|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
For the under 25s Honda car insurance can be a real challenge. While there may be plenty of policies out there, the cost may be prohibitive, which can severely hamper your chances of motoring independence. Fortunately, when it comes to Honda car insurance Australia, younger drivers can obtain cover without it costing the earth. Here are just a few tips and tricks to get you started on the road to cheaper motoring.
Choose the Right Car:
While it may be tempting to go for the latest hot hatch, as a driver under the age of 25 you need to be a little more careful about your car choices. If you want to get the very best car insurance, Perth younger drivers need to consider what risk category a vehicle falls in before buying.
All vehicles are assessed by insurers in terms of their risk. Premium branded or performance oriented vehicles are far more likely to be classified as a higher risk. A lower risk vehicle will be less sporty and is likely to have a smaller engine. For example, a Holden Cruze is likely to be classified as a lower risk than a Commodore SS. This is because the insurer needs to assess not only the likelihood of an accident or damage but also whether there is a risk that they will not break even in the event of a claim.
Consider the Available Discounts:
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
You can also reduce the cost of your premium by considering what discounts may be available to you. You may find that you can save hundreds of dollars by having additional security features such as an alarm or immobiliser installed. Most insurers will offer a premium discount if you store your vehicle in a secure garage or drive less than 20,000 kilometres per year. Just remember to be honest, if you tell a little white lie to obtain a discount it could compromise your coverage in the event of a claim.
Another way to save big bucks is to pay for your premium as an annual lump sum rather than paying in quarterly or monthly installments. Although breaking the premium into installments may seem to make it more affordable, you are likely to be charged interest which can add hundreds of dollars to the cost of your insurance.
Consider Your Driving Style:
So, once you have your car and your insurance, you may be tempted to just hit the open road at breakneck speed. Unfortunately, you need to consider your driving style for long term insurance savings. No claims discounts are applied for every year of claim free driving. Additionally, you can expect to pay more if you receive speeding fines or commit other motoring offenses. So, keep safety in mind whenever you get behind the wheel.
If you are interested in Honda car insurance, Australia drivers should speak to us. The Prestige Honda team is available to address any queries you may have about financing or insuring your vehicle, and provide you with a Honda car insurance quote.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|