Insurance premiums are calculated based on the retail value of your car. Often times, the retail value is incorrectly determined, which can render you in a position of being over-insured or under-insured.

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Insurance companies calculate your monthly car insurance premiums based on your specific risk profile. How the car insurance company rate’s your risk will determine what you pay every month.

Increase your car insurance excess

Increasing excess on your car insurance policy will decrease your monthly premium. Just make sure that you have the means to cover the excess you choose in the event of a car accident.

Drive your car safely

An accident-free driving history will mean your risk profile decreases and will reduce the insurance premium on your car. Driving defensively is the best way to avoid accidents.

Choose your car carefully

Some used cars carry higher risks because they are prime hijack or theft targets as well as high-performance cars which are accident risk. Statistically, drivers of flashy high-performance vehicles drive more recklessly and therefore car insurance premiums are significantly higher. Choosing a low insurance risk vehicle will greatly reduce your monthly insurance premiums.

Keep your car locked

Parking your car in a secure area both at work and at home will likely decrease your risk. This can in turn greatly reduce the insurance premium on your vehicle.

Install Alarm, Anti-Hijacking, and Satellite Tracking

When getting an insurance quote, get advice from your agent on how different security devices will affect your monthly premium. Depending on the value and type of car, fitting extra security measures can be well worthwhile to enhance the safety of your car as well as reduce the monthly insurance premiums.