Causes for insurance premium increases
FEBRUARY, 04 2009 BY IF TEAM IN INDUSTRY RELATED
There are a couple of simple things to follow that will assist in keeping your insurance premium pretty stable. Car insurance is one of those things that you will need once you have cancelled your premium, so it is really not something that we can do without, not with the type of drivers that are on the road anyway.
Follow these simple guidelines, and you are almost guaranteed to not have any unforeseen hair raising increases in your premiums.
Cancellations of premiums due to non payment is a huge contributing factor, make sure you are able to cover the amount when premiums are scheduled to be deducted.
Obviously the more you claim, the higher of a risk you are to insurance companies. Try to claim only when you have to. Make sure you are making valid claims!
Interruptions in your cover will not do you any good either, for example having cover for one year, then going off insurance for a couple of months and back on again.
Be careful of putting down what the vehicle is used for, be it business or private. Although vehicles used for business is usually tied into a higher premium, failing to give the correct details with regard to use of the vehicle, could potentially result in rejection of claims.
The same applies to incorrectly or falsely stipulating the regular driver of the vehicle.
A more expensive vehicle, will result in a higher premium. Although this is probably more relative, as drivers of more expensive vehicles, can normally afford the higher premiums. Yet it is still worth mentioning it here.
Although none of us want to pay more than we have to for anything in life, being honest when taking out your insurance cover, claiming from insurance, and making timely payments towards your premium, will stand you in good stead with you insurer, and you are bound to reap rewards from that.