How to Save on Import Car Insurance Premiums
Do you drive an imported car? If so, you’re well aware that import car insurance is significantly costlier than are the premiums you pay to insure a domestic vehicle. Of course, if you have chosen an imported vehicle, it stands to reason that you can afford to pay a little more for your car insurance; but that doesn’t mean that you can’t save on your premiums.
All drivers should carry car insurance. In most states, it is legally required that all drivers have this coverage and even if you live in a state which does not make car insurance mandatory, you should still have this important protection. You could save money on your premiums by carrying just the bare minimum of insurance required by law in your state, though there are other, better ways to reduce your insurance costs.
In addition, have a look at the following import car-specific strategies to further chop down your import car insurance rates:
1. The type of vehicle you own makes a difference to the cost of your insurance. The costlier the car, the more expensive your insurance will be. Since imported cars tend to be more expensive, you might want to look into getting a slightly less expensive model if you happen to be looking for a new car and would like to save a little money on your insurance.
2. Get the benefits of owner’s club membership. Joining an owner’s club can reduce your import car insurance premiums significantly. If you get insured through club membership, you enjoy the benefits of group discounts similar to group health insurance.
3. Check for cost-saving features and company policies. Even if you obtain insurance through an owner’s club, check various plans that offer bigger savings for modifications made on import cars. For example, adding a performance filter to an otherwise unmodified 1.6-litre Honda Civic can actually improve its performance enough to earn you additional savings. This is because more and more insurance companies are going to great lengths to be more specific with their policies on car insurance from other countries.
4. Ask your insurance company about their no-claims discount. If you keep a clean driving record and file no claims for a certain period of time (usually three years), you are entitled to a discount under the policies of most car insurance providers – make sure you ask for this discount, since they may not offer it otherwise.
5. Be security conscious. Many imported vehicles lack the security features common in domestic cars. These cars are also desirable targets for thieves, so not only can you get a discounted rate on your car insurance by installing security features like an alarm, immobilizers and tracking systems, but you’ll also be protecting yourself from having your expensive car stolen. The discounts offered by many car insurance companies for this are substantial, so these are features which are well worth installing in your vehicle.
People choose imported cars for a variety of reasons; even though they can cost a little more to insure, they often provide excellent fuel efficiency and performance. While the car itself may certainly be worth a little extra expense to you, keep in mind that you could probably paying less for your import car insurance.
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