Thousands of new cars leave the showrooms every day which invariably result in the increase of our insurance premiums. As a policy insurance agencies charge us based on a number of criteria. Here are some tips to get around these policies.
History: Insurance companies always tend to lookout for your history of claims. More the number of insurance claims, higher your premium. No claims at all would work wonders on bringing down your premiums. Your age and gender also matters. Younger males have the highest premium quotes and the lowest premiums quotes are given to older females. So, if you do have a history then it is best to register your car in your mom’s name assuming she hasn’t had any claims.
Time with your car: If you are doing a lot of driving (covering a lot of miles), your premiums are bound to be higher. ‘More time on the road translated to more possibilities of an accident’ is what the insurance companies have in mind. So, if you have two cars at home try using one as sparingly as possible to keep the miles done per year below 10,000 (if possible) to get a reduced premium.
Your locality matters too: Where you live plays a huge factor. People from cities are expected to file more claims than people from rural areas owing to the traffic and the number of vehicles on the road. So it is best to register your car with your parents or in-laws who live more towards the country-side.
The Car of course: The car of course matter more than anything else. Higher the safety rating, lesser it is on your pocket when insurance is considered. Also if it less attractive to thieves, theft is less likely so you are better off on insurance premiums with a Renault than a Lamborghini.
Get Married!: As crazy it may sound, it is true; married people are assumed to be more responsible drivers (rightly I’d say) and hence enjoy lesser premium. So either get married or register your car in your married sister’s name. But beware, the history of claims of the spouse is also checked and likely a hike is inevitable is your life partner is found to be a mad driver. So, get married to a slow ‘n sluggish driver to bring down your insurance premiums.