People are always trying to find ways to save money, whether it’s buying no name brands, taking shorter showers or searching through flyers for coupons. Have you ever wondered if you’re paying too much on your insurance? In our last installment of our ‘Sweet Savings’ insurance blog series, we shared ways to save on your home insurance. This time we’ll help you figure out if you’re paying for any auto insurance coverage that doesn’t apply to you.
Here are ways you can decrease your car insurance rates. Find out what tips may apply to you by discussing it with your broker.
Avoid paying extra monthly fees by paying semi annually or annually. Fees can also be avoided by paying online or having automatic payments taken out of your account.
Insurers may decrease your rate if you bundle more than one vehicle on one policy.
Get rid of the towing coverage in your plan. With a well maintained car, you won’t need a tow often. Paying out of pocket for a tow is less costly and may be covered under your collision insurance.
Your premium may decrease if you’ve gone 6 years without any accidents. Be sure to contact your broker to see if you qualify.
If you have an older vehicle without large value, you can remove the collision damage insurance on your car to reduce the amount you pay. (The other party’s car will still be covered).
Not only can winter tires reduce your insurance rate, but it will also help you drive safer in the winter, decreasing your risk of an accident.
Rates may vary depending on the province you live in. If you move, be sure to check for any changes in your insurance rate.
Any tickets received may be removed from your insurance history every 3 years and as a result can decrease your premium. Time may vary based on insurer.
When purchasing a car, be cognisant of your car make and model, as well as how much your car costs to repair. Driving a car with lower repair costs or lower risk of theft will decrease your premium.
Parking your car in a safe location such as a secure garage will lower your premium.
Ask your insurance broker about discounts you may qualify for:
Low mileage/working closing to home
Being a student or university alumni
Being a new client of the insurer (welcome discount)
Driving a hybrid vehicle
Being a disabled person
Being retired or a senior
Completing a driving course
Stay tuned for our next ‘Sweet Savings’ post where we’ll share life insurance saving tips with you.
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