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| Image Credit: frank mckenna |
There are more than 18 million households and more than 32.5 and a half million vehicles registered. By a simple rule of three we can conclude that most families in our country own a car. Therefore, in almost all households we must add a fixed expense to the annual accounts, that of car insurance, which at a time of economic uncertainty such as the current one can be a headache for a good part of the domestic economies.
The law states that all cars must be insured. Civil liability insurance, better known as third-party insurance, is mandatory for all vehicles that are registered in Traffic. In the event of an accident, it covers damages caused to third parties, but not its own. As more coverage is contracted, the insurance responds to greater damages, for example, theft, fire or moons. The most complete is the comprehensive insurance, which in addition to covering damages to third parties takes care of the damage to the vehicle. Of course, it is the most expensive of all.
It is mandatory by law to take out car insurance that covers, at least, the driver's civil liability.
The rise of the CPI in August to 10.5% compared to the same month of the previous year, confirms the upward trend in prices this 2022. In the automotive sector, not only have fuels reached historic records this year, but the price of new and second-hand cars has also skyrocketed due to several factors, such as the microchip crisis and international geopolitical uncertainty. Car insurance is also no stranger to this economic reality.
To establish this average amount, the insurance price comparison company has analyzed all the rates of the different types of policies: all-risk, extended third-party and third-party. In addition, it has taken into account other factors, such as the age and experience of the driver, the history of accidents, the characteristics of the vehicle and whether the car sleeps in the garage or on the street.
The price of insurance depends on multiple factors, including the cost of spare parts, repairs and fuel consumption
The study shows that there is no direct relationship between the price of the car and that of insurance, since many variants must be taken into account, including the cost of spare parts, repairs and fuel consumption.
On the contrary, the Dacia Spring, one of the cheapest electric cars on the market and that needs fewer repairs, is positioned as the vehicle with the average premium of the cheapest car insurance on the market. It is the first time that an electric vehicle occupies this privileged place in the ranking prepared by Rastreator.
Dacia Spring
The Dacia Spring is the cheapest car to insure, according to Rastreator
Dacia
In second place on the list appears another car of the brand of the Renault group, the Dacia Jogger, preceding the Lada Niva, the Suzuki Jimny and the MG. This last car stands out for being a new model and having up to seven years of warranty, which makes the price of the policy lower than that of other cars with lower performance.
As we have seen, the price of car insurance depends on multiple factors related to the characteristics of the model itself. That is, if the spare parts are expensive, if it is a model that historically breaks down easily, the years of warranty, the place where you sleep ... A series of considerations that we should analyze in depth along with other more general tips that we offer you below to obtain the greatest benefits when hiring your car policy.
Control the expiration date of your policy
If you want to change companies because you are not happy with your insurer or for whatever reason, keep in mind that you must cancel the policy 30 days before the expiration date. If you do not communicate it within this period, the insurer is entitled to renew the commitment, as established by law. "The parties may oppose the extension of the contract by means of a written notification to the other party, made at least one month before the end of the current insurance period when the policyholder opposes the extension, and two months when the insurer is the insurer."
Compare all offers
To find the best option it is necessary to compare prices between companies. Although it takes time, consult the online insurance comparators by entering your data and those of the car to obtain the option that best suits your needs. Do not get carried away by advertising, since not always the companies that carry out the most aggressive campaigns are the most economical.
The price is one of the first aspects in which drivers are most fixed when hiring car insurance
Beware of promotions
Do not be dazzled by the exclusive gifts and advantages offered by some companies through mobile applications that control and rate your travels. Although the benefits they present are very attractive, the price of insurance can end up being more expensive than expected if you do not achieve the objectives.
To obtain the most advantageous policy, it is advisable to compare prices and choose the coverage that best suits the needs of the driver.
Forces negotiation
If you adopt a measure of force and cancel your policy within the regulatory period, it is very likely that in a few days the company will contact you to offer you better conditions. If you have a good track record as an insured, that is, without fines or accident reports, you will surely end up receiving a very beneficial counteroffer, since the company's goal is to maintain and increase its client portfolio.
Hire only the necessary coverages
The price of the policy varies greatly depending on the modality chosen (to third parties, extended third parties, all risk with and without excess ...), so we must pay special attention to the coverages that we add to the basic insurance. Analyze what each insurance includes before hiring it so you don't pay more for services you'll never use.
Watch with comprehensive insurance
The most common when buying a new car is to insure it at all risk, since during the first year, in case of accident, companies pay for the vehicle the same price as if we had just acquired it. Some insurers maintain this coverage into the second year. However, from then on, companies only offer the market value of the car, that is, the market price. Taking into account that the value of the car depreciates by 33% after three years, it is not convenient to maintain the insurance to everything from its third year of life.
Cars depreciate by around a third of their value after three years
The most advisable thing is that between the third and fifth year you hire an insurance with franchise and when it turns five years you reduce the coverage. Around the age of ten, it is advisable to take out only third-party insurance and add protection for moons, fire and theft, which are usually affordable.
Your history counts
Keep in mind that your history as a driver is a factor that influences the final price of the policy. The fines and accident reports that appear in your file penalize, as do age and experience behind the wheel.
Group receipts and pay at once
Most companies offer their customers an additional discount of around 10% on the price of car insurance if they have already contracted with the insurer another policy, either also car, home, health, etc. Also check if they charge a surcharge for splitting the payment of the premium, since it can be a more comfortable option for you but also more substantial.