Can you recollect the last time you shopped around for the best auto insurance deals? It might be easy for you to stay loyal to your current insurer and never think about auto insurance again. However, the only way to guarantee you’re not coughing out more is to check out other insurance companies to see what they are offering. This can help you save quite a bit of money on your premiums, so here are some tips on the best way to compare and renew your car insurance.
What You Need To Shop for Auto Insurance
When you are ready to shop for auto insurance, the best way to make the process run efficiently is to have all the right information handy. You will need to know the following to get a quote:
The make, model, and year of your car
Driver’s licence number
Vehicle Identification Number (VIN)
How long you’ve had the vehicle?
Your car’s mileage reading
Decide On The Coverage You Need
Though many factors can affect your quote, however, coverage is one of the most critical factors. In Malaysia, there are three basic types of auto insurance plans you could choose from: Third Party, Third Party, Fire and Theft, as well as Comprehensive coverage.
All three plans provide different levels of cover and also differ in costs. The Third-Party plan, which only provides coverage for third party claims, costs the least, while the Comprehensive coverage is the most expensive of the three. It would be best if you get multiple quotes with different coverage levels from various insurers. For instance, see the difference in cost between adding Comprehensive or Third Party, Fire and Theft to your policy.
It would help if you also took the time to reevaluate the plan you’re currently paying for. You might be paying for the plan that you don’t necessarily need. For instance, you might want to drop coverages on an older car. The older your car, the lower its value. This implies that the payout you’d get from filing a comprehensive claim drops due to how old your car is. In case you’re driving a ten-year (or older) vehicle, you probably want to drop Comprehensive coverage and go for a Third Party policy.
In any case, you should not ever sacrifice coverage just because you want to save some money. You certainly do not want to be underinsured. You might face some challenges down the line if you get into an accident that might require you to pay for damages or medical expenses out of your pocket.
Ask For Discounts Available
You could save even more on your policy with discounts. There are different discounts available such as customer loyalty, driving training, car equipment, bundling auto insurance with different policies, and driving history, among many others. You can qualify for these discounts in separate ways; for instance, you could be eligible for a car equipment discount if you’ve installed anti-theft devices in your vehicle.
Another discount most insurance companies offer is a good driver discount. You qualify for this if you have been accident and traffic violation-free for a certain number of years. Discounts are something you need to bring up while you’re shopping for multiple quotes. This could make a difference in your rate.
Shop Around For Better Premiums
If you are about to renew your policy, consider shopping around and obtaining quotes from different insurance companies. Remember, a reduced price doesn’t always mean good, and going with the cheapest insurer isn’t still the best decision. It would be best if you consider the insurer’s creditworthiness, too, before making any decision. After all, what good is a policy if the insurer doesn’t have the means to pay the claim? You can check out sites that rate the financial strength of insurance companies. However, you should note that what your contract covers is essential, so make sure you understand it.
Reduce The Price
There are certain things you can do to reduce or lower the cost of your auto insurance. They are:
Paying annually, not monthly
Never pay for what you don’t need
Consider purchasing breakdown cover separately
Protect your no-claims bonus
Taking a defensive driving course
Improving credit score rating
Many auto insurance deals are out there; but with Fincrew.my, a project founded, wholly owned by NickMetrics group, you get the best auto insurance deal that will give you peace of mind with no hassle. They compare car insurance quotes from RHB Insurance, Lonpac Insurance, Zurich Insurance, Syarikat Takaful, Allianz Insurance and AXA Insurance in Malaysia to find you the right coverage at the best price. Their products are designed to help you create wealth and protect your assets. Do business with them, and you will be glad you did.