Cheap Car Insurance Isn't Always Good Enough

Everyone loves a good bargain. The idea of getting a premium product or service on the cheap is something we can all appreciate. But, sometimes, we unknowingly save money at the expense of quality. 

Before you start chasing after cheap car insurance deals, consider these tips on how to save on your car insurance and still get the best value for money: 

Get Your Car Insurance Comparisons Right 

The most common mistake we make when comparing car insurance policies is assuming that one size fits all. Beware of this mentality, as people's needs and risk profiles are different, which is why car insurance companies tailor their car insurance quotes to fit each client.

There are several factors an insurer considers for each client, and you don't want to find out you have cheap, inadequate cover that will cost you more than you bargained for in the long run. The cheaper car insurance isn't always the best  car insurance cover. Consider all your insurance needs when comparing quotes from an insurance company, including terms, conditions and affordability, and you be adequately covered at an affordable car insurance premium.

Choose Your Extras Wisely 

Buying a flashy car, kitted out with the best sound and interior may turn heads, but is it a good financial decision? You may be able to fit non-standard accessories on your vehicle, but before you make that decision, think about the effect it will have on your monthly car insurance. If you aren’t able to afford the additional expenditure, skip the upgrades to your car, appreciate it in its standard state and make sure that it's adequately insured. More money could be left in your back pocket - and you could end up with a safe way of getting that cheap(er) car insurance.

Consider Your Excess

The excess (or deductible) you choose influences your monthly car insurance premium. You could increase your excess to decrease your monthly payments and get that cheap car insurance, but it is important to consider whether you can afford to fork out that amount in case of an emergency, when you make a claim. 

Evaluate Your Needs

When it comes to car insurance, there are plenty of options to choose from. Make sure you strike a balance between your financial and car insurance needs. The most inclusive type of policy is comprehensive car insurance cover – which is all-encompassing. This type of car insurance covers your car and other vehicles in the case of an accident. Other car insurance options include third-party and fire and theft cover. But be mindful when assessing the type of car insurance cover you need. Think about the a cover that best suits your needs when making this choice - and remember that a car insurance company will be able to assist you in making the right decision.

Tighten Your Security

Beefing up your car's security lowers not only your risk but can also help you to get cheaper car insurance. If you are looking for cheap cover, think about installing extra security features such as alarms and tracking devices - or ask your insurance company what they recommend. Where you park your car (both overnight and during the day) also plays a role in determining your premium, so be sure to park it in a secure location. If your parking location or security features or address have changed, remember to update your insurance policy too.

Consider the Cost of Car Insurance When Test-Driving

Don't let car insurance be an after-thought. Consider your insurer and car insurance while you are still shopping for a car. This will help you decide which car to drive away with and give you an idea of the cost (cheap, affordable or high) you will pay for insurance. No matter whether it’s new or second-hand, research which car models have higher risk profiles than others. Purchasing a vehicle with a lower risk profile could have a positive (read: cheap) effect on your premium.

As an insurer who enables clients to live their way, we at MiWay understand the importance of getting the best insurance premium for your car, we'd love to help you make the right choice. Get an obligation free insurance quote to steer you in the right direction.

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