Want to save money on your car insurance? Of course you do! Clients can make substantial savings by following the below tips when taking out motor insurance. In this blog, we are going to discuss a few ways you can save money on your car insurance premiums in Spain! Let’s dive right in!
First of all, do I have to take out car insurance in Spain?
Car insurance is legally required for all vehicles entering Spain. Certain car insurance policies are mandatory in Spain by law, and some are chosen by drivers for more protection for their car.
6 Money Saving Tips for your Spanish Motor Insurance
1. Pay for your car insurance premium annually
Opting to pay for your car insurance in Spain in one single payment works out a lot cheaper. Interest is applied to monthly payments, as the money is not in the bank yet. The extra money is also used to cover the administration tasks involved in processing monthly instalments. If you can pay annually instead of in monthly instalments, we recommend you do.
2. Young drivers on your policy
Putting a young person in your family as a second driver on a car insurance policy may seem like the cheaper option. However, if there is an accident and the insurance company can prove that the young person is in fact the main driver, the claim can be declared void. It may be cheaper, in the long run, for the young person to take out their own policy for peace of mind.
3. Consider fully comprehensive car insurance
Before you decide on third-party cover, check to see what the extras included in a fully comprehensive policy are. It can work a lot cheaper to have insurance that covers more, especially if you have an expensive car and cannot afford to replace it. For example, if your windscreen breaks or cracks it can be an expensive extra which can be included in the comprehensive premium.
4. Buy a car with a smaller engine
Buying a car with a smaller engine can result in a cheaper car insurance premium.
Claims in Spain tend to be more frequent than other countries, such as the UK, meaning that the odds of having to claim are higher. So, if you have an expensive car with a big engine coupled with the odds of you making a claim being higher – this results in high premiums. Therefore, buying a car with a small engine is a wise decision for reducing your motor insurance premiums.
5. Take out more than one policy with the same insurance provider
If you need home and car insurance, taking out two policies with the same insurance provider can give you a substantial discount. HomeFinance Spain offer discounts to clients who have taken out more than one policy with us! Did you know we can provide you with home, health, life and pet insurance too?
6. Installing car security equipment
Ensuring your car is well protected is an excellent way to lower your car insurance premium. There are a lot of great options on the market, including car alarms, anti-theft and tracking systems – which all lower the risk of your vehicle being stolen or broken into. When shopping for a new car, it may be beneficial to find one which already has these features.
Over to you...
We hope you have found these tips useful for saving money on your car insurance. Picking the right motor insurance is very important when you move to Spain, finding adequate cover can be difficult and time consuming.
Apply for Car Insurance with HomeFinance Spain
Our team of insurance specialists have you covered for every type of insurance that you may require. If you would like to discuss any of our packages, or if you have any questions, please do not hesitate to call on (0034) 96 682 11 72 or by filling in the contact form provided.