Car ownership is widespread, and the number of cars on the roads is expected to increase. In the last five years, online-only providers of car insurance have grown at an astounding rate, which has forced existing insurers to innovate quickly. Non-insurance companies have also entered the market, bringing with them large networks. Competition is so great that shopping around is the best way to save money on car insurance. The internet is an invaluable resource for people seeking car insurance. Quotes can be compared easily. Online providers allow you to escape ‘phone queues’ and needless chatter and generate a quote within minutes. With no large branches, the cost may well be lower. Progressive became the first company to sell car insurance over the internet in 1997.
It is first necessary to choose the appropriate form of car insurance. Comprehensive coverage provides protection against loss of or damage to a vehicle or the property of others from collisions, fire, theft or attempted theft, acts of God, and acts of vandals, regardless of who is at fault. This is the most expensive option.
Car emissions are one of the greatest contributors to climate change, so people driving fuel-efficient cars can receive cheaper insurance. The amount you pay for insurance can be reduced by taking a Safe Driving Course.
The cost of insurance depends on the age and gender of the driver, which cannot be changed. Women could choose companies that insure only women, as the cost is less than coverage for men, who are more prone to accidents. Similarly, low-risk drivers could select companies that only deal with their like and exclude such drivers convicted of drunk driving or people who own sports vehicles. Other factors are the make and model of the vehicle, the vehicle’s annual mileage, where the vehicle is stored overnight, the town and whether the vehicle is owned or financed.
You can reduce the amount of your premium by limiting the number of drivers and particularly drivers under the age of 25. The optimal situation is to have a named driver only. A premium will be lower if you have been a customer of an insurer for more than five years, so you should not switch between insurers for frivolous reasons. Another way to reduce the cost of a premium is to increase the deductible – the amount you must pay in the event of an accident.
When contemplating the benefits, you should imagine the circumstances where they would prove useful. As an extreme example, an extra allowance for damage to a caravan will be of no benefit if you do not own one.
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