The colour of your vehicle can have a huge impact on your insurance costs

Gugs Mhlungu spoke to resident motoring enthusiast, Warren Tucker.

Listen to their conversation in the audio clip below.

Are you thinking of cancelling your car insurance? Don't do it!

Not having vehicle insurance can lead to catastrophic consequences as most people don't have the cash immediately available to either replace a stolen car or fix one that's been in an accident.

"We pay quite a bit for insurance because you've got a situation where more than half of the vehicles on the road are not insured." 

- Warren Tucker, motoring enthusiast

"In other countries, insurance is mandatory." 

- Warren Tucker, motoring enthusiast

Tucker points out that you are likely to pay more for insurance if you have a black, grey, blue, red or green vehicle.

"Your safest bet is yellow and white."  

- Warren Tucker, motoring enthusiast

"We can't all drive white cars, everybody wants to make a statement with their vehicle." 

 - Warren Tucker, motoring enthusiast

A recent news24 article titled An insider’s guide to saving big on your car insurance 
states that with smart planning, affordable insurance is available and can provide everyone with peace of mind.

The article shared ways to save: 

Look out for opportunities to save:

Shop around for an insurer that can offer you the best levels of cover at the most competitive price.

Insure your vehicle for the correct value: 

Drivers of older vehicles must ensure that they are not over-insuring their cars. 

Increase your security:

Your car insurance premium is calculated based on your risk profile.  Your risk profile is based on a number of things such as where you live, the type of car you drive, and the security measures you have in place, amongst others. You could reduce your car insurance premium if you’ve fitted your car with additional safety features such as a tracking device or an alarm, for example.

Don’t claim unnecessarily:

Keep your insurance for real catastrophes which result in unexpected large losses and avoid claiming for small events that you could cover from your own pocket. When you claim for every little scratch, your insurance provider will raise your premium to reflect the higher risk you pose. Also, claiming could affect your Cash Back Bonus if you have one.

Increase your excess:

You could save some money on your monthly insurance premium by increasing the excess you pay when you claim. Ideally, you want to pay the lowest excess you can in the event of a claim. However, opting for the lowest excess might make your premium too expensive for you. Best practice is to find a balance where you’re paying a reasonable premium and your excess is not too high that you won’t be able to cover that amount should you need to make a claim.

Combine your policies:

By insuring your car and home contents, or your car and buildings insurance with the same insurance provider, you’ll qualify for a discount.

Review your cover on a regular basis: 

As your individual needs change so may your insurance needs. For instance, you may no longer need full comprehensive insurance on an older or second vehicle, and may want to consider insuring it for Lite cover.

Make sure you keep your details updated:

Insuring your vehicle for private use if you no longer use it for business, or if your vehicle is now parked in a more secure environment overnight, like inside a locked garage, it will save you money so let your insurer know.

Scroll up to listen to the full interview.