In fact, you can’t even buy or transfer a vehicle without it. Unfortunately, however, car insurance is no small expense. It may even be the most costly recurring expense for many people such as myself. For others, it is second only to fuel. In Jamaica, car insurance on average is about 10% of the value of a vehicle. Factors such as age and driving history can affect this number so today I will be listing six things you can do to receive a lower insurance premium.
As mentioned previously, your driving history is one of the things that influence the cost you will have to pay. Accidents happen, but you can limit them but driving safely and obeying the rules of the road.
A driver with multiple accidents on his record, especially if he is the wrongdoer in most of them, will usually have to pay more than one with no accidents.
Insurance is all about risk and probability. If you have a tracking device installed on your vehicle and it gets stolen, the probability of you recovering said vehicle goes up.
Because of this, your premium will go down.
Even having just an alarm will help to reduce your premium.
Go for a policy which allows less drivers.
This is a tactic I use personally to get low premiums. Currently, I’m the only insured driver for my car. I’m the only person I see driving it for the foreseeable future so it was a no-brainer.
Before I move on, take the eligible driver clause very seriously. I know a gentleman who had a policy like mine where he was the only driver and he left his car at the mechanic. The mechanic took the vehicle, brought it on the road without his permission and crashed it into someone’s wall.
The car was wrecked and the owner of the vehicle had to foot the bill for repairing the gate because the driver at the time of the accident was ineligible.
So if you must leave the vehicle in the care of an ineligible driver, ensure that they do not drive it unless necessary.
Cars with turbo chargers or similar modifications to make it faster, will attract higher premiums.
Why? You’re obviously trying to drive faster. Faster driving means increased risk.
So, unless you’re David Sommerbell or Peter Rae, you really have no need for performance modifications. But everyone has their preferences of course, so at least now you’re aware that this preferences will be a little more expensive.
Even though a new car is more expensive upfront, they can actually help your premium.
Why? Most people tend to drive more carefully with their brand new car.
I’m not sure how much benefit you will see from this but most companies offer discounts were persons who have undergone a defensive driving course.