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As soon as you buy a new vehicle, you are expected to buy insurance cover for it as well. Thankfully, there are many motor insurance companies that offer excellent car insurance policies. This is why you need to compare and find the best option. There are some ways in which you can lower your car insurance premium when you buy or renew the cover. What are these ways and why are they significant? Let’s find out.

● Ask for higher excess:

The excess is an important concept in motor insurance. It is a percentage of the bill that you agree to pay at the time of a claim. You can choose the excess amount for your insurance cover. If you choose a higher excess, your car insurance premium will be lower and vice-versa. This is a good way to decrease car insurance costs. However, do so only if you are a confident driver and do not expect to have too many claims.

● Drop comprehensive coverage for older cars:

A comprehensive car insurance plan is a good option for most cars, as it offers a wholesome cover. However, the car insurance premium of a comprehensive plan is high. If you have an old vehicle that is not financed, is not used often or you wish to replace it soon, consider getting a basic third party insurance cover for it. This will lower the premium costs considerably. However, if you have a new and expensive car, make sure you have a comprehensive care plan as this cover is crucial for you and your vehicle.

● Avoid making excessive modifications to your car:

When you make modifications to the car, it becomes riskier for the insurance provider to cover it. For example, if you change the colour of the car to an unusual shade, it stands out from the rest. This makes the car more attractive to thieves. As a result, the insurer adds a higher premium for the plan. This is why you need to keep the modifications to a minimum and you will surely see a fall in the premium rate of the car policy.

● Reduce add-ons to save premiums:

Add-on covers are very handy additions that you can attach to your motor insurance policy. They offer extra protection, but this is available at an extra cost. The higher the number of riders, the higher the premium will be. This is an important point to note. Evaluate your needs and only opt for the essentials, while dropping the rest.

● Keep a clean driving history:

If you have had many accidents and insurance claims in the past, you will be seen as a risky driver who often makes car insurance claims. The insurance provider will assume that you will make frequent claims in the future too. Keeping this in mind, the insurer will hike your car insurance premium. However, if you have a clean driving record with very few claims, the insurer will assume you won’t make too many claims and you will also be seen as a less risky policyholder. Subsequently, the premium on your policy will also be reduced.

● Take advantage of NCBs:

The no-claim bonus, also known as the NCB, is a reward you earn for not many claims in the policy period. The NCB is offered in the form of a discount on the premium of the following policy period. Ensure the NCB you have earned is deducted from the car insurance premium. You can save a great deal with the help of your NCB, so do not let go of this wonderful advantage.

● Install security devices in your car:

Since a car insurance cover largely protects your vehicle from threats such as thefts and break-ins, the insurance company awards you for making your car safer. This is why vehicles that have safety gadgets installed in them have a higher degree of safety. Consequently, their owners are charged a lower car insurance premium. If you want a genuine way in which you can lower the car insurance expenses, look to install some safety devices. This will lower the premium and definitely make your car safer too.

● Switch your insurer:

And last but not the least, explore your options. As mentioned above, there are many car insurance companies. The current insurance provider you have might be offering the plan to you at a much higher rate. When you compare, you get to locate a better deal. If you find a better and more economical option, switch your car insurance plan without any worries. You will end up paying a lower premium and thereby get a better and more effective deal.

It is important to stay adequately covered at all times, so never compromise on the coverage. Negotiate for a discount only after the insurer promises to offer the correct coverage at a lower cost. A car insurance plan protects your vehicle. So get the best plan at the best rate and keep the protection active.