Whether you acknowledge it or not, all of us find gratification in saving money. With fuel prices consistently pinching your pockets, you might be looking for a viable way to save on your car insurance policy. However, would it be logical to compromise the financial security your automobile insurer warrants you?
Well, you might be thinking “how can I save on car insurance without letting go of the benefits?”. This is exactly what we have discussed in this article. Top insurance brokers have been working closely with car owners, helping them bank on discounts and rebates and recommending cost-effective policies. Click here to reach out to the insurance advisors and save on your next renewal.
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What’s the cost of car insurance in Canada?
Depending on the province you live in, the cost of car insurance in Canada ranges from $1,300 and $1,800 per year. Factoring in the provincial norms and your risk profile, the insurance premiums significantly vary.
In provinces like British Columbia, Ontario, and Alberta, insurance premiums are among the highest in the country. In contrast, you would benefit from affordable policies in provinces like Quebec, Prince Edward Island, and Nova Scotia.
Naturally, you would be keen to save money on car insurance when you purchase a new car or renew your existing policy.
Working with reputed brokers, you can save at least 25% on your automobile insurance premiums.
Money-saving tips for car insurance
So, if you are wondering “how can I save on car insurance?”, here’s our list of recommendations!
1. Compare quotes
While this might sound obvious, there’s a way to go about the process. Would it be logical to hop around dozens of websites, approaching reputed car insurers with your requirements? Have you estimated the time it would take for you to obtain quotes, compare the privileges, and come to your decision?
Rather, comparing quotes turns out to be a cakewalk when you consult a trusted insurance broker. These professionals have been a part of the industry and can provide you with custom quotes within minutes. Simply convey your details to them, and the experts will help you with the best policies in a quick time.
2. Install anti-theft devices
A statistic reveals that Alberta happens to be the province recording the maximum number of vehicle thefts in Canada. On average, around 60 vehicles get stolen each day in this province. Naturally, the residents here would repent shelling out high insurance premiums.
To lower your risk profile, experts recommend installing anti-theft devices in cars. Installing these devices might also prompt the insurer to reduce your deductible. Broadly categorizing, anti-theft devices can be of three types.
Passive devices: These devices can secure your car automatically. The manufacturers often build these systems into the vehicles. They trigger when you shut the door, remove the key, or turn the car off.
Active devices: Drivers need to manually arm active anti-theft devices such as car alarms and steer wheel clubs.
Auto immobilizers: These are powerful anti-theft devices that prevent someone from starting the car unless they use a uniquely coded key.
Car owners should note that not all these devices can fetch them insurance discounts. So, consult a reputed insurance broker before installing any of these devices in your car.
3. Undergo a defensive driving course
High-risk drivers naturally attract more premiums as insurers consider them more susceptible to accidents. To qualify for a discount, undergo a defensive driving course. This can also help you reduce the number of accumulated demerit points. With this training, you are less likely to land in accidents.
Before signing up for the program, ensure your existing insurer will pass on the discount benefits to you. If you aren’t sure, your insurance broker will recommend policies where you can take advantage of such discounts.
4. Don’t miss your payment
Well, no car owner misses paying their premiums purposely. However, there are instances when missing out on the date resulted in increased premiums. Missing out on the payment can even get your policy cancelled.
Also, your car won’t be covered during the lapsed period. This exposes it to the risk of accidents and collisions when you take it on the road. Even when you renew your policy, you will be paying higher premiums since the insurer has already recognized you as a high-risk driver.
5. Bundle policies and go for multi-car discounts
Bundling policies refer to the practice of purchasing your home and car insurance policy from the same insurer. With this approach, you can save as much as 20% on each of these policies. Reputed brokers keep their clients informed about the best bundling discounts on the market.
Moreover, the professionals can guide you in availing multi-car discounts. This implies that a single car insurance policy would cover multiple cars and drivers in your family. If you own more than one vehicle or have several family members driving these cars, get them covered under a single policy. This will help you qualify for a discount.
On the flip side, adding someone aged under 25 to the policy can increase your premium. Talk to your broker regarding the best policies to keep premiums affordable.
6. Go for usage-based insurance
Look out for telematics programs or usage-based insurance that reward responsible drivers. These systems monitor your driving habits, such as hard braking, quick acceleration, or speeding.
On signing up with these programs, you can qualify for a 10% discount on your premiums. On demonstrating consistently good driving habits, your insurer might reward you by offering up to a 30% discount on renewal. Even new drivers can significantly benefit from these apps.
How can I save on car insurance? — Endnote
Maintaining a clean driving record, increasing your deductible, and doing away with unnecessary coverages are some other ways to cut premiums.
Also, try to get an insurance-friendly car and pay your premiums annually to save on your premiums. You can save money on car insurance with these tips and curtail costs when you renew your policy.
Trusted brokers can help you further slash premiums by recommending the most cost-effective packages.
