Saving on car insurance can be a tricky exercise, but there are a few adjustments that could lower your premium. Here are few ways that could reduce your car insurance costs:
Get coverage you actually need
It’s worth looking at your car’s market value and how you actually use it to decide whether you need full coverage. Review your policy at renewal to determine whether the coverage reflects how you use your car.
Shop around
Insurers price risk differently, so it’s possible you may get very different quotes. Compare many insurers to understand what discounts they could offer, such as winter tire discounts.
Loyalty
Conversely you may be entitled to loyalty discounts if you stay with one insurer. Speak with your broker or the insurer as this may not be applied automatically.
Drive safe; add safety features
Avoid tickets and at-fault accidents. Consider winter tires, anti-theft systems or driver-assist technology. These are obvious but some insurers offer discounts for that added safety.
Taking a driving course
For younger drivers, approved driving courses can help build good driving habits. That can lead to lower premiums over time.
Keep a clean driving record
Accidents, claims and tickets can have a big impact on your insurance. If you can avoid small claims and pay out of your own pocket, it could save you from years of higher premiums.
Risk profile of your car
Insurers will consider theft rates, repair costs and accident statistics for each model. High-end models and those targeted for theft usually have higher premiums.
Usage-based insurance
Using telematics tracks things like speed and braking. Safe driving can reward responsible drivers; risky driving can reduce a potential discount.
Bundle your insurance
Bundling home and car insurance; coverage for many cars with the same insurer can save money. You may save up to 20-25% doing so!
Increase your deductible
A higher deductible means a lower premium, but make sure you can afford the deductible if you ever need to make a claim.
Pay annually if possible
Paying your premium in full can lower the total cost and reduces the risk of missed payments.
Essential information
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