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If you feel you're paying too much for your car insurance, there may be some factors that are within your power to change, which could enable you to effectively lower your monthly premiums. These include: Higher deductibles
The lower your deductible, which is the amount you are required to pay when you make a claim, the higher your insurance rates will be. While it's natural to seek the greatest amount of help from your insurer when claiming for repairs, medical fees and other costs associated with a road accident, this could mean you end up paying significantly more each month in terms of your premiums. Look for discounts
Many insurers are keen to attract customers over their competitors, and may offer exclusive deals when you sign up for a new policy online. That's why it's always recommended to browse the official websites of insurance companies when comparing different policy options, rather than relying on comparison sites alone, and not to simply renew your current policy without checking your options first. Take advantage of your driving history
If you've gone many years without being involved in an accident, make sure you're getting the most from your no claims bonus when applying for car insurance. If you've been with the same insurer for a number of years, you could also be eligible for loyalty discounts. Combine insurance
If you're already receiving your home insurance or other insurance products from one provider, it could work out cheaper to receive car insurance from the same company as a combined package. This could save you as much as 15 per cent, compared to the cost of arranging each policy separately. Don't underinsure
If you own a new or high value car, settling for basic third party cover to save money on your premiums could be a false economy, as you are likely to face much higher repair or replacement costs if your vehicle is damaged, lost or stolen. Consider fully comprehensive cover
Conversely, if you drive a lower value car that would be relatively inexpensive to repair or replace, paying for fully comprehensive cover each month might not be the most financially advantageous option. Make lump sum payments - this isn't a possibility for everyone, but if you have the funds available to pay for your annual insurance premium in one lump sum, this will usually work out cheaper than paying in monthly instalments. The author of this article is a part of a digital marketing agency that works with brands like ##BRAND NAME##. The content contained in this article is for information purposes only and should not be used to make any financial decisions.
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