Lifestyle

How to Curtail Expenses on Vehicle Insurance in Australia?

Expenses do come in many forms and there are a few ways to avoid them if you know how. We can all find ways to cut them down and save some dollars. One of them is vehicle insurance. Car owners in Australia and the rest of the world may see the rising premiums every year as bothersome. While new-vehicle owners find it a tough call to buy additional insurance on top of their CTP, car owners who already have it extra cover may spend time introspecting the value for money aspects of the cover.

The decision to stick to your old insurer or swap your policy with a new insurance provider largely depends on your current insurer’s quotes for the following year. Sometimes it so happens that you bought car insurance way beyond what you actually needed or you have since bumped into a better car insurance online. Whether you make the switch or not, still there are umpteen ways to reduce the premiums you are paying year after year.

We have some workable tips for you so you can breathe a sigh of relief about your annual expenses.

Avail discounts when applicable

  • If you are the sole driver of your car, many insurers provide exclusive driver discounts that you can take advantage of.
  • Instead of paying your premiums every month, you can pay them upfront annually. Vehicle insurers may offer you some concession for a single shot of complete payment.
  • Also, if you request quotes and take out a policy with another insurance provider before your existing policy expires, you may be eligible for an early bird offer.
  • If you have been a careful vehicle driver in the past and have maintained a super good track record of no claims, you may well qualify for a claims-free discount.

Purchase optional benefits if necessary

Optional benefits like hiring a car if your vehicle is stolen, roadside assistance in case of an accident, contents cover if you are likely to have any valuables inside your vehicle that you need protection for in case of accidents/thefts, fixing a broken windscreen/window glass, excess busters, etc., can always come in handy because we cannot forecast the circumstances of an accident.

Choose excess appropriately

If you consider yourself to be at greater risk of meeting with an accident, consider increasing your excess to save some dollars on your premiums. However, if you are not as confident about your ability to steer clear of accidents, you may choose a lower excess – but you will need to pay higher premiums.

Restrict car drivers

Even if you are not the exclusive driver, you may restrict young drivers from driving your vehicle or drivers your insurer will consider as riskier than you to insure. Some insurers will cut down your premiums if you declare that your driver’s seat is not available for juveniles or drivers with a recent claims history. Young drivers are especially looked upon as risky people to deal with as they are more likely to have road accidents and raise a claim.

Park car in a safe zone

The least you can do to bring down your premiums is park it in a relatively safe place. Just think about all the areas available to park. Your garage is potentially the safest place compared to your driveway, neighborhood, empty street, etc. Parking your vehicle in vulnerable regions will increase the chances of your car getting damaged, like, say, because of theft/vandalism. Also, consider covering your vehicle with an appropriate car cover to protect it from hostile sight.

With all these, you need to have an eye looking out for the best car insurance at all times. Finding insurers and signing up for a policy is a cakewalk with car insurance online services. Compare policies and choose the best fit!

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