Auto-surance How to land the best car insurance rates

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“Car insurance? Nope, I don’t need that.”

If you’ve ever spoken these words, there’s a good chance you’re a Millennial. I know, I know, I’m just as tired as you of the bad rep we get, but hear me out…

We’re the smart generation. The generation that’s the most educated of all our predecessors – and with that education comes knowing that cars are certainly no asset. We’re wise and we’d rather spend our hard-earned money (after attaining our multiple, hard-earned degrees) on building our businesses and becoming global citizens. But, as a result, we’re holding onto our cars A LOT longer – which means we have an even bigger responsibility to ensure the longevity and utility of said cars. And therefore, ladies and gents, I introduce to you, to the ever-so-important car insurance!

Much has been written about how us Millennials spend and approach money, which is surprising as you’d think that financial institutions and insurance houses would be responding accordingly: creating travel accounts, easing online banking and providing car insurance that’s in line with our decision to keep our cars for longer periods. Well, while other insurance companies take their time to finally respond to our lifestyle changes (have they learned nothing from the likes of Kodak & Blackberry?) King Price is certainly not sleeping on us, and have decided they will be the cool uncle of insurance companies, and hear us out!

Before we get into why insurance is so important, here are three ways to get the best car insurance rates:

  1. Window shop

Because insurance is such a grudge purchase, it can be tempting to pick an insurer out of convenience and choose the company that your parents use. It’s important to note, however, that an insurance company that was good for your parents won’t necessarily be good for you. Avoid basing your decision on recommendations from friends and family members. Remember that insurers consider several factors when they set rates, so another insurer might offer more affordable rates for your profile. With more than 10 million cars on the road in South Africa, protect yourself by ensuring you find an insurer that will offer you comprehensive protection for an affordable price.

  1. Ask for discounts

The best insurance companies offer discounts to appeal to new customers, including car insurance discounts for varsity students and young adults. Information about these discounts can be found when applying online – but don’t be afraid to call to see if you’re missing anything. What I respect about King Price is that they appreciate that the value of your car depreciates from day 1, and have thus responded to this accordingly by offering insurance that decreases monthly as the value of your car depreciates! I mean, it’s the fair and logical way insurance should be done!

  1. Watch that bank balance

Unfortunately, loyalty might not get you better rates over time. In fact, insurance companies might indirectly increase your rates because they know you’ll stick around. They might not purposely increase rates, but some insurers choose not to be quite as competitive in pricing for some as they know people won’t care enough to switch. Get new quotes every 6 – 12 months to make sure you’re still getting the best deal on your car insurance. This way, you’ll be saving a significant amount of cash which could add up over time. One sure way to save cash over time is to sign up for premiums that decrease monthly… We all know the power of compound saving!

While we’re quite fortunate in SA to have a variety of insurers to choose from, I personally appreciate King Price’s affordable, no-nonsense approach and would suggest you visit their website to find out more.

Have any other pieces of advice to share when it comes to searching for auto insurance? Comment below and share!

*Although this post was created in collaboration with King Price Insurance, all opinions are wholly my own.

Written By: Zimasa Mabuse

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