No-one likes having to pay for insurance every month, but there are ways for business owners to save on these costs.
Shop around. It pays to get at least three quotes from different insurance companies. The Internet makes it easy and all you are required to do is submit an online request. It’s a good idea to check your insurance premiums every year and to get comparative quotes. Because the value of a vehicle depreciates every year, you can also reduce your premium by adjusting the insured value of your car.
Organise your insurance yourself. “With the number of direct insurers around today, there is no need to use a broker who will charge you a commission every month,” says Louw Conradie, head of Business OUTsurance.
Who drives the vehicles? Some insurers will examine the history of each driver, including previous claims, in order to give low-risk drivers a better premium.
“Insurers like Business OUTsurance take the age of the driver into account as well as the number of years that they have had their licence. Also, if the vehicle has only one driver, the premium will be lower,” says Conradie.
Reduce your car insurance premium by taking more risk yourself. If you agree to a higher excess – the amount you have to pay in the event of an accident – you can decrease monthly car insurance premiums significantly.