Running Your Business

Never Pay Too Much for Auto Insurance Premiums Again

By September 23, 2018 September 25th, 2018 No Comments
Photo by Torsten Dettlaff from Pexels

As a business owner, you naturally try to keep all of your expenses to a minimum. So of course you want to try to keep your auto insurance premiums affordable. However, you still need adequate auto insurance for your company’s vehicles. In this post, we take a look at some of the ways you can go about keeping your auto insurance premiums affordable.

 

RELATED ARTICLE: VEHICLE LEASING: THE BUSINESS OWNER’S GUIDE

 

How Can You Keep Your Auto Insurance Premiums Affordable?

You can choose to make your car insurance policy an affordable one. Nowadays, some big players are entering the car insurance market. Therefore, car insurance has never been as affordable as it is now.

It goes without saying that a car insurance policy is a necessity. Not only is it required by law, but you also want to protect yourself and your business in case of an unfortunate accident. An auto insurance policy can cover most of the funds you might need for medical costs as well as for car repairs. Nonetheless, you never want to pay too much on your auto insurance premiums.

 

Settling for the First Option? Think Again!

When you start scouting for a car insurance policy, look at as many car insurance quotes as you can. In this way, you’ll be able to find the best deal. Use online comparison portals and thoroughly review each insurance provider you find there. Then compare and contrast among the various providers.

Additionally, check out local insurance providers near you. And ask your preferred garage about the insurance companies they would recommend.

 

Keep Your Policy for Yourself

The more drivers you put on your car insurance policy, the higher your auto insurance premiums will be.  Of course, you can choose to add additional drivers, such as your spouse or a child who drives your car. However, when you do that you’ll have a higher premium.

 

Use the No-Claims Bonus

A great benefit of buying car insurance in India is the fact that you can choose the no-claims bonus. How this works is that over time, when you do not make any claims, you can take advantage of the no-claims bonus feature. When you do, you will be rewarded for not using your car insurance claims.

Therefore, it’s a good idea to choose to pay for any small expenses out of your pocket. Make a claim only when you need a big payout for repairs. In this way, you will spend less money over time.

 

Choose Higher Deductibles

Another good way to keep your auto insurance premiums low to to voluntarily choose to pay higher deductibles. This tactic will considerably lower your car insurance premiums. Then you can put that money into investments that yield higher returns.

For example, you could put the money you save from having lower auto insurance premiums into an interest-bearing emergency fund. Then, if you should have an accident, you could take care of any related expenses by dipping into your emergency fund.

Relying on this tactic will keep you eligible for a no-claims bonus.

 

Take All Possible Security Measures

It is a good practice to rely on a security camera, a tire lock, or a steering lock to keep your car safe. Alternatively, you could turn to the most affordable security measure of them all, a security alarm. An alarm could keep your car from falling prey to theft or vandalism.

Moreover, any security measures you take will help you to save money overall on your car insurance. That’s because auto insurance companies in India will reduce your premium when you have one or more of these measures in place.

 

Negotiate to Your Heart’s Content

There are lots of competitors in the auto insurance market. Therefore, you should feel free to negotiate to get the best possible price. Begin by using a car insurance calculator. This will give you an estimate of what your ideal premium rate should be.

 

Choose to Pay Annually, Not Monthly

If you choose to pay monthly, your insurance will cost you more overall. Instead, choose to pay your auto insurance premiums annually if at all possible.

 

Your Credit Score Is Crucial

Your financial discipline is reflected in your credit score. What’s more, car insurance companies take your credit score into consideration. The better your credit score, the lower your auto insurance premiums will be.

 

A Final Word

In order to take full advantage of your car insurance policy, keep all of the information about it in a safe place. In this way, you’ll be able to easily refer the details if you should ever need to make a claim.

What’s more, take all of the precautions we have recommended here. They will help you to save a lot on your car insurance overall. And you’ll be able to keep your auto insurance premiums as low as possible.

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