Canadian consumers love a good deal. No doubt many Canucks have November 27, 2020, circled on their calendars, the date of the heralded Black Friday in Canada.
Black Friday surpassed Boxing Day as the No. 1 retail shopping date in our country a few years ago. In the age of COVID-19, cross-border shopping is a no-no. And besides, pandemic-friendly shopping even locally is the way to go, notes the Retail Council of Canada (RCC). Moreover, the RCC’s annual holiday shopping survey found shopping locally is increasingly important to Canadians, with 90% saying purchasing goods from a retailer in Canada is paramount, and 83% agree that buying items made in Canada is important.
But if you’re keen to save money, take a closer look at your car insurance premium. Consumers using InsuranceHotline.com managed to find quotes that are, on average, 26% less than the market rate.
Car insurance rates often change
It may come as a surprise, but insurance rates often change. In Ontario, for example, the Financial Services Regulatory Authority (FSRA) releases the rate changes they’ve approved each week. Sometimes just a few insurers change their rates, and sometimes dozens do.
That is why shopping around is so important. The company that offered you the best rate five years ago, or even last year, may not be the company that can provide you with the lowest rate you can get today.
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Ways to save on car insurance beyond shopping around
Comparison shopping is easily one of the best ways for you to save money on the policy you need. However, there are other ways you can save, and the following are a few of the most popular:
- Bundle your policies. If you buy your home, condo, or contents coverage from the same provider who insures your vehicle, then you’ll likely benefit from a discount in the range of 5% to 15% off your total insurance bill.
- Use winter tires. Winter is upon us, and many people have installed winter tires on their vehicles. But does your insurer know that you swap out your tires seasonally? Make sure they do, because it could save you about 5% off your premium.
- Ask about discounts. Ask your provider for a list of discounts as there may be opportunities to save money that you didn’t know existed, or your provider didn’t know to offer you. It will start a dialogue that could result in you saving money in the end.
- Increase your deductibles. The higher your deductibles, the lower your insurance premiums. If your insurance deductibles are set at $500, for example, consider increasing them to $1,000 because you can typically save anywhere between 5% and 10%. Keep it affordable, though, because should you need to submit a claim, the deductible is the portion you have to pay before your insurer pays.
- Maintain a clean driving record. Tickets and at-fault collisions will factor into the premiums you pay for years. Tickets may affect your rates for three years and at-fault collisions for six years. Over several years, a less than perfect driving record can cost you hundreds of dollars, and in some case thousands, in unnecessarily high premiums.
Find out if you can get a cheaper premium
As a Black Friday deal hunter, you know the value of shopping around to find the best prices. It's time to take this same approach for your car insurance too. Compare car insurance quotes to find the best deal for your coverage.