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How to reduce your car insurance premiums
Thursday, 11 March 2010 16:58
Car_Insurance_TipsWhen going through a difficult financial crisis, what are considered to be non-essential expenses are the first to leave. But car insurance and home insurance  should not be considered as such, because not having such insurance could put you in a deeper financial rut than you are already. Instead, why not reduce your insurance premiums to a more manageable rate.

1. Ask for higher excess
Most insurance companies give their policyholders the option to choose the amount of excess they pay. The higher the amount you pay out before they pay you, the less your monthly premiums will be.

2. Drop cover you don’t need
While comprehensive cover is always the best option to go for, it’s not always practical. Perhaps reduce your cover from comprehensive to third-party, fire and theft or just third party if you are sure that you won’t cause any accidental damage. Also check what you’re paying for, perhaps roadside assistance can be dropped or other non-essentials.

3. Combine insurance providers
If you insure your car and your home with one insurer, they are more likely to give you a discount. If not, then reconsider who you’re insured with.

4. Drive less by carpooling
Some insurers give discounts for lower mileage. Driving less will decrease your mileage and reduce your risk of having an accident and thus your monthly premiums. If your insurer doesn’t offer such a discount, then the reduced driving  will reduce the amount of claims you make.

5. Ask for a discount
It doesn’t hurt to phone your insurer and update your information. While you’re doing this you can ask for a discount. Explain your situation to the insurer and let them know that you will have to cancel the cover because of the high premiums. Some insurers will grant a discount to save you as their client. They would rather have what you can afford than nothing at all.
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