Lower Your Insurance Costs


Car insurance can be an expensive business, especially for young or new drivers. There are, however, some simple ways to make sure you’re only paying as much as you absolutely need to.

Get the right policy
 
Firstly, get the right kind of policy for your car. If you car is not worth a great deal, it’s probably better to insure for Third Party, Fire and Theft rather than Comprehensive.
 
Car Security
 
If you fit a good car alarm system you’ll probably be able to get your premiums reduced.
 
No Claims Discount
 
Most policies reward drivers who don’t claim by giving them a discount for every claim-free year. Make sure that you have proof of your entitlement to NCD, and you may be able to save up to 65% in time. Also see how you can “protect” this discount.
 
Higher Excess
 
Insurance policies feature something known as ’excess’, where you are responsible for the first €xx worth of any claim. It may seem desirable to have a low excess level but choosing a high one, which means that you’ll have to pay a slightly higher proportion of any claim value, will be offset by lower monthly premiums.
 
Named Drivers
 
It’s generally more expensive to insure a vehicle for any driver, than it is to have just one or two specific drivers named on your policy. If your car is not likely to be used by anyone else, then lower your costs by restricting who the policy covers. This is particularly important if any other occasional user of the vehicle is a person aged under 25; consider if it is worth including him or her at all.
 
Reduce the Insured Value
 
Make sure that you have declared the correct value of your vehicle and that it is not over-inflated. The value directly effects the premium (unless you are already paying a minimum premium) so by declaring the correct value you reduce your premium. Remember that in the case of a total loss you will be refunded with the market value of the vehicle and not necessarily the value you declared. Your insurers are normally able to assist you in determining the current market value of your vehicle.
 
This article is for information puposes only and was brought to you GasanMamo Insurance Limited which is authorised to carry on business of insurance in Malta in terms of the Insurance Business Act 1998, regulated by the Malta Financial Services Authority. Company Registration Number: C3143
 
Head Office : GasanMamo Insurance Ltd, Msida Road Gzira Malta. Click here  to view a map and visit their head office, branches and other tied insurance intermediaries locations.