6 Ways to get discounts on car insurance
If you think you're paying too much money for annual car insurance premiums, there are a couple of things you can do to get discounts on your car insurance policy. You can change your coverage and shop around for lower rates or you can talk with your current insurance provider and ask about available discounts.
It's rare that companies offer up savings to clients, so if you want to save money on your car insurance in Canada, you have to ask for it. Money saved on your car insurance costs can be used somewhere else such as taking a family vacation or putting a down payment on a home.
If you need to buy new car insurance or your policy is up for renewal, make sure you're getting all applicable discounts.
1. Be loyal to one insurance company
Several car insurance companies in Canada offer discounts for long time customers. Sometimes those savings can be in the form of lower premiums or a lower deductible without any change in the cost. If you have been with the same company for many years - and especially if you've never filed a claim - contact an agent and ask for loyalty discounts on your car insurance.
2. Tell them a little bit (or everything) about yourself
You can get discounts on your car insurance for a variety of reasons, from being a good student to having winter tires to your chosen profession to your driving record. The more you tell your insurance company about where you live, work, and went to school, the more money you can save.
3. Keep your claims for the big stuff
With the exception of your first claim (and that's not a given), every single time you file a claim your insurance costs will probably go up. It may not be a good idea to contact your insurance company with every single loss. Before filing a claim it's important to determine if the total amount of the loss minus the deductible, and estimate the premium increase. Is it really worth filing an insurance claim? The lower the number of claims filed, the lower your car insurance premiums will be.
4. Never accept the first offer
If you want to find the best possible car insurance discounts and rates, you need to shop around. Contact several different companies to get quotes or use an online insurance tool to get several difference quotes at the same time. An insurance broker might also be able to help you.
5. Pass the Driver's Education course
Most car insurance companies offer a discount for clients who passed an approved Driver's Education course. This is especially helpful if you have first time drivers in the home. Adding several people to your policy will definitely increase the cost so you want to find car insurance discounts wherever possible.
6. Buy a car with safety features
Being a good driver and driving a safe car leads to car insurance discounts, as well as helping you get home safely. It's a win-win. If you have a clear driving record be sure to tell your insurance company. Also, let your agent know about the safety features and upgrades on your car. Many companies offer discounts for manufacturer-installed safety features.
All makes and models of car don't automatically come with additional safety features so your insurance company won't automatically offer the discounts.
With the right approach, you can get the best deal on car insurance in Canada. But you will probably have to ask for it.