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Insurance companies generally provide a lot of options for people to reduce the premiums they pay. You can actively do a lot of things to help keep the costs down. These include:

  • Parking your car safely. Securely parking your vehicle (either off street or in a lock-up garage) can reduce the risk of theft, vandalism, flood or storm damage claims.
  • Maintaining a good driving record reduces the risk of you making a claim – many insurers offer sizeable discounts for drivers with good driving records.
  • Buying a car fitted with safety and security devices like alarms or immobilisers to reduce the risk of theft and damage, or have them installed if this is feasible.
  • Driving less often. It sounds silly but some insurers will offer lower premiums for drivers who don’t drive as much.
  • Limiting the number of drivers you nominate on your policy, especially if they are under 25.
  • Choosing a higher excess. This is a good option if you don’t think you’re going to need to make a claim any time soon. The higher the excess, the lower the premium
  • Choosing to insure for market value instead of nominated value. For newer vehicles, this isn’t usually an issue but as a vehicle’s value depreciates quickly, the market value of your vehicle may not be enough.
  • Bundling your car insurance with other types of insurance, such as home and contents, life or travel insurance.

As always, contact a broker to check how these may be taken into account.

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Auckland 1051