Car insurance purchase: 10 ways to save money
Increasing traffic and the rising costs of car repair indicate that there is no avoiding auto insurance. Unless your car sits undisturbed in the garage, do not make the mistake of not insuring it.
If a comprehensive policy does not fit your current budget, get at least third party, fire and theft cover. Cash-strapped individuals should consider insurance costs before even buying a vehicle. Yet, for most others, the car comes first. Are there any possibilities to save money regardless of the car model? Of course there are. Here are my top tips:
Go Shopping: There is no alternative to shopping around for car insurance policies. Seek quotes from different insurance companies. The costs could vary even for similar coverage amounts.
A Higher Deductible: The deductible is the amount that you pay out of your own pocket for repairs following damage to your car; your insurance starts paying out thereafter. Increasing your deductible could lead to a proportionate decrease in your premiums. Make sure to choose an amount that you can afford to pay in case you need to file a claim.
No Excess Coverage: Car insurance has its own list of frills. Things like roadside assistance and loan payoff sound good on paper but will inflate your premiums. Do not scrimp on these benefits if you have the money, but scrape away this excess coverage if you are on a tight budget. If you plan to insure an old car whose value has depreciated, comprehensive and collision insurance may not
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