By Bente Krogmann, CEO, mTek Services
Having suitable car insurance is both prudent and smart, but there’s no question that it adds to the expense of driving. The good news is that premiums can vary by hundreds of shillings depending on a number of factors. Review your coverage at renewal time to make sure your policy is in line with your needs, and follow these practical steps to reduce the bottom line on your car policy.
Prices for the premiums differ from one underwriter to the other, so it is wise to shop around and compare prices. You can download mTek Services App from play store and get to compare quotes from different insurers with ease. You can check for recommendations or reviews under the app and do your own due diligence before committing to a given policy.
Buying insurance under the app is simplified and covers all the prospective and informed questions. You can easily upload logbooks, drivers’ license or any other verifiable documents and ensure that you are comfortable with the services you get from the underwriters. It also has a customer care contact to help you choose the right insurance policy for your needs.
Compare insurance cost before you buy a vehicle
Auto insurance premiums are based in part on the car’s price, overall safety, the cost to repair it and the likelihood of theft among others. Many underwriters offer discounts for features that reduce the risk of personal injuries, car theft or cars that are known to be safe. When you are deciding to buy used or new vehicles also research what each will cost to insure.
Opt for higher deductibles
When you choose a higher deductible on your car insurance, you can significantly lower your premium costs. Of course, be sure you have enough money set aside to pay the higher deductible in the event you have a claim.
Reduce optional insurance on your older car
As a rule of thumb, if your car is old and worth less than 10 times the insurance premium, having comprehensive coverage may not be cost effective. To find out if this is true for you, check the value for your car. There are several auto valuers in Kenya who can help you with that.
Stick with the same company
Many insurers will give you a discount if you purchase two or more types of insurance covers from them-and/or have more than one vehicle insured. mTek App also allows one to earn extra money when you refer or buy insurance for another person via its PataPesaNaInsurance scheme. Sometimes companies offer discounts to longtime customers. However, there are no guarantees so you have to do your homework and for a multi-policy discount from a single insurer buying your insurance separately from different companies.
Flexible payment options
When you buy most car insurance policies, you can either pay monthly or annually. If you pay annually, you pay the whole premium in one lump sum, but if you make monthly payments you will set up direct debit. Paying a monthly premium for your car insurance could potentially be more convenient and manageable than paying annually. mTek App aides this convenience by providing daily, weekly and monthly payments for insurance policies from different underwriters.
Seek out other discounts
There are other special offers for motorists such as those who have not had any accidents or have taken a defensive driving course. Other insurers offer discounts to motorists who have special safety features embedded in their car such as car alarms, air bags, anti-lock brakes among many other security features. So if you own such a car, you can easily grab huge discounts.