4 Car Insurance Cost-Cutters

Car Insurance
Car Insurance for Precious Car

Car Insurance is invariably what you do not want to omit. How many times have you wished that there was ‘SALE’ at your insurance company, just like the one at Zara. We all want to pay less and get more. Here are four Car Insurance Cost-Cutters that are probably better than the sale at Zara’s.


  • Insure Multiple Cars/Drivers

If you obtain a quote from an auto insurance company to insure a single vehicle, you might end up obtaining a higher quote for your vehicle, per vehicle. But if you inquired about insuring several drivers and/or vehicles with that company, you may be able to obtain a lower quote. This is because insurance companies will offer what amounts to a bulk rate because they want your business, and under some circumstances, they are willing to give you a deal if it means you’ll bring in more of it.

To obtain a discount, ask your agent/insurance company to see if you qualify and get a quote. Generally speaking, multiple drivers must live at the same residence and be related by blood or by marriage. Two non-related people may also be able to obtain a discount; however, they usually must jointly own the vehicle.


  • Pay Attention to Where You Live

The writer is not asking you to move to a new place because it gives you lower car insurance rates and it is unlikely that you will move to a different location for the same reason too. However, when planning a move, the potential change in your car insurance rate is something that you will want to keep in mind and add into your budget.

  • Drop Unnecessary Coverage

Dropping certain types of coverage can be a very slippery slope. After all, nobody can predict if or when an accident will occur. However, if an individual is driving an extremely old automobile that’s on its last legs, it may make sense (depending on the cost, the individual’s driving record and other factors) to drop collision coverage. The reason for this is that were the vehicle to be involved in an accident, the insurance company would likely total the car. If the value of the car is only P10,000 and the collision coverage costs P5,000 per year, it may not make sense to buy it.

In any case, before making any such decision, consider speaking to your financial adviser and your agent/insurance company. You should remember that every situation is different and the decision is up to you.


  • Install Anti-Theft Devices

You can also lower your insurance amount by installing anti-theft devices. Your agent or insurance company should be able to tell you specifically which devices, when installed, can lower premiums. Car alarms and LoJacks are two types of devices that you might want to inquire about. If your primary motivation for installing an anti-theft device is to lower your insurance premium make sure to consider whether the cost of adding the device will result in a significant enough savings to be worth the trouble and expense.