5 Often Overlooked Ways to Save Money on Car Insurance

Saving money on car insurance is something everyone wants to do. In this tough economy, the easy way out is to cancel it, but that’s far from the wisest decision to make. In fact, we’ll explain in this article how doing that could end up costing you more over the long term. 

But what ways are there that will help you save? The premium is the premium, and there’s nothing you can do about it, right?  

Not at all. There are ways to save money on your car cover that you can implement today, some of which cost you absolutely nothing upfront.  

Let’s take a look at some of the lesser-considered ways to save money on your premiums, monthly and in the long run. 

• Quote, Quote, Quote 

There’s no harm in getting multiple insurance quotes. You can either do this yourself by phoning different insurers or filling out their website quote feature, or you can get a car insurance quote comparer to do it for you. You could also use a broker, who might take a little longer to get you the best quote, but it could be the better decision for you in the long run. 

Even if you already have a car, it’s recommended that you shop around once a year – right around the time your premiums go up is a good time to get various quotes. Many people don’t think to do this, which is why it’s often overlooked as a way to save money. 

• Secure Your Car 

It matters where you park your car in the day and at night. If it’s left on the street outside your workplace, you’re going to pay higher premiums than if you park it in an access-controlled area. While you can’t do much about where it’s parked in the day, unless you work from home, you can sometimes keep it safer at night. A locked garage is the most secure and will get you cheaper premiums than if it’s left out under a carport. At the very least, ensure it’s stored behind a locked gate at night. 

• Install a Tracker 

While you pay monthly for a car tracking service, many insurance companies will give you a discount on your premium if you have one – sometimes as much as the monthly tracking fee. So, while you won’t technically save money monthly, you could save cash in the long run. How? If your car is hijacked or stolen and able to be recovered due to the tracker, you don’t need to worry about a payout that might fall short of what you still owe on the car. 

• Use a Telematics App 

This way of saving on your monthly premiums is more indirect, but it can help you in the long run. Telematics apps are installed on your phone and monitor your driving. They can tell you how often you speed, when you accelerate too fast, how often you go through dodgy areas and if you break too hard. By analysing your driving behaviour and following the advice you get from the app, you can improve your driving, which means you’ll have less chance of being involved in an accident. This matters because your driving history has a major impact on your monthly premiums. The fewer claims you make, the lower your insurance premiums will be. 

• Stay Insured No Matter What 

Sure, it might be tempting to cancel your car insurance when money gets tight, but did you know that the longer you have uninterrupted insurance for, the lower your premiums will be? So, if you cancel your third-party car insurance for example, and later get car cover again, your premium might be higher than if you’d kept the cover the entire time. Besides, not having car insurance when you have an accident is a surefire way to lose more money than you can afford, especially if you need to pay to repair your or someone else’s car out of your pocket.  

These are five often overlooked ways to save money on your car insurance. Some are easier than others to implement, but for the most part (barring installing a garage), anyone can do them. So, start saving on your car insurance premiums today!