insurance premium Archives - Car Insurance Nigeria

Car Insurance: How to Make It Work for You

If you own a car or are about to become the owner of a car, getting a good car insurance must surely be one of your priorities. Before choosing a car insurance policy, you must understand its various aspects and component. A step by step guide to understand car insurance follows:

Breaking your insurance down: What does the insurance cover?

Liability in case of bodily injury: If your car leads to somebody’s death or injures someone, car insurance will cover the death and injury claims made against you, and cover the legal costs.
Medical bill: Car insurance company will pay to treat any injury incurred to you or the third party due to the accident.
Liability in case of property damage: If your car in an accident damages someone else’s property. Car insurance will cover the claims filed against you.
Comprehensive (physical damage): This covers the damage your car may suffer due to vandalism, wind, flood, fore or theft. It also covers any other issues not related to accidents.

What are the factors that determine the kind of car insurance rates you will get?

Age: If you are young, and do not have much of experience when it comes to driving cars, your rates will be higher, also men tend to get higher rates than women.

The Demographics of your location: If you live in an area which has a high crime rate, you will be compelled to pay more.

Traffic violations: If you violate traffic rules and are slapped with charges like speeding or other kind of violations, your insurance bill will surely increase. To avoid this, always obey traffic rules while driving.

Claims: Premium on your policy also depends on your claim history. If you are filling to get insurance claim almost every year then you may have to pay additional money for your car insurance.

Systems to prevent theft: If you have theft deterrent systems installed in your car, you are likely to get some discount.

Training: Some car insurance companies provide a lower rate if you undergo a period of driver’s training. This is focused on accident prevention which will ultimately benefit you as well as the insurance company.

Payment plans: There are companies that offer rebate based on the kind of payment plan you choose to take. For example, if you pay the bill at an annual basis, you may get a discount. There are few companies offering discount if you renew your insurance policy online.

It is essential that you go through some options and quotes that are available to you before selecting your car insurance. Make a decision only after reading the entire body of information. Many a times some companies can offer lower premium by not covering some parts of your vehicle so we have to be careful regarding the inclusions & exclusions and don’t just settle for the lower insurance premium.

The Secrets of Getting Cheap Car Insurance Quotes

One of the expenses that car owners can’t avoid is car insurance. Car insurance is a requirement if you want to drive a car in Nigeria. One of the most tedious steps of the process is to get car insurance quotes from various insurance providers. Auto insurance is one of the major expenses for motorists who already need to pay for the vehicle’s maintenance and high fuel prices. Below are some of the tips that can help you find cheap car insurance quotes.

Compare Different Car Insurance Quotes

One of the most effective ways of reducing the amount you need to pay for the vehicle insurance is to shop around. More often than not, insurance companies don’t offer the best deal for existing customers. Instead, they provide the lowest possible prices for new clients. There are various ways that will allow you to compare quotes from various companies. Just make sure that you are comparing policies with the same coverage, and voluntary excesses at the same level as well.

Add More Excesses

When looking for car insurance quotes, it is important that you opt for higher voluntary excess. This will help reduce the premium of the policy. The higher the excess, the lower the insurance premium! Just make sure that you can afford your voluntary excess. If you need to make any insurance claims, you will be required to pay the excess first before the insurance provider pays out.

Think Before Adding Extras

Before adding extras to car insurance quotes, you should think carefully about them first. Some of the extras that you can get include windscreen cover, use of a courtesy car, and legal expenses cover, just to name a few. The extras might come in handy in some instances, but they are not necessary. Adding too many extra features will significantly increase the price of the car insurance policy.

Estimate the Distance You Drive Each Year

Before you look for car insurance quotes, you should estimate your yearly mileage. That way you will be able to decrease your annual mileage cap. This is another source of savings. This is helpful especially if your household has two or more cars, where one of the cars is used more often than the others. Be sure to check the odometer of your cars when looking for auto insurance.

Don’t Opt for Direct Debit

Car insurance companies often say that it will be convenient for car owners to pay via direct debit. While it might seem less painful to pay the premium by installments, it will cost you more in the long run. Insurance companies often charge interest when customers chose to pay their insurance monthly. Ask the insurance company if they allow zero percent purchase credit card to pay for the insurance premium. That way you don’t need to pay insurance even if you opt to spread the cost of your insurance. This is one of the questions you need to consider when looking for car insurance quotes.