Top Car Insurance Discounts Revealed: How to Get Them [Updated]

By InsuranceHotline.com Team
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Discounts are a great way to save money on auto insurance, but many people aren’t aware

of the many discounts available and how to qualify for them. Are you missing out on the car insurance discounts you deserve? These top discounts can save you a lot of money and qualifying for them is easier than you think.

Multi-Policy Discount

You may already know that insuring more than one car with the same company can save you some money, but multi-policy discounts go beyond having two cars under one policy. You can get a discount on your car insurance and your home insurance when you have both with the same insurance company (also known as "bundling" policies).

  • This discount isn’t exclusive to a home and auto policy combination. Depending on the insurer, an insurance policy for your motorcycle, RV or snowmobile could even net you some savings.

Loyalty Discount

Most insurance companies offer discounts to customers who have stayed with them for a long time. If available, this discount typically will save you about five per cent.

  • Did you know? On average, InsuranceHotline.com shoppers save up to $700 after shopping their car insurance rates. For most people, this savings is way more than the 5 per cent loyalty discount you may be getting from your current insurance provider. Compare auto insurance rates today to see if you could save more.

Good Student Discount

It’s true that new, young drivers can be expensive to insure, but a young driver can easily save money by hitting the books. Some insurance companies offer a "good student" discount. It may apply to college and university students as well, and simply requires that the student maintain a specific average and provide transcripts as evidence.

Safety Features Discounts

Some car insurance companies will reward you for having a car with factory-installed safety features (like anti-lock brakes and airbags), while others may offer discounts for after-market items like approved anti-theft devices.

Each insurance company is different, so it’s important to ask what features or devices may earn you a discount, and let your insurance company know when you have added something to your car to make it safer.

Good Driver Discount

Driving safely and obeying the rules of the road is a good idea even without a discount incentive. But some car insurance companies will give you a discount for keeping a clean driving record for a set number of years, without claims or convictions. In some cases, this discount may increase over time as you continue to maintain that record. If you don’t see this discount on your policy, ask your insurance professional if you are eligible. It may be worked into your rate and just not listed as a specific discount on the policy.

Other Possible Discounts

Of course, there are more than just the five discounts listed above that can help you save money on your auto insurance premiums, including:

  • Age Discount: Some insurers award discounts at certain age milestones – particularly at age 25 for younger drivers, and there are often discounts for older drivers and retirees on pension too.
  • Driver Training Discount: With this discount, new drivers who’ve completed a registered driver training course usually recoup the cost of the course in the first year, and subsequently save a significant amount of money.
  • Hybrid Vehicle Discount: Some companies will reward drivers who opt for an eco-friendly ride.
  • Low Mileage or New Car Discount: Some insurance companies offer a discount if you purchased or leased your vehicle new, or as a demo model with less than 3,000 kilometres. You could also receive a discount if your annual mileage is low.
  • Winter Tire Discount: Discounts may also be available for those who change all four of their tires to winter-specific tires designed for driving on ice and snow.
  • Usage-Based Insurance: If available, this discount requires you to install a telematics device that collects data to analyze your driving habits (kilometres driven, braking and acceleration patterns, etc.)

Getting discounts on your insurance policy is often as easy as asking if you qualify for them and making sure they’re being applied to your policy. There are many other discounts available as well, so make sure you talk with your provider and ask them what discounts they offer. Another option, is to compare car insurance rates to see what discounts you can get from the more than 30 insurance providers featured through the InsuranceHotline.com network. Compare auto insurance rates today to see how much you could be saving.