7 Tips On How to Save Money on Car Insurance: How To Get The Coverage You Need And Can Afford In Nigeria
To save money on car insurance is one of the best ways to save money. The reason is quite simple. Car insurance is one the most costly coverage you can purchase.
If you are not shrewd in buying insurance for your cars, you are going to spend a lot of money on it. Except you are a senator or a top politician in Nigeria, you are going to have to take more time in getting the right car insurance.
Related: How best to save money on insurance policies in Nigeria
I have come to realize that any money you can save, you can invest in other more profitable ventures.
We want to take out time to guide you on how you can save money on insurance. We have identified some tips to help you achieve that.
Tips On How To Save Money On Car Insurance In Nigeria
Do an annual rate check of available insurance agencies
When you check the rate of different insurers, you will find out that there may need to swap insurers. This is not always ideal but it is worth the shot. When you bring in the comparative factor into play, you will definitely save money on car insurance.
Related: 5 smart tips for online car insurance in Nigeria
There was a research by the Consumer Reports National Research Center in the US in 2014. It found out that only 10 percent of 19,000 ConsumerReports.org subscribers who compared premiums found that they would save money by switching insurers.
You can use the online medium to compare the insurers and it will be fast and almost effortless.
We advise that you pick a top-rated insurer
It is one thing for an insurance company to collect lower premiums and probably lower deductibles while it is another thing for them to live up to expectations. To save money on car insurance, you will need top rated insurers.
You wouldn’t go through the process of lowballing of loss estimates, hassling the repair shops to cut corners and forcing you to pay extra. These things don’t happen with top-rated insurers.
Set the Right Deductible
The higher the deductible, the lower the premium you have to pay. It is advisable to hike your deductible and your premium on collision can reduce pending the rate of hiking.
Review All of Your Coverage
To save money on car insurance, you are advised to review all of your coverage. Make your coverage all-encompassing. Your full liability coverage covers both the cost of the property damaged and bodily injuries.
You are to buy more coverage. It is not crazy though it sounds it. Its benefits come when there is a costly claim that threatens your life savings.
Manage and take advantage of discounts
If you are not aware, there are a lot of discounts that car insurers offer. You can take advantage of them. The discounts are for low-risk lifestyle. You should ask your insurer about them if they don’t mention them to you first. Below are some of them:
- Students with good grades.
- New drivers who have taken a driver-training course.
- Older drivers who have taken a refresher course.
- Any driver who takes a defensive-driving course.
- Members of affinity groups, such as college alumni and certain occupations and professions.
- Anti-theft and safety equipment.
Become a multiple-policy holders
You can save money on car insurance if you buy your other coverage from the same insurance company. When you buy your homeowners, renters or life insurance from the same insurers, they normally offer huge auto discounts.
Manage Teenage-Driver Risk
For you to save money on car insurance, you will have to manage your teenage-driver risks for your kids. When there is a teenager in the policy you are buying, the price goes up by between 50-100%. You will have to find a way to manage them or you don’t include them in the policy.