Written By: Jessica Woodruff Monthly payments are seen as a deterrent, and most South Africans would rather opt to spend the residual of their money on other daily living necessities. There are however significant risks to not insuring your vehicle, and you may find it will be out more expensive in the long-run. If you are involved in an accident, whether it be your fault or not, you will pay the full amount to have your car repaired. If the accident was your fault, you will pay for your repairs and the other party's expenses that may far exceed any monthly car payment in South Africa. Another concern with not insuring your vehicle is with the risk of crime in SA, you are putting yourself at an even higher risk should you experience a carjacking. In this case, you could find yourself with no car and no money in which to purchase a new one. With all this said, it is quite clear insuring your car is a must, and the only question you should be asking is, "How do I lower my monthly premiums?" Well, this is entirely dependent on your lifestyle factors which include:

• -Where your car is parked at work and at night
• -The age, make, retail value and market value of the car you drive
• -How long you have had your driver's license and your driving history
• -Security features installed in your car

What coverage do I choose? Depending on your financial situation, researching a policy that suits you and your lifestyle needs is essential. It is important to find out all benefits before making a decision to ensure no hidden costs or surprises come your way. Some insurance companies require higher monthly premiums that decrease in the event of an accident whilst others charge lower monthly rates that only increase should you be in an accident. Anti-theft devices and security measures Inform your insurance provider of any security measures  and you may have installed in your car. These include an anti-theft tracking device, steering wheel lock, car alarm system or a dashboard camera. Also be sure to indicate whether your car is parked in a gated entrance both at home and at work. Such safety precautions may lower your premiums, so be sure to indicate this to a consultant when asking for quotes. It's not only about expensive sports cars High premiums on expensive cars will be as a result of imported car parts and the expertise needed (labour). But this can also be the case for certain less expensive cars that are known to attract robbers and hijackers. As a result, these cars will have higher premiums than most cars of the same category. The lower your mileage, the lower your premiums If you do not drive your car very much, make sure your insurance provider is aware of this. Less time spent on the road means less time that you are in danger of having an accident. Most insurance providers will lower your premiums if you can prove you do not use your vehicle frequently. The same goes for a clean and accident free driving history as this means you are a less risky driver to insure and are less likely to have an accident. If you have other insurance policies, such as a household policy, ask your insurance provider if you are able to combine your policies. The combined rate will be lower than paying two policies separately. The five golden rules before deciding on an insurance provider

• -Never make a decision based on the premium only
• -Take note of the hidden costs such as additional excess you may have to pay
• -Take note of certain exclusions in your policy and what you are not covered for
• -Make sure your insurance provider is a registered financial services provider
• -Word of mouth is a powerful tool so make sure to ask around when considering an insurance company, it may often change your mind.

And lastly, it is cheaper to go online for all your insurance needs. With technology expanding rapidly online insurance providers have mushroomed over the last couple years. So just why is it cheaper to find an insurance quote online? Well quite simply, by going online, many overheads are done away with. Contact Click n Compare today for a free quote.