This article is brought you by Vietwheels.com, Vietnam’s leading online marketplace to buy and sell cars.
The information in this article does not constitute as financial or insurance advice or any other sort of professional advice, and you should not treat any of the content as such. A qualified professional should always be consulted before making any financial or insurance decisions.
Car insurance is necessary to protect you financially when you are behind the wheel. Getting the best deal on car insurance is not always simple and straightforward. Car insurance costs are different for every driver, depending on their age, safety record, choice of insurance company and the type of coverage they have. Thanks to Vietwheels.com, there are ways to get your insurance payments down. Here are our top 6 tips for selecting the best car insurance policies.
1. Finding the best rates
The first thing to do is shop around for the best insurance premium possible. You should never go with the very first quote that you’re offered, as there are so many insurance providers on the market. Do some online research to compare insurance quotes and discounts offered with various insurance companies. While this may feel daunting and take some time to complete the necessary information, it’s worth the cost savings.
In addition, contact the insurance companies directly on the phone before agreeing to the quotes offered. You can usually negotiate a further discount from a sales representative when you speak to them over the phone. Start with reputable auto insurance companies in your area and collect quotes.
Remember, you usually get what you pay for, and cheap rates doesn’t always mean it’s good. That’s because the insurer’s creditworthiness and specific terms and conditions should also be considered (for example what are the inclusion and exclusion clauses). Therefore, make sure you read the fine-print and specific terms and conditions and not just focus on price.
2. Consider bundling your insurance policies
Another thing to consider is bundling your existing insurance policies together such as multi-car insurance and even other insurance policies like home and content insurance, medical insurance and life insurance to save further costs and also get access to further discounted rates.
Lower car insurance rates may also be available if you have other insurance policies with the same company. More often than not, you will pay a reduced premium when you insure more than one item on the same policy.
This is because insurance companies will offer what amounts to a bulk rate because they want your business. Bundling our insurance policies together may also life a lot easier, as you can manage all of your insurance policies from the same online portal (especially when you make a claim).
3. Keep your car garaged or undercover
Keeping your car garaged indoors or undercover could help reduce your insurance premiums. This is because there is less risk for the car to be stolen, vandalised or damaged from natural disasters or bad weather such as hail or flooding.
Insurers have assessed the risk of paying a claim for a vehicle parked on the street which far more likely to be stolen or damaged compared to being parked in your garage or undercover. In general, the lower level of risk is reflected in the price of the insurance premium which is the annual charge for insurance cover. Not only does keeping a car garaged reduce the risk for the insurer (and reduce your insurance costs) but also keeps your car looking pristine for longer.
4. Maintain a safe driving record
It goes without saying, pay attention on the road and be a safe driver. Not only will this help protect your health and safety, but also maintaining a safe driving record is key to getting lower car insurance rates.
Insurers consider your driving record when setting rates. Points are typically assessed to a driver for moving violations, and more points can lead to higher insurance premiums. Furthermore, consider taking a defensive driving course. Sometimes insurance companies will provide a discount for those who complete an approved defensive driving course.
5. Pick a vehicle that’s reliable and cheap to replace
Your car is a key part of how your car insurance premium is calculated. Choose a safe, economical car — the more expensive your vehicle, the more costly your car insurance is likely to be.
If you’re trying to decide between different models, it’s worth checking out what the insurance would be on each. Some models attract a much higher premium because they’re more likely to be stolen, damaged or even totalled in an accident.
6. Install security devices
Security devices and safety features such as alarms, dash-cams, immobilisers and reversing cameras could help you get cheaper car insurance. This is because these security devices help reduce the risk of an incident by giving you more tools to keep you safe or deter thieves.
Enquire about discounts or reduced premiums with insurance companies for installing security devices when speaking with different insurance companies. The insurance company you decide to go with should be able to tell you specifically which devices, when installed, can lower premiums.
We hope that this article helps you find the best car insurance policy for you. If you found this article useful, please visit our other News and Reviews. On behalf of the VietWheels team we wish you all the best in finding your next dream car in Vietnam.
