options available. All you need is to look! Compare between all the possible motor insurances you can get in your area. There might be many companies offering motor insurance. Carefully study their guidelines, rules, regulations and most importantly, compare the prices! Also, don’t simply compare the prices alone. Some insurances might be very cheap, but the cover it provides will also be less. In that case, it is better to give it a miss. Hence, compare all the factors including the coverage it provides, no claim bonus and also other plus points if any. Then compare the prices. Choose one that is affordable and yet provides you the necessary cover.
This is one of the common mistakes we all make. We tend to simply assume that a particular company’s motor insurance might be cheap. Never do that! Always check the facts before you make a decision. If not, be ready for unpleasant surprises later! Some companies spent too much money on creating compelling ads that make us believe that they are providing the cheapest insurance. Whereas, the reality may be different. Hence, never fall a victim for all these advertising taglines.
The truth is that no insurance company can claim that they are providing the cheapest insurance! The cost of insurance keeps on varying from one person to another as it depends on various other factors as well. Just because one person got cheap insurance from a company doesn’t necessarily mean that you will also get cheap insurance there. There will be many factors different between you two. The vehicle, build, year of purchase and many other factors will be different. Hence, always inquire and know the details. Then only make a decision.
Don’t Jump At The Big Names!
There might be one or two popular insurance companies in your area. Just because they are popular doesn’t necessarily mean that you will get the cheapest insurance from them. In some cases, there might be certain regional or local motor insurances who provide better premiums and discounts. Hence, do your homework and then make the decision.
Check Out The Discount Options!
This goes without saying! We are looking for the cheapest insurance, and hence, obviously, you have to keep an eye out for discounts offered by various insurance companies. Usually, insurance companies offer discounts to the following groups of customers:
- When the customer insures multiple cars with the same policy
- A customer with a decent driving record and no previous charges of driving in an inebriated state, over speeding or involving in accidents regularly.
- When customers agree to receive the documents online. Hardcopies are extra work both for the company as well as the customer. When the customer cooperates and agrees to complete the formalities online, the company can also finish the procedures faster.
- When the customers agree to pay the six-month or annual premium altogether.
- Customer installs anti-theft mechanisms and other safety features in their vehicle.
Hence, check whether you can get any of the above discounts. It can help you to reduce the costs and get cheaper motor insurance.
If Your Car Is An Older One, Better To Skip Comprehensive And Collision Coverages
If you are planning to get insurance for an old car of yours, then it doesn’t make much sense to get a comprehensive and collision coverage for it. The comprehensive coverage provides you coverage over environmental hazards, animals crashing on the vehicle, break out of a fire, theft of the car, etc. Collision coverage provides you coverage when your car collides with another vehicle or objects like telephone poles or fences. But, if the car is an older one, the insurance only pays you the present value of the car. Hence, it is not worth the effort to get that coverage. You can instead get cheaper insurance by omitting these two coverages.
These are some of the ways by which you can get cheaper motor insurance. Always spare some thought and put in some effort to compare and understand the insurance. It can help you a lot in the long run!