If you are wondering if you paid too much for your car insurance in Bahrain? Here are the most important reasons why your car insurance premium may be much more expensive than you initially anticipated:
Driver’s traffic record
The driver’s traffic record constitutes one of the main factors affecting the assessment of potential risks related to the insured car. Therefore, drivers who do not have safe and sound driving skills draw the attention of insurance companies to the high risks that may occur, as traffic offenses and fines mentioned in the driver’s driving record contribute significantly to increasing the value of the insurance premium.
If the insurance premium for your car is rising every year because of this, then you should consider putting your name on the corrective driving courses offered by the relevant authorities in Bahrain.
The value of the car insurance premium is greatly influenced by demographics such as age, marital status, gender, etc. Insurance companies avoid risk and rely on past records of accidents to study and determine which group is statistically likely to file the most compensation claims for the company. Usually the cost of car insurance for young / unmarried drivers is higher than for unmarried women of the same age group.
Type of insurance policy
Have you reviewed what was stipulated in the terms and conditions of the current car insurance policy, looking for additions or insurance coverage that you do not need? If not, it is time to reconsider the insurance policy. In order to avoid choosing additional benefits that may not be beneficial in the long run, thus reducing the total insurance premium. Moreover, the insurance premium for your car is also determined by the deductible amount, which is part of your liability should you file a claim. Safe drivers can set a higher deductible amount in order to lower the premium.
The make and model of the vehicle
Insurance companies worry about advanced cars that may cost more than others in cases of damage, theft, or breakdowns, and they often get higher insurance rates in order to accept insurance for the car against potential risks. The same is true for modified compounds that are usually included in the high risk category. Before purchasing a new car or making modifications to it, it is best to do a quick research about safety ratings and how they might affect your premium.
Claims submission record
Your claim record is one of the main factors that determine the premium on renewal, as the accident-free record makes you eligible for a no-claims discount which can contribute to a reduction of up to 20% of your annual premium. Thus, it is desirable to maintain a clean traffic record from violations by bearing the cost of repairing minor and inexpensive faults.
Ignore the importance of comparing insurance rates
Not allocating enough time to search for car insurance rates at several companies and compare them may make you regret later. Therefore, you should not purchase an insurance policy unless you take your time to evaluate the various insurance policies provided by the insurance companies and conduct a cost-benefit analysis before choosing an insurance policy.
You can simply visit Souq Al Mal.com to compare multiple quotes from major car insurance providers in Bahrain. Not only can the site choose a policy that fits your budget, but you can also choose from a range of optional features to find a policy that actually meets all your needs.