How to Decrease Insurance Motor Premium

Consumers, including drivers of all ages, have faced multiple financial challenges over the past five years. From the economic impact of the COVID-19 pandemic to surging energy costs, many have experienced a significant reduction in disposable income.

A  recent  European  Parliament  survey  found  that around  42%  of European  citizen respondents  believed that  the  cost  of  living  was  impacting  their  financial decisions.

On average, in 2024 motor premiums have increased, with countries like Germany seeing rises between 11-13%, while Italy, Spain, and France experienced smaller increases of 6%, 5%, and 2%, respectively.

For many drivers, having suitable   motor  insurance  is essential to their lives, helping them get out and about, and go to work. Plus, it’s a legal requirement in Europe for all drivers to have at least third-party liability coverage in place for your vehicle.

Here, we explore how to decrease insurance motor premiums and discover  what  are the  benefits  of  motor  insurance  quotes  to help you gain some clarity around your motor insurance premium choices.

Contents

●   What are your motor insurance premium options?

●   How to decrease insurance motor premium.

●   Cost-effective motor insurance with GasanMamo.

What are your motor insurance premium options?

As drivers battling with squeezed budgets and rising costs, it makes sense to find motor insurance providers who deliver suitable insurance cover that properly protects your vehicle.

Choosing a motor insurance policy with attractive premiums and features designed to support safe driving and provide comprehensive protection enhances your peace of mind. It reassures you that, should the unexpected occur, you’ll be financially covered and able to focus on getting back on the road with minimal stress.

Most motor insurance providers will offer a range of insurance products for you to research and select. Typically, these fall into three categories:

Third-Party Liability Only

A Third-Party Only motor insurance policy is the minimum level of cover required by law to drive on European roads, including those in Malta. It covers your liability to other persons for personal injury or damage to property arising from the use of your vehicle.

Third-Party Fire & Theft

This policy includes everything that Third-Party Only covers, plus protection for your vehicle in the event of loss or damage caused by fire or theft.

Comprehensive

A  comprehensive  motor  insurance  policy  is  likely  to  protect  your  vehicle when it’s accidentally damaged in numerous scenarios. Drivers who take out a comprehensive policy are also able to access additional features, such as personal accident protection or compensation for personal effects carried in your vehicle.

Some insurance providers, like GasanMamo, are also introducing specific motor insurance policies for young drivers.   Boosh  is our special  motor  insurance  for  young 

 drivers  aged 18-24 which has some key benefits, such as an instant discount  whilst having the vehicle registered in your name.

Plus, there’s plenty you can do to help reduce your motor insurance premium by taking a few simple steps and making sure your vehicle insurance matches your needs as a driver.

How to decrease insurance motor premium

Lowering your motor insurance premium may seem complicated, but it’s actually a simple process with a few effective steps. By understanding what factors influence your premium and taking proactive measures, you can significantly reduce your costs while maintaining the coverage you need.

Here are five things you can do right now to decrease your motor insurance:

1. Consider a black box

If you are aged under 25 years old having a black box or telematics device fitted into your vehicle helps keep your  insurance at a manageable price. Your driving is monitored and limited data is shared with your motor

insurance provider which is used to calculate your premium. If you stay in the speed limit and drive carefully, it’s likely you will be rewarded with a lower motor insurance policy over time.

2.  Increase the policy excesses

Many insurance companies offer the option of increasing the standard excesses on the policy.  This means that you will pay a larger part of a claim, but it can save you up to 10% on your premium.

3. Limit the authorized drivers

Another way to save on premium is to agree with your insurance provider to limit the persons who are insured to drive the vehicle, for instance to yourself only or just two drivers.  Again,  this can gain you a discount of up to 10%.

4. Make sure you have the correct insured value

Vehicles depreciate over time so you need to revise the sum insured annually.  Keep in mind that irrespective of the sum insured, the maximum amount the insurance company will pay out if the vehicle is a total loss is its current market value, this being the cost to replace it with a vehicle of a similar model and condition.  If you are uncertain as to what the market value of your vehicle is, your insurer provider can usually guide you, so do not hold back from asking. .

5. Drive a reasonably-priced vehicle

In most cases, an expensive vehicle will result in higher motor insurance premiums and will be more costly to repair if there is an issue. This is because parts for a more expensive vehicle will cost more to buy and replace.

It’s worth researching the vehicle you want to buy online first to see what the average costs are for repair and maintenance to help you decide if it’s affordable. A less expensive vehicle will typically generate a decreased motor insurance premium.

Cost-effective motor insurance with GasanMamo

GasanMamo is Malta’s leading car insurance provider for a reason. We listen carefully to you and make sure our motor insurance policies align with your needs to fully protect your car.

If you have an electric vehicle, we now have a great   electric  vehicle  insurance  policy, which fully covers EVs and hybrid cars.

Whatever model of vehicle you have and whatever circumstances you’re in, have a chat with our friendly team of experts who will give you sensible advice and clear guidance around the best motor insurance policy for your vehicle.

Let  us  help  you  protect  your  vehicle  with  a policy designed just for you.   Contact  GasanMamo today or get a  quote  online to enjoy peace of mind and  unparalleled service.

GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA.