Boxing Day is a much-loved Canadian tradition. Although it may not be as prominent as it was before Black Friday and Cyber Monday came about, it still ranks high in consumers’ minds as an opportunity to save money.
But when it comes to saving, spending less of your hard-earned dollars on consumer goods pales in comparison to saving money on car insurance.
How much can you save on car insurance in Canada?
On average, Ontario drivers who use InsuranceHotline.com’s free online quoting tool can save an average of $744* on car insurance versus settling for the average market rate. How? Because car insurance rates are always changing. In Ontario, for example, the Financial Services Regulatory Authority (FSRA) of Ontario publishes its rate-filing decisions weekly, and those decisions could trigger an increase or decrease to an insurance provider’s rates.
That’s why shopping around for car insurance is so important. What you’re paying for coverage currently may not be the lowest car insurance rate you can get. You won’t know for sure until you compare quotes.
Car insurance rates change — and chances are you do, too
A lot can happen in a year that can affect your auto insurance rate. It’s time to find a better deal for your coverage in 2023 if in 2022 you:
- Bought a new car
- Got married or moved in with a common-law partner
- Added a teen driver to your policy
- Changed jobs or retired
- Got a ticket (or had one fall off your driving record)
- Were involved in a collision (or had one fall off your insurance history)
Regardless, there are plenty of times when premiums could change, which means an insurance provider other than your current one may offer you a lower premium. Don’t let this opportunity to pay less for your coverage pass you by.
Avoid overpaying for your auto insurance needs
Try kicking off 2023 by putting your current insurance company’s premium to the test. Find your cheapest car insurance quote by comparing policies and premiums from a broad range of insurance providers in a few clicks.
Don’t forget there are plenty of other things you can do that may reduce your premium, too. So, go ahead and scour the internet for the Boxing Day sales you’re after — knowing you might be able to spend a little more this year.
*Shoppers in Ontario who obtained a quote on InsuranceHotline.com 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 InsuranceHotline.com.
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