If you're a motorist and owner of a vehicle, not having insurance on your vehicle is a lot like playing on the devil's lawn. With the way the roads and streets are in South Africa, you already know that not having an insurance policy in place could cause you financial ruin. Not only do you want to be covered in case of a crash or accident, you also need to be protected in case of a theft or hijacking, as this is taking place more and more on the streets these days. Being under-insured is also not an option. Under-insurance takes place when the amount for which the property is covered, is less than the value of the property. You have to insure your property for its replacement price and not for the purchase amount, unless it is brand new property. When searching for cheap insurance for cars, you'll want to make sure that you know precisely what you need covered and what not. Under-insurance as well as over-insurance isn't an option. Before you enter the insurance company or broker's office, make sure you know what ultimately determines your insurance premium. They are:
- Comparing prices: Do not just settle for the second best quotation you find. If you are unhappy with the premium they're offering, do not accept it; as simple as that.
- Buy a low risk automobile: high performance vehicles are more expensive to insurance, for apparent reasons. If you are looking for a cheaper premium, trade in your Subaru for a VW Polo or something similar. You will save tons. If you are younger than 25, a male and you drive a performance vehicle, you definitely want to look at swopping your car; you should be paying a fortune!
- Raise your excess: you have probably already heard about this trick. By upping your excess amount on the automobile, your monthly premium will automatically be lower. Just make sure that you will be capable of paying the excess when you need to claim, so don't go too high.
- Safety measures: A car that is parked on the street or in the driveway will obviously cost more to insure than when it's left in a secure garage. And if the car itself is fitted with an alarm system and immobilizer system, your premium may also be lower. An anti-hijacking device, tracking device and gearlock could also decrease your premium substantially. Should you live in a high-risk, high crime area, moving is probably the smartest choice to lower your premium.
When you are looking for cheap insurance for cars, ensure you speak to your broker about any discounts they offer and if you qualify for them, as they will usually not tell you about the discounts themselves and you could lose out on a great deal.
Finding cheap insurance for cars could be challenging, but lowering your premium is not and is most likely the better alternative. Just be certain that you know what you need covered and what not to avoid being over- or under-insured.
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