Once you buy a car, the most sensible thing to do is to buy a car insurance plan for your car. Usually people are unaware of how they can keep the car insurance cost down and go with what the provider quotes. However there are a certain number of smart tips that if followed, can significantly save your money and give you an even better bang for your buck.
1) Choose your car carefully:
When out in the market to buy a new or used car, it’s preferable not to buy a “hot” car. What it essentially means is that there are some models of various vehicles that are usually more sought out by thieves as they might be easier to steal or parts might be high in demand in the black market. Some common examples of such cars are Suzuki Mehran and Toyota Corolla. Insurance on these cars gets a bit expensive because they aren’t insured without a tracker and thus it adds around 8-15k to the total cost of insuring your vehicle.
2) Install a tracker:
Insurance providers will offer you a better quote for your policy if you’ve a tracker already installed. This will give your car an additional cover of safety as well as reduce your insurance policy cost. Having a tracker helps immensely in locating the car in case of snatching or theft as well as keeping you informed about your car’s whereabouts at any given point in time.
3)Choose the right cover:
Car insurance providers offer different types of insurance covers. Usually there’s two types i.e Comprehensive and Third Party Liability. In Comprehensive, you get the full cover in which damage arising from your own mistake or due to anyone else is covered along with natural disasters and arson. Whereas in Third Party Liability, your own damages are not covered and only the other person is compensated for any damage to the vehicle as well as bodily injury.
4) Keep your deductibles high:
A deductible is the amount you’ve to pay in case of accidental damage. The rest is paid by your insurance provider. It means that in case of an accident you have to pay a higher amount however it brings down your insurance cost down significantly as the provider will be liable to compensate you for lesser in case of an insurance claim.
5) Protect your no-claims bonus:
A no-claims bonus is awarded to you at the end of the year if you didn’t claim your insurance all year long. It helps to decrease the yearly cost of insurance for your vehicle hence it’s better to leave those small dents instead of rushing to get them fixed. It saves you money in the long run.
6) Shop around before you buy a policy:
It’s a really sensible thing to shop around for insurance quotes from various insurance providers to see who offers the best deal. However do compare the offered features as well as going for the cheapest option might not be the smart choice to make.
SmartChoice.PK is an online price comparison platform that lets you compare prices for internet broadband packages from various ISPs all over Pakistan. We’re launching our car insurance portal very soon in which you’ll be able to input your car’s details such as make, model and price and then get insurance quotes in real-time from various insurance providers all over Pakistan, compare them side by side and order a policy online, all from a single website.