Looking for ways to save on car insurance on old cars? You can reduce your car insurance on older

Older Cars Insurance South Africa

Older Cars Insurance South Africa

cars in a number of ways. One of the bonuses of driving an older car is that you pay lower premiums. Insurance companies are aware of the fact that your car not so attractive to car thieves and is, therefore, a lower theft risk.

On the other hand, don’t become too relaxed, there is a risk with some older vehicles as they are targeted for hard-to-come-by spare parts. Even if your car is paid off, don’t ever consider being without any form of car insurance, the risk is simply not worth it. There are options available to you, just investigate them.

You can find out the value of your car by consulting the monthly Auto Dealers Guide to which all car dealers have access. This publication is the same that your insurer or broker will use to evaluate your claim should the need arise. Also, check classified ads to see what the going rate is should you sell your car privately. In the current economic climate, although you may not think your older car is worth much, many people are looking for cheaper, more fuel-efficient cars and are prepared to pay a premium for that.

Here are some tips on saving on your monthly premiums on older cars:

Drop comprehensive insurance

  • Consider dropping comprehensive insurance cover if you drive an older vehicle. The ballpark figure is that if your car is worth less than 10 times the premium it would probably be best to stick to 3rd party, fire and theft insurance and to carry some of your own insurance.

Increase your excess

  • You can also save money on car insurance premiums by accepting a higher excess. This is particularly effective if you have a cheap or older car. Rather than pay huge premiums every month, consider paying a higher excess in the event of an accident that renders your vehicle inoperable and benefits from the corresponding lower premiums. You can put the monthly savings into an emergency fund account.

Take responsibility for your car

  • Your car is actually worth much more to you than the market value of the car. You will never be able to replace it with an equivalent car with the money you will receive from the insurance payout. In any case, old cars become treasured friends. Keep your car in a safe place at night and during the day. If you can’t afford the latest anti-theft devices like tracking systems, make sure you at least have an immobilizer or gear lock.

Be a responsible driver

  • The best way to avoid an accident is to be a responsible driver; which imply driving for the other person as well. Your claims record counts when it comes to determining your premium, you also qualify for a no-claims bonus if you don’t claim. Don’t claim for insignificant amounts.

Ask for a discount

  • You may be eligible for a discount if, for instance, you are an older driver (over the age of 50) or a female.

Check your policy for extras

  • Are you paying for something you don’t have, e.g., a fancy sound system or a courtesy car that you won’t need?

Shop around

  • Some insurance companies now offer special products for older cars. The best way to buy insurance is to learn as much as you can about the topic. Use the internet to obtain comparative quotes and to gain knowledge about what is available. Also get a number of quotes before you make a final decision—you may be surprised at the difference in cost. Also, ask friends and family for references.

Insure with one company

  • When you combine your car insurance with your household insurance you will be given a discount on the premium. It is also easier dealing with one company; still, compare quotes to make sure this is the case.

Peace of mind is a wonderful thing; Insure your car and get the feeling.

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