HOW CAN I SAVE MONEY ON CAR INSURANCE
1. INCREASE YOUR EXCESS
Increasing your excess -- your out-of-pocket cost before your insurance will pick up the bill on a claim -- can lower your premium. This move might make sense if you aren't driving much right now, do not have a history of accidents on the road or if you need to reduce your monthly costs to stay insured. Doing this could cost you later if you're in an accident, though, as you'll have to dish out more money before your Insurer covers damages. You should make sure you have enough money to pay the higher deductible if you do end up in an accident.
2. IF YOU HAVE AN OLDER VEHICLE, CONSIDER LOWER COVERAGE
Older cars may not deserve the same insurance attention as your shiny new Mercedes, but If your second car is on its last go-round, you may want to cut out comprehensive coverage and insure your car for Third Party, Fire and Theft only.
3. BUNDLE YOUR INSURANCE POLICIES
Obtain car insurance from the same company that provides your home contents and home owner’s insurance.– Many insurers will offer a discount for multiple lines of coverage.
4. USE CARPOOLING TO LOWER YOUR MILEAGE
Insurers may offer discounts if you have a low mileage count, meaning you drive less than the average number of miles per year compared to other South Africans. If there is mass transit in your area, taking a bus a few days per week (or carpooling with others), could make you eligible for low-mileage discounts. If you don't live in an area with mass transit, you might also consider carpooling to work or school to bring your mileage down.
5. PROTECT YOUR CAR WITH A TRACKING DEVICE
You could reduce your car insurance premium if you’ve fitted your car with additional safety features such as a tracking device.
6. ENROL YOUR TEEN IN AN ADVANCED DRIVING CLASS
7. AVOID THE EXTRAS
All of those add-ons that teenagers love, like chrome rims and big stereo systems, will increase the premium you’ll pay.
Car insurance for teenagers has always been expensive, and that will probably never change. It’s common for most parents to add their teen as a specified driver to the family's insurance policy if financially dependent and resides at the same address or students.
However, less expensive doesn’t mean cheap. That’s because insurers calculate their rates based on the likelihood of a driver being involved in an accident. Statistics show that drivers under the age of 21 are more likely to be involved in a car accident than older drivers.