Owning a car is not as easy as you may think, a lot goes into it, not just driving – but also the constant upkeep that can cost you a pretty penny. Apart from paying for regular check-ups and the usual stuff like gas, you need to remember additional expenses too! Car insurance is one of those crazy expensive but necessary things to ensure your safety and security. As you never know what might happen on the road, being extra secure just in case is better than having nothing.
That’s why having car insurance is important, but you don’t need to give an arm and a leg for it – follow some of these tips to lower the cost of car insurance as much as possible!
Look at your vehicle first
The first and most important thing you should consider is what kind of car you own. This alone will determine the price of car insurance, especially if it’s an older vehicle, many factors play a role in it. So you might want to consider, is it really worth giving all that money away just to insure your old car that’s more than likely to break down at some point? This is something you need to consider on your own, talk to different people about it, and get opinions of other people who might be in the same situation as you! This is also useful to know before buying a new car as well – always ask how much it will cost to get insurance on your desired vehicle!
Compare car insurance quotes
Many first-time car owners don’t know this, but the cost of car insurance and quotes can differ from company to company. That’s why it’s important to compare multiple options and seek out the best, cheapest one that will work well in the long run. Experts at MyChoice.ca point out how important it is to be careful when choosing the right insurance policy for yourself. The market is overflowing with all sorts and kinds of competitors, claiming they are worth every penny – that’s why you need to look carefully until you find the right one for you.
Change the deductible
Another key factor that many first-time car owners might not know about car insurance – the ability to adjust the deductible! Basically, it means that you can change the minimum/maximum amount of money you are willing to pay after you get into the accident, prior to your insurance covering the rest. For example, if your car repairs cost 2000 dollars, and your deductible is 450 dollars, that’s the exact amount of money you need to pay before the insurance comes in to cover the rest. If you set your deductible as low as possible but can handle more, why to pay for access insurance, you’ll end up spending more money for no reason at all! If you raise the amount, you might just save some money in the long run!
Stay out of trouble
This one might be pretty self-explanatory, but try to avoid getting into trouble on the road. You’ll just pile up more and more additional fees and nobody wants that. Getting a ticket will actually mess with your insurance quite a bit, any traffic violation will have consequences. So stay in your lane and far away from any kind of trouble if you want to keep your wallet full and maintain your insurance policy!
Annual vs. monthly
This is a common debate, to pay insurance full at once and get it over with or pay in little by little monthly? It all depends on your current financial situation, how willing are you to cash out and the obvious – what kind of car insurance are you getting depending on the type of vehicle you own. So, all other factors aside, you need to consider both ways of payment and their pros and cons. Spending less money and spreading the payment as long as possible does sound appealing, as you most likely won’t feel like you are spending a lot. But on the other hand, if you look at the bigger picture, you’ll actually be saving a bit of money if you pay it all at once. Most companies will add fees to your monthly payments, so when you put it all on paper and compare – paying at once is a bit cheaper in the long run.
Drive less-spend less
Another great option to consider when getting car insurance is the amount of driving you’ll actually be doing. Sometimes, people aren’t even aware of how much or how little they actually need their car, that’s why you should maybe consider getting insurance tailored to the amount of mileage you put on. This is called pay-by-mile; this will considerably change the amount of money you’ll pay on the regular. Look into it and consult your insurance company about it as it might not be as a common option in every location and state.
Discounts
If you can get your hands on some good discount coupons, use them to your advantage at all costs. This will help you immensely in your car insurance journey. Also, a smart way to get a little bit of money cut off from your pay is by asking your employer if you can get a coupon or any kind of advantage through your job. The best way you’ll be able to do this if you work in an environment where a whole group of employees can get a group discount or something like that. Ask around, you never know what you might find!
The bottom line is that your safety should always be a top priority! Having car insurance is a good backup to have, but preventing accidents in the first place is a key thing as well. That’s why it’s important to get your car checked up regularly and maintain its good condition. Preventing any possible technical failures will certainly prevent possible accidents that will lead you to more problems and debt. Never ignore red flags and possible car issues, remember how car maintenance is important and always try to be as cautious as you can while driving, you never know what could happen. Better be safe than sorry!
