12 Views

How to Save on Your Car Insurance

Insurance is a vital, yet sometimes poorly understood concept. Nigeria has a low insurance penetration market compared to other countries – but why is this the case?

It is usually comes down to poor knowledge of the benefits of car insurance and how you can actually get something out of insuring your car, even when faced with limited finances.

This is a somewhat worrying concept, especially when Nigerian law stipulates it is mandatory for all drivers to have at least Third Party coverage on their vehicles.

Although the minimal coverage, Third Party insurance pays for all claims made against you when you are involved in an accident. These claims could be for bodily injuries or damage to vehicles or other equipment in your car at the time.

Since Third Party car insurance is the cheapest option to get your wheels on the road, many choose this option without a second thought of taking the car insurance search a step further.

This does not necessarily mean that you have found the best value for money, and the reality is that if you take your search just one step further, you could find a car insurance deal that suits both your lifestyle and your pocket like a glove.

Important factors that insurance companies usually take into account include age, gender, marital status, and the residential area of their policyholders.

Of course many lifestyle variables may not under your control however there are many tips to get the most out of your insurance package and still have cash left over to spoil yourself. Instead of accepting what your car insurance provider requires of you, you should be asking what your car insurance provider can do for you.

Take a look at a few ways to make car insurance work for you;

Never accept one price, COMPARE
Nothing drains the life out of you more than realising you have paid more for a service that could have been enjoyed elsewhere at a cheaper price. When shopping around for insurance, avoid making hasty decisions.

It is generally advised to compare prices amongst three or four insurance providers before committing to one. Make use of comparison websites online and even take it a step further by reaching out to friends, colleagues and families – word-of-mouth can and will always be the strongest point of reference.

Drive Safe
Being a cautious driver can significantly reduce your insurance premiums. Why you may ask? According to many insurance providers you are considered less of a risk and are less likely to be involved in a car accident or collision. If you think of this from a business point of view for the insurer, it just makes sense.

Becoming more vigilant on the roads, watching where you park and minimising speeding fines will make a prime candidate for low insurance premiums. Depending on your insurance provider, you may even enjoy benefits for being such an upstanding and moral driver.

Car insurance providers will also take into account your driving history when deciding on your final insurance premium. Information on past car accidents and speeding fines will be taken into account. This lets the insurance company know the kind of a driver they are taking on financially.

If you have been a model driver, yet still opt for Third Party coverage, you can start to see the folly in your ways and where you could have received more coverage for possibly the same price you currently pay. This includes towing your car, rental of a car after an accident or claiming for any loss or theft of items in your car after a hijacking or robbery.

Pay a higher excess
Excess is the amount of money that you pay when you make a claim against your insurance provider. It is also called the “uninsured” portion of your vehicle. A higher excess leads to lower premiums, whilst a lower excess leads to higher premiums.

Depending on the type of driver you are, i.e. few or no accidents on the roads, paying a higher excess might be the best insurance option for you. This will lower your premiums and save you money.

Benefits, discounts, savings – claim them all
Are you aware of the benefits and discounts you are potentially eligible for if you paid more attention? You might be knocking your head against the desk when you discover just how much you could have saved.

Do you have an alarm and tracking device installed in your car? Do you park your car behind a gate at work and at home? Do you hardly drive your car at all? If you have said yes to even one of these questions, you are eligible for a discount on your car insurance. Feel silly? It’s okay, you’re not the only one out there.

Do your research on your current insurance providers’ benefits and if they include none of what has been mentioned so far, consider revising and taking your business elsewhere.

Think it is only about the type of driver you are? Think again
Your credit score and history will be taken for a spin too. Insurance companies assess the risk of taking you on in order to anticipate future claims on your part. A good credit score will put you in good stead and insure your premiums stay low. A bad credit score will inevitably follow high premiums.

Make a habit of checking your credit score regularly and pay all monthly payments timeously and without delay. Late or non-payment is the number one reason for a bad credit score.

Saving on your car insurance can be as simple as asking your insurance provider where you can save. Word-of-mouth from a friend about their insurance provider can be your strongest ally when deciding if you should take your business elsewhere. All you need do is ASK!

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Check Out What OAP Daddy Freeze Said About His Ex: “I Will Rather Sniff Cocaine Than Take My Ex-Wife Back”
Entertainment
2 views
Entertainment
2 views

Check Out What OAP Daddy Freeze Said About His Ex: “I Will Rather Sniff Cocaine Than Take My Ex-Wife Back”

MT - September 26, 2017

Cool FM OAP, Ifedayo Olarinde, popularly known as Daddy Freeze who had a messy split with his ex-wife Opeyemi, has dropped a shade for her on his…

World Cup Qualifier; Mikel, Moses, Iwobi Make Super Eagles List For Zambia Clash. [See Full List]
Sports
12 views
Sports
12 views

World Cup Qualifier; Mikel, Moses, Iwobi Make Super Eagles List For Zambia Clash. [See Full List]

MT - September 26, 2017

Super Eagles’ technical adviser Gernot Rohr has called up captain John Mikel Obi, Odion Ighalo, Alex Iwobi and 20 other players for the October 7 must win…

Aliko Dangote To Invest $4.6Bn In 4 Agricultural Sectors
Agriculture and Farming
17 views
Agriculture and Farming
17 views

Aliko Dangote To Invest $4.6Bn In 4 Agricultural Sectors

PH - September 26, 2017

Alhaji Aliko Dangote, the Chief Executive Officer, Dangote Group, has said that the company would invest 4.6 billion dollars in nation’s agricultural sector in the next five…

Excitement As Ooni of Ife Enters Seclusion For 7 Days To Prepare For Olojo Festival
Art, History and Culture
18 views
Art, History and Culture
18 views

Excitement As Ooni of Ife Enters Seclusion For 7 Days To Prepare For Olojo Festival

MT - September 26, 2017

The highly revered Ooni of Ife has gone into seclusion for as many as seven days as he prepares for the Olojo festival. According to a report…

VIDEO: Actress Omotola Leaves Her Daughter Behind While Running From A Crocodile In Ibadan.
Entertainment
22 views
Entertainment
22 views

VIDEO: Actress Omotola Leaves Her Daughter Behind While Running From A Crocodile In Ibadan.

MT - September 26, 2017

A hilarious video has emerged online, showing Nigerian actress, Omotola Jalade and her daughter fleeing from a crocodile in Ibadan. Omotola Jalade and her daughter Omotola Jalade,…

How Police Arrested Boko Haram Commander in Ondo
Politics
24 views
Politics
24 views

How Police Arrested Boko Haram Commander in Ondo

PH - September 26, 2017

Nigerian Police Arrest Wanted Boko Haram Terrorist Commander in Ondo State, hands over suspect to Army. The Nigeria Police, Ondo State Command on Sunday 24th September 2017…

See Why Singer Jawon Thinks Eedris Abdulkareem Has No Right To Criticize Artistes With Babymamas
Entertainment
15 views
Entertainment
15 views

See Why Singer Jawon Thinks Eedris Abdulkareem Has No Right To Criticize Artistes With Babymamas

MT - September 26, 2017

Nigerian singer Jaywon has reacted to an Eedris Abdulkareem interview where the veteran called out artistes like Wizkid and Davido for having children outside wedlock. Speaking to…

See Photo Of INEC Officials Dumping Recall Documents In Front Of Dino Melaye’s Office At National Assembly
Politics
17 views
Politics
17 views

See Photo Of INEC Officials Dumping Recall Documents In Front Of Dino Melaye’s Office At National Assembly

MT - September 26, 2017

INEC officials who arrived the National Assembly Complex to notify Senator Dino Melaye on the petition the commission received from his constituents to recall him. Dino Melaye…

This Is What Dino Melaye Is Saying About Claims That The Petition Against Him Was Signed By 188,000 People.
Politics
23 views
Politics
23 views

This Is What Dino Melaye Is Saying About Claims That The Petition Against Him Was Signed By 188,000 People.

MT - September 26, 2017

The representative of Kogi West Senatorial District, Dino Melaye, on Monday raised the alarm that the petition presented by the Independent National Electoral Commission against him in…

Why I Support Buhari’s Move To Regulate Hate Speech – Okupe
Politics
22 views
Politics
22 views

Why I Support Buhari’s Move To Regulate Hate Speech – Okupe

PH - September 26, 2017

Doyin Okupe, a former aide to ex-President, Goodluck Jonathan has said he supports President Muhammadu Buhari’s move to promulgate a law against hate speech. He said there…

Why I Attacked Those Against Restructuring – Atiku
Politics
30 views
Politics
30 views

Why I Attacked Those Against Restructuring – Atiku

PH - September 26, 2017

Former Vice President and chieftain of the All Progressives Congress, Atiku Abubakar, has explained why he said the North is not prepared for restructuring. In a statement…

Check Out What Bed Bug Forced Obafemi Awolowo University Students To Do (+Photos)
Shocking
33 views
Shocking
33 views

Check Out What Bed Bug Forced Obafemi Awolowo University Students To Do (+Photos)

MT - September 26, 2017

Undergraduate students of the Obafemi Awolowo University, Ile Ife have cried out for help following an attack by bedbug. The students were forced to spread their mattresses…

Amidst Rift, See How Psquare Congratulated Jude, Wife On Arrival Of New Baby.
Entertainment
33 views
Entertainment
33 views

Amidst Rift, See How Psquare Congratulated Jude, Wife On Arrival Of New Baby.

MT - September 26, 2017

Amidst their differences within the Okoye’s family, the singing sensation duo of Psquare has taken top the Instagram to congratulate their elder brother, Jude Okoye on the birth…

Paul Okoye Of P-Square Reacts To Viral Video And Claims It Was Released By His Twin Brother, Peter [See Tweet]
Entertainment
39 views
Entertainment
39 views

Paul Okoye Of P-Square Reacts To Viral Video And Claims It Was Released By His Twin Brother, Peter [See Tweet]

MT - September 26, 2017

  This morning, a video showing PSquare Peter and Paul Okoye and their elder brother Jude in a heated exchange of words that almost led to fisticuffs…

See What These Elderly Market Women Did When They Saw Governor Wike – [PHOTOS]   
Politics
31 views
Politics
31 views

See What These Elderly Market Women Did When They Saw Governor Wike – [PHOTOS]  

MT - September 26, 2017

  Below are photos of aged market women dancing on seeing Governor Wike of Rivers state.They seems to love him and his administration. A similar governor to…

The End Of P-Square – Check Out 7 Of The Best P-Square Songs Ever Made (With Video)
Entertainment
29 views
Entertainment
29 views

The End Of P-Square – Check Out 7 Of The Best P-Square Songs Ever Made (With Video)

MT - September 26, 2017

In 2001, Peter and Paul Okoye won the Grab da Mic competition and became the group that is known as P-Square today. Since then, the duo has…

How Nnamdi Kanu Destroyed IPOB
Politics
62 views
Politics
62 views

How Nnamdi Kanu Destroyed IPOB

PH - September 26, 2017

Director, Centre for Peace and Strategic Studies (CPSS), University of Ilorin, Dr. Mahfouz Adedimeji, has observed that the ‘animalizing’ of those who are against the actualization of…

How President Buhari Squandered N15 Trillion In Just Two Years
Politics
53 views
Politics
53 views

How President Buhari Squandered N15 Trillion In Just Two Years

PH - September 26, 2017

Chairman of Peoples Democratic Party, PDP, in Isoko North Local Government Area, Delta State, Godwin Ogorugba, has alleged that the All Progressives Congress, APC-led Federal Government has…

Loading...