Car insurance is essential. Here are five handy tips to reduce your monthly premium.

Your vehicle is one of the most expensive investments you'll ever make. Not having the right cover in place can have devastating long-term financial effects if something should happen.

At Old Mutual iWYZE, we pride ourselves on offering affordable, comprehensive insurance options to protect your ride… but who doesn’t want to save a little extra every month?! Here’s a handy list of tips and tricks to reduce your monthly car insurance premium even further.

Tip #1 – Complete an advanced driving course

The better driver you are, the lower the risk of you getting involved in an accident. If you can prove your superior driving skills by completing a recognised advanced driving course, your insurer will be happy to reduce your monthly premium substantially.

Tip #2 – Bundle with one insurer and save

Most insurance companies will give you hefty discounts for being a higher value customer. Old Mutual iWYZE Insurance, for example, will give you a whopping big discount simply for insuring multiple cars, or combining different types of insurance. The more you ‘bundle’ your car, home and life insurance, the lower your monthly premium will be.

Tip #3 – Look for no claim cash back rewards, don’t claim for the small stuff

Although cash back rewards don’t technically constitute a monthly saving, they do offer a sizable chunk of change back into your pocket every so often. Opt for an insurer that provides great cash back rewards, and maximise it by trying to avoid smaller claims. Often times the out of pocket expense for a small repair will be substantially less than the no claim reward you lose out on.

Tip #4 – Protect your car and pay less

Insurance premiums are all about risk. If you can reduce the risk you pose to your insurer, they will reduce your monthly premiums. Make sure you park in a locked garage at night and install as many additional security features as possible. Most importantly, don’t forget to notify your insurer so that they can adjust your premium accordingly. 

Tip #5 – Choose a safer car - Car shopping?

Think twice before committing to that V8 monster that does 0-60 in 10 seconds flat! By opting for a safer vehicle, you can save substantially on your insurance premium. Premiums on lighter coloured vehicles also tend to be less, because they are more visible on the road. Get a quote from your insurer before you buy to ensure that you stay within your budget.

Tip #6 – Install a tracking device

These days, there are several affordable car tracking devices on the market, which means you can shop around for an option that suits your budget. While some tracking companies offer a pre-paid unit with a lower monthly rate, others will be happy to install the unit for free at a higher monthly premium. Find one that works for you, preferably linked to a recovery service – but double check with your insurer first that it is in fact an accepted brand. Please note that different insurers have different policies on tracking devices, some may reduce your actual car insurance premium while others may reduce the premium you pay for your tracking device.

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Owning a vehicle is a long-term financial commitment. Having the right insurance partner you can trust and rely on is essential. Be wise and implement these tips today to save more on your monthly premium without compromising on the quality of your cover.

If you really want to save on car insurance, make the wise insurance choice and chat to Old Mutual iWYZE for affordable, comprehensive and convenient insurance that’s loaded with built-in benefits. Take a few seconds to get a quote today!