A change in season is the ideal time to spot check your car insurance rates.
Spring is the time of year when we start shedding layers—mitts, hats, gloves, scarves and jackets. But, it’s also the ideal time to see if you can shed some unwanted expenses. See if you can put some extra spring in your budget by saving money on your car insurance premiums.
It’s time to warm up your wallet.
Saving money on your car insurance rate is as simple as comparing quotes. In fact, it is probably the best way to lower your car insurance rate. Auto insurance rates often change and if it has been a while since you last shopped around for a better premium, there’s a good chance you’re overpaying for your coverage. Don’t make the costly mistake of allowing your policy to automatically renew, as it could end up costing you hundreds of dollars extra each year in the premiums you pay.
Car insurance savings tips
Even though comparing quotes will likely give you the most bang for your buck, when it comes to spending less on your car insurance, you can also maximize your car insurance savings when you:
- Pay your premiums all at once rather than in monthly installments
Many insurance companies charge drivers a little extra to cover the cost of administering monthly payments. If you can afford to pay the cost of your annual premium in one lump sum, you can avoid having to pay these extra fees.
- Drive carefully and maintain a clean driving record
Your driving record is one of the biggest factors in determining your insurance rate. Traffic tickets can raise your insurance rates for up to three years, and accidents stay on your record for at least six. Over several years, a bad driving record can cost you hundreds, even thousands, of dollars in extra premiums.
- Combine insurance policies for a multi-line discount
Multi-line is insurance jargon for what might be better described as, multi-product. Auto insurance and home insurance are different products, and when you buy them from the same insurance company they’ll often reward you for bundling with a discount. The discount can range from anywhere from five to 15 per cent off of one, or even both of your policies.
Multi-line discount tip: Often people think only a home insurance and auto insurance policy qualifies for a multi-line discount, but there’s actually more to it: snowmobiles, RVs, motorcycles, or tenant insurance can all usually be bundled to qualify for a multi-line discount too.
- Talk to your auto insurer if you change your tires seasonally
Does your insurer know that you swap out your tires seasonally? Make sure they do, because it could save you about five per cent off your premium.
- Ask for a list of insurance discounts
Ask your provider for a list of discounts as there may be opportunities to save money that you didn’t know existed, or that your provider didn’t know to offer you. It will start a dialogue that could result in you saving money.
Spring clean your car insurance
A change in season is the perfect time to take a second look at your car insurance. Compare auto insurance quotes, review your policy and talk to your insurance provider to see if there’s an opportunity to save.
Updated seasonally to ensure accuracy and relevancy.