Car insurance premiums can be a source of frustration. Many people often wonder why they are paying so much. Don’t fret! There are a couple of different things you can do that can cut the cost of your premiums quite substantially.
Factors Out of Your Control
Fair or not, factors such as your sex, where you live, and your age will all impact the cost of your premium. For instance, a 23-year-old male will be charged more on average than a female of the same age. Not only that, but that same 23-year-old male will likely pay more than a 35-year-old man with a similar driving record. Along a similar line, two identical people with identical driving records will end up with differing costs based on where they live. Someone living in the heart of a big city will end up paying more than someone in a small town.
Factors Within Your Control
Who would you rather ride with? A mother of three in a minivan? Or a 17-year-old in a brand-new Ferrari? These questions are the same questions that your insurer will consider when it comes to your premium. If you want a lower premium then the first step is to drive a safe vehicle. In addition to this, you want to be safe with your vehicle. For example, park in the garage or at least a covered parking spot. Whatever you can do to avoid damage to your vehicle really.
You can also cut down your premium by choosing the right plan. For example, a plan with a higher deductible will include a lower premium. If you are a safe driver then this can save you a lot of money in the long run. If you want a lower premium then you need to be safe with your vehicle and shop for the perfect plan for you. In summary:
- Drive safely and avoid accidents
- Take a plan with a higher deductible
- Park in covered parking
- Understand your premium may be higher for factors you can’t control