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Understanding Car Insurance

The Price of Car Insurance

There are a wide range of factors that insurance companies consider when they price your policy such as your age, gender, address, and car. Although you can’t do much about where you live, or what age and gender you are, there are a number of other things you can still do to bring down the costs of your car insurance.

Your car can save you money on your insurance premium

Remember that the maximum amount an insurer will pay out on a claim is up to the agreed/market value of your car. This means that what type of car you have and how you use it can save you money.

  • Cheap cars mean cheaper insurance because the value that your car is insured for is the most the insurer will pay out.
  • Some cars are more attractive to thieves than others and because they are more likely to be stolen they will cost more to insure.
  • Cars with modifications are more expensive to insure because their risk or value is harder to determine. Also modifications that enhance the car’s performance increase the likelihood of an accident or make them more attractive to thieves.
  • Imported or unique cars will cost more to cover because their cost of repair tends to be higher especially if parts are harder to find or must be imported.

Reduce my car insurance premium by reducing risk

As your policy is priced on the perceived risk of insuring you and your car it makes sense to do all you can to minimise this risk and in turn reduce your premium.

  • Secure parking will reduce the risk of theft, vandalism, flood, and storm damage claims.
  • A good driving record reduces the risk of you making a claim.
  • Safety and security devices installed will also reduce the risk of theft and damage.

Others ways to save

  • Pay your premiums annually. The option of paying in installments comes at a cost so if possible pay your premiums on time and in a lump sum.
  • Adding other drivers to your policy may be expensive. If you have young drivers in your family you may consider letting them buy their own policy, after all they will need to start their earning their driver rating at some point.
  • Increasing your excess will also reduce your premium.
  • Don’t add extras that you don’t need

Information obtained from www.infochoice.com.au

For more information or to speak with one of our experienced brokers, please call:

1800 AUSTBROKERS (1800 287 827) and select your nearest branch or click below to request a call back.

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