Reduce your Car Insurance premium
In our everyday lives we are constantly looking for ways of reducing our expenditures and have a little extra cash on our wallets. Today TopCheck tells you about ways to save some money on your vehicle insurance premium.
When people are struggling financially, unfortunately they tend to simply not renewing their policy, which can have drastic consequences in case they have an accident or if they are caught driving without a cover. If you are not one of those struggling financially but cutting down what you pay as premium to insurers every year wouldn't actually hurt, this post is for you too. Let us share some best-kept secrets that will make your day brighter.
The best way to reduce your premium is definitely to know what the different Insurance Companies are offering. You can visit every branch of the more than 20 Insurance Companies in Nigeria offering Vehicle Insurance, but that would probably a time consuming task. You can get in touch with a local broker but he will most probably work with only two or three different Insurance Companies. Or you could use a price comparison platform that will give you the best and up-to-date rates in the market in real time.
Another secret that a lot of people are not aware of is that there are several discounts on car insurance premium you can request. We give you first hand a list of the main ones: Fire Extinguisher Appliance (FEA), First Loss Discount (FLD), Stock Declaration Discount (SDD), No Claim Discount (NCD) and Long Term Agreement Discount (LTA).
Another way of paying less every month (and this can be a good option if you have some money on the side) is to opt for voluntary excess. It basically consists on paying an upfront amount for the compulsory excess (the fixed amount you have to pay for a claim to be processed). If you do this, your Insurer will definitely be willing to reduce your monthly installments.
Lastly, but not of less importance, being cautious. The less you claim, the more you save. Good ways of reducing your claiming occurrences are parking your car wisely, using security devices such as alarms or trackers, and obviously, drive safely. Remember that minimizing the risk of accidents may not help you immediately, but you will certainly see the benefits of it in the long-run. Plus, it's everyone's responsibility to make sure our roads are a safe place on Earth.