Getting your car insured is an important aspect related to the security and maintenance of the car. While servicing of a car helps it in the long run, a suitable coverage plan secures you from the expenses incurred during an accident, theft, vandalism, explosion, natural calamities such as storm, flood, hail, water, fire,and contact with animal.
Certainly, the investment in a car insurance is necessary but it’s costly. Due to the auto insurance rates, most of the buyers either settle for a basic coverage plan or prefer not to purchase a policy. However, if you own a vehicle, it is essential that it insured with a policy that provides the required benefits. In few cases, people end up paying more despite having a car insurance because of selecting the wrong coverage policy or a basic plan.
You must choose the car insurance plan wisely, check for the covered benefits and ensure you don’t pay more than required. Additionally, you must acknowledge the factors that are considered by your insurer to generate the quotes. By doing so, you can figure out ways to save on your car insurance rates in Kenya and also select a beneficial coverage policy.
Read through the blog to get a detailed outlook of what tips can help you save on car insurance in Kenya. Listed further are 9 helpful tips to maintain low cost premiums for your car insurance.
1. Annual Rate Check
You may be sticking to an insurer for a long duration of time likely due to their rates or the formed bond. However, it might be possible that the other insurance companies offer the same benefits at lower prices. Rather, a survey conducted by the Consumer Reports National Research Center in 2014 concluded that 10% of the 19,000 customers, who compared their premiums switched insurers to cut their car insurance costs. Car insurance rates vary for different insurers each year. Hence, before renewing car insurance in kenya, you must always compare the quotes prior to opting for a particular insurance company.
2. Choose A Renowned Insurer
By saving money on car insurance rates, we don’t apply signify that you choose an insurer that offers lowest premium rates. At Next Insurance Kenya, we suggest that the policy is purchased wisely and after a detailed research. Sometimes insurance companies offering low quotes end up costing you more as they include hidden charges or may ask you to pay additional for original-equipment replacement parts or similar. Hence, we always recommend that you select an insurance company that is top-rated and has a decent percentage of satisfied customers. You must look for the customer reviews for the insurer in terms of how they handle the claim process.
3. Your Credit score
Many insurance companies take into consideration your credit score to calculate the policy premiums. For a few insurers, credit balance is as important as your driving record while preparing an estimate for the insurance plan. According to Next Insurance, maintaining a good credit score can help save on your car insurance.
Next Insurance advises the following tips to make your credit score better for saving more on the car insurance rates:
- Ensure all the loan and credit card payments are made on time.
- The credit card balance must always be kept below the set credit limits.
- Opening too many credit card accounts can affect your score in a negative way, hence, apply for a new credit card only when required.
4. Choose your vehicle/car wisely
The car you drive will have a direct impact on the premium rates calculated by the insurer. The costs incurred from the accident or stealing of an expensive, flashy car are definitely more than that from other safe and moderately priced models. It would cost more to repair pricier cars, especially, if their spare parts are expensive. We suggest that you must check for the insurance rates for the selected car model before purchasing it. It is always advised to calculate car insurance premiums and compare insurance quotes for different car models before selecting the vehicle. In this manner, you can make necessary savings on car insurance. You can always compare quotes for varied auto models on Next Insurance.
5. Check for Car Insurance Discounts
Each insurance company offers special discounts that can cut on your motor insurance costs. You must inquire the insurer of offers you might be entitled to, such as student discounts, marriage discounts and similar. We ensure that you are aware of all the available and applicable discounts that can help save further.
6. Look for your driving records
If you hold a bad driving record, it will adversely affect the insurance rates and the insurer will definitely hike up the rates. Accidents and traffic tickets add up to the increased insurance premiums. We recommend driving safely as a smart way to keep high insurance rates at bay and enhancing your savings. Safe driving means less accidents that signifies less claims, hence, as a result reduced insurance premiums.
7. Keep a check of your car mileage
Another essential factor that you must consider in order to save on your car insurance costs is the mileage of the vehicle. The miles driven per year are taken into account by the insurer while calculating your premiums. We also advises that in case your car is driven less or shows less mileage, then it must be acknowledged. Less mileage can help save on your insurance costs.
8. Analyze the benefits of your insurance policy
Next Insurance highly recommends you to analyze the benefits offered by the policy. You must be aware of the coverage plans you are paying for. It is likely you may pay more for less benefits, hence, compare and check the plan before purchasing it. Also, if you own a car that is driven less, select a basic plan for its insurance coverage. On the other hand, choose an appropriate plan for your most-driven car such as NEXT Comprehensive car insurance policy.
9. Set your deductible right
Deductible is the amount that you have to pay from your pocket for the covered losses before the insurer approves the claim. So, if you choose to pay a higher deductible, the insurance company will reduce the premium costs. Next Insurance affirms if you have a good driving record and have not claimed for any accident for the past few years, setting a higher deductible can be beneficial for saving on car insurance.