If you own an automobile, it is a legal requirement to at least have third-party insurance, but that won’t protect your car from theft and damage. Therefore, it is common sense to buy insurance that will protect your vehicle against unforeseen accidents and calamities. However, since automobile insurance in Australia is certainly not cheap, we have the following five tips for you to save money on insurance, without sacrificing on anything important.
Remove Unnecessary Young Driver Insurance from Your Policy
The premium necessary to include protection in a car insurance policy for a driver under the age of 25 has come down a bit recently in the country, but it still is quite expensive. Therefore, if you don’t have any young drivers in your family who you will allow to drive your car, just remove this additional extra from theinsurance policy to make it a lot cheaper.
Beware of Installing Mods that are Not Covered by Your Insurance Company
It’s understandable that auto enthusiasts want to reach peak performance with their vehicles by installing modifications, but before any mod is installed, you need to be aware of the fact that depending on the concerned mod, the insurance premium might increase significantly. In fact, some modifications like nitro/hydro boost engines, supercharged engines, and racing harnesses may not even be covered at all by insurance companies in Australia. Therefore, before installing anything on your, it’s better to talk with the insurer first about it. It is also worth pointing out that extra non-standard modifications can invalidate any warranty you have on the vehicle, and potentially devalue it too.
More Power is Equal to More Premium
Buying a car with a lot of horsepower will significantly increase the money needed for insuring that car. It’s a consideration to keep in mind if you are planning to buy a brand new sports car.
Get More Quotes than One
Don’t just sign up with the first insurer that comes your way because it is very likely that you may find a better deal elsewhere. Car insurance from Youi, for example, is one of the most reasonable and customizable options you can choose, but a lot of car owners are not even aware of that fact.
Check All Your Add-ons
Insurance companies are infamous for increasing your premium by adding “included coverage” or terms like that. Go through the fine print and figure out if you really need coverage for everything that’s included in the policy. If they are not willing to allow you any customization room, you should find a company that allows at least some customization.
These five tips should help you to manage your automobile insurance costs better, but there’s one more trick that you can use to lower your premium. In the event you have the option to keep your car locked inside a garage, let your insurance company know about it and, in most cases, they will probably lower your premium by a certain percentage.