Think you can save a lot on Black Friday? Save even more just by shopping around for your car insurance.
Long gone are the days when you would have to cross-border shop to benefit from Black Friday sales. In fact, Black Friday in Canada is more popular for deal hunters than Boxing Day. But if you really want to save money, you should start by looking at what you’re currently paying for your car insurance. On average, InsuranceHotline.com shoppers save $427 after comparing their current rate against the rates available through our network of more than 30 insurance providers.
Who couldn’t use an extra $427 as we quickly approach the holiday season?
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 of Ontario (FSRA) releases the rate changes they’ve approved every three months. Sometimes just a few insurers change their rates, and sometimes dozens do. Last time FSRA released their quarterly approvals, 26 insurers in Ontario had rate changes approved and of this group, 17 increased their rates.
This 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 offer you the best car insurance deal today. You need to compare rates to be sure.
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5 Ways to Save on Your Car Insurance, Over and Above Shopping Around
Comparison shopping is easily one of the best ways for you to save money on the car insurance 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 five to 15 percent off of one, or even both of your policies.
- Change your tires seasonally? Tell your auto insurer: Winter is upon us and many people have switched over to their winter tires. But does your auto insurer know that you swap out your tires seasonally? Make sure they do, because it could save you about five percent 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 five and 10 percent. Keep it affordable though because should you need to submit a claim, the deductible is the portion you have to pay.
- Maintain a blemish-free driving history: 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, six. Over several years, a less than perfect driving record can cost you hundreds of dollars, and in some case thousands, in unnecessarily high premiums.
Car Insurance Is a Big Expense, See If You Could Pay Less for It
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 today to find the best deal for your coverage.