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Three Easy Steps To Lower Car Insurance Rates

February 13, 2014

the number 3Most people would be pleased to see their car insurance rates go down, but think it’s either not possible or are not certain how to go about getting a better rate.  Lowering car insurance premiums is not only possible, but can be accomplished with just a little effort.  In fact, most people can see a reduction in rates by following just three simple steps.  They’re easy, usually bring fast results, and they apply to nearly every driver in a private insurance province.

Step One: Shop Around and Compare Rates.

  The best way to know for sure that you are getting the best rate that is available to you is to take the time to shop around and see what other insurance companies can offer you.

Privatized insurance means that insurance companies are competing for your business, and that there is a good chance that someone has a better rate for you, no matter what your driving record.  Each insurance company determines their own rates, which means things like what kind of car you drive, how far you commute, and even tickets or accidents don’t always carry the same weight with each insurance company.  So no matter what your situation, odds are good you’ll find the insurance company that can help bring your premiums down – but the only way to find that company is to request a quote.

Online insurance quoting has made this easier than ever before.  While the time and effort has kept many people from looking for a better rate in the past, today you can get several quotes from insurance companies in one place, and in very little time.

Step Two: Bring Your Policies Together.

  While you’re shopping around for car insurance, shop your home or tenant insurance around to the same insurance companies.  Most insurance companies offer a discount to those who have a homeowner’s or renter’s insurance policy with them as well as a car insurance policy.

The discount for bundling your insurance policies at one company is often one of the most significant reductions available.  And what’s even better is that you will also usually see a discount on the home insurance policy as well, which brings your overall insurance costs down.

In addition to home or renter’s insurance, there can be further discounts for bringing other policies to the same company as well, including life insurance, boat insurance, RV coverage, and more.  Be sure to check what might be available to you by putting everything under one roof.

Step Three: Review Your Policy.

  Looking at a new policy is the first step, but if you decide to stay where you are there is still a way to bring down your insurance.  It’s vital that all drivers take the time to review their insurance policy regularly.  Often factors influencing car insurance rates can change over time, and your rates might not always reflect those changes.

When reviewing a policy, look for important rating factors such as the address where the car is kept, the commuting distance to your workplace, and who drives the car regularly.  You should also review the discounts on the policy to ensure that you are getting all the discounts to which you are entitled.  Ask your insurance company for a list of available discounts and how to qualify, so you can catch any discounts you might be missing out on, and take a look at this list of the top 5 discounts available.

Follow These Steps Regularly

These three easy steps to lower car insurance rates can be repeated on a regular basis to ensure you continue to get the best rates available.  Shopping around and reviewing yearly will ensure that you are on top of your car insurance rates and take advantage of changes in rates, such as the Ontario rate reduction plan, which may provide you with savings sooner if you take the time to shop around.

Combined with some of the other tried and true methods of keeping car insurance rates down, these three steps will help you to make sure you’re never overpaying on your premiums.