Given the fluctuating costs of fuel, interest rates, and other living expenses, South Africans are increasingly seeking ways to keep their budgets in check. As a result, you may be contemplating cancelling your comprehensive insurance to free up funds for other expenses.

How interest rates & inflation affect your premiums: Interest rates can impact insurance premiums in several ways.

• Interest rates and insurance are deeply linked, meaning any changes in interest rates affect the insurance sector in multiple ways.
• Inflation also affects insurance premiums since it impacts the cost of claims. When inflation is high, claims cost more, and insurance premiums can rise.
• Low interest rates could result in higher premiums for higher-risk individuals.

Instead of cancelling your car insurance policy, check out a few of the tips we’ve put together to assist you in making your insurance premium more affordable:

• Check the market value of your car: Your insurer can help adjust your premium in line with the market value of the car.
• Consider a higher excess amount: Remember that if you have an accident, the pay-in amount for repairing your car will be very high and costly.
• Install a tracking device in your car: Once you have a tracking device installed, inform your insurer and request a revised quote.
• Take a certified, advanced driving course to lower your risk of accidents: Your insurance provider is likely to view you as a lower accident risk.
• Avoid claiming for minor damages: Claiming for minor damages will drive up your premiums.
• Keep your car in a locked garage or yard: Keeping your car in a locked garage, or a guarded basement, will keep it more secure.
• Update your personal details: This is a requirement to maintain a valid insurance policy.
• High performance cars will attract higher premiums: Keep this in mind the next time you’re considering an upgrade.
• Build driving experience: Build your driving experience while driving a vehicle that you can comfortably afford.
• Maintain uninterrupted insurance history: Cancelling your insurance will introduce gaps into your cover history.

And finally compare insurance quotes, by chatting with our expert insurance consultants, you can receive up to 13 insurance quotes from our trusted panel of insurers, chat with us today at 0861 001 002 , or if you have any queries regarding your insurance policy with us, email us at [email protected] and we’ll assist you.

Check out our website https://www.africanindependent.co.za/ to learn more.