1. Shop around
Auto insurance coverage may be standard throughout your province, but insurance premiums are another story. Coverage from one company to the next can vary by hundreds, if not thousands of dollars. The only way to make sure you are getting the best base price for your policy is to compare, compare, compare.
2. Make sure all your cars are on the same policy
Most insurance companies offer a "Multi-vehicle discount" for customers who insure more than one car on the same policy. This can bring you a savings of up to 10 per cent off both cars.
3. Insure both your car and home with the same company
Again, this will qualify you for a discount called the "Multi-line discount". Most companies offer this savings as an incentive to get your property insurance business too. It's all perfectly legal and it's a great way to get another five per cent off your premiums.
4. Increase your deductibles
In a nutshell, the higher your deductibles, the lower your insurance premiums. Insurance was really meant to cover you for damages you could never afford on your own. If you can afford a $1000 repair job, then raise your deductibles to $1000 and pay less for your insurance.
5. Older car? Think about dropping your collision coverage
If your car is getting up there in age, you may want to think about dropping the collision coverage on your policy. You need to think about this one though - it's not always a clear-cut decision. You need to weigh the cost of the collision coverage with the value of your car and your chosen deductibles. For example, if you had a 10-year-old car that was worth about $1000, and your deductible was $1000, that collision coverage is not going to be worth a hoot.
6. Drive carefully
Your driving record is one of the most influential factors in determining your insurance rate. Tickets affect your insurance rates for up to three years and accidents stay on your record for at least six! With a bad driving record, you can find yourself paying a lot of extra premium over the years.
7. Drive a "low-risk" car
Insurance rates for cars are based on the previous claims history for that vehicle. The more likely a car is to be stolen or in an accident, the more you pay for insurance. If you are buying a new car, check with the Vehicle Information Centre of Canada or compare quotes to see how your dream-car rates. This may influence your purchase.
8. Don't drive to work
The more you are on the road, the higher your chances of getting in an accident. Insurance rates are higher for people who commute to work. So taking the bus or sharing a ride will not only help you save on parking and gas, but will help lower your insurance premiums.
9. New driver? Take a driver's training course
Most insurance companies offer a discount to newly licensed drivers who have completed an approved driver training course in the last 3 years. Safer drivers pay lower insurance rates.
10. Have an anti-theft device installed in your car
Some insurance companies recognize your car is less likely to be stolen if you have an anti-theft device installed in your vehicle. Check to see if your company offers this "Alarm or anti-theft discount" and consider if the price of the device is worth the added savings over the years. If you already have an approved, factory-installed alarm in your car, insurance companies will take this into account when determining your rate.
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