There are various factors that influence auto insurance prices in the Philippines. While some of these factors are beyond your control, there are certainly steps you can take to manage your car insurance costs. Here are some friendly tips to help you save money on your auto insurance:
- Increase your deductible. A deductible is the amount you pay out of pocket when you make a claim. By opting for a higher deductible, you can lower your monthly premiums. Just remember, this means you'll have higher out-of-pocket expenses if you do have an accident.
- Maintain a good driving record. The longer you drive without accidents or traffic violations, the more insurers will view you as a low-risk driver, which may lead to lower premiums. Some providers even offer discounts for policyholders who have had no claims for a year. Improving your driving habits and following traffic rules can really help.
- Improve your credit score. Research shows that responsible financial behaviour often correlates with responsible driving. Many auto insurance providers take credit scores into account when determining premiums. To help lower your rates, make sure to pay your bills on time and check your credit score for any errors.
- Choose a vehicle that costs less to insure. This is especially important for first-time buyers. Factors like the car's market value, safety features, and model can affect insurance costs. Look for less expensive models, such as those from Toyota or Honda, and consider vehicles with good safety ratings.
- Compare motor insurance quotes. Comparing quotes is a vital step in finding the best deal. It gives you a clear picture of how much different providers will charge for insuring your vehicle. Aim to gather quotes from as many companies as you can.
- Get cheap car insurance from an online broker. You could save up to 50% by comparing rates and applying through an independent online broker. They not only help you find the best rates but also assist with claims processing. For instance, Moneymax has a dedicated team to help you with claims and any questions you might have.
- Ask your agent about discounts. Don’t hesitate to ask your agent if you qualify for any discounts. Many companies offer reductions for policyholders without claims or for cars with numerous safety features. Additionally, if you have multiple policies with one provider, you might be eligible for further discounts.
- Opt out of unnecessary add-ons. Add-ons like personal injury protection or roadside assistance can increase your premium. Review your policy to see which add-ons you really need. When renewing your policy, chat with your agent about removing any extras that aren’t necessary.