Outside of your trips to the petrol station and visits to your friendly mechanic for regular maintenance, car insurance is one of the things you just have to spend on when you have a car. As with any recurring expense, it pays off (literally!) if you take steps to lower your cost. Here are seven great ways to lower your car insurance payments that you may not yet know about.
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Ask for a Discount
Don’t be afraid to haggle! Ask your agent if they give discounts or any special promo! You could be pleasantly surprised to learn that your car insurance agent can offer you a discount if you just asked for it
Set Higher Deductibles
To save even more on your car insurance, try to get one with a high deductible. You’ll have to pay more in the event that you make a claim on your insurance but you’ll typically pay less on your car insurance premium. This is a good idea if you have a good driving record.
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- How Much Does Car Insurance Cost in the Philippines?
- Affidavit for Car Insurance Claim: Why You Need It and How to Get One
Limit the Coverage
Depending on where you live, there usually is a basic coverage you’ll need to have on your car insurance. The Land Transportation Office requires that a vehicle be covered by a Compulsory Third-Party Liability insurance policy as dictated by the Insurance Code. You have the option to get more coverage such as collision coverage or comprehensive coverage. If you drive an old car and annual collision coverage will cost you about half of the car’s market value, then it might not be worth it to get the collision coverage. When the vehicle gets into an accident, the insurance company is likely to total the car.
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- What You Need To Know About Your Towing Coverage
Park Your Car in a Safe Place
Garages are meant for cars, not for keeping junk. So clean out your garage so that you have a place to park your car safely and not on the road side. Let your insurer know that you have a garage to park your car and you may enjoy a discount on your premium because there’s less risk of someone breaking into your car while it’s parked for the night.
Install Car Safety and Security Features
If your car has airbags, anti-lock brakes, anti-theft, and engine cut-off systems, then your insurer may factor this in when they compute your premium and give you a lower price for your car insurance. Having these features mean that you can drive safer and there’s a deterrent to your car being stolen.
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Choose a Car That Costs Less to Insure
If you’re in the market for a new car, think about your car insurance premium as one of the factors that you should consider when reviewing how much it would cost you over the life of your vehicle to operate. A top of the line performance car is much more expensive to insure than a regular sedan.
Shop Around for Car Insurance
Save money on car insurance by getting quotes from various insurance companies. Shop around to see which one offers the best deal for the car you want to insure and with the features that you are looking for. You could call them different insurers one by one and waste a lot of time or you could be smart about it and use MoneyMax.ph’s car insurance comparison tool to get a quote from several car insurance providers in the Philippines.
Compare prices for FREE and save more on your car insurance starting today.
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.