Black Friday deals can’t beat what you can save on your car insurance

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Canadian consumers love a good deal. No doubt many Canucks have November 25, 2022, 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. And even though cross-border shopping is now an option, shopping locally can still help support businesses that made it through the pandemic and continue to recover from storefront closures.

The Retail Council of Canada found in a recent survey that 60% of Canadians are feeling financially strained but plan to spend the same amount on gifts this year — about $790 — as they planned to last year. More Canadians are also shopping earlier to take advantage of holiday sales compared to previous years.

But if you’re keen to save money, taking a closer look at your car insurance premium can mean bigger savings. Drivers in Ontario save an average of $744* on car insurance when they compare quotes on

Car insurance rates often change

Insurance rates often change. In Ontario, for example, the Financial Services Regulatory Authority (FSRA) releases rate approvals regularly. Sometimes, just a few insurance providers apply to change their rates, and other times, dozens do.

That’s why it’s so important to shop around for car insurance. 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 today.

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 on car insurance, and the following are a few of the most popular:

  • Bundle your home and auto insurance policies. If you buy your home, condo, or contents coverage from the same provider that 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 are preparing their vehicles for snow by installing winter tires. But does your insurance provider know that you swap out your tires seasonally? Make sure they do, because it could save you about 5% off your annual 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 car insurance premium. If your insurance deductibles for collision and comprehensive coverage are both set at $500, for example, consider increasing them to $1,000. Keep it affordable, though, because should you need to submit a claim, the deductible is the portion you must pay before your insurance company pays.
  • Maintain a clean driving record. Tickets and at-fault collisions will factor into the premium you pay for years. Tickets may affect your rate 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 cases thousands, in unnecessarily high premiums. So, it pays to be a good driver.

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.

*Shoppers in Ontario who obtained a quote on from October to December 2021 saved an average of $744 per year. The average savings represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by

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