With less than a month until it is officially spring, why not warm up to saving money on your car insurance rates today?
Saving money on your car insurance rate is as simple as comparing quotes, at minimum annually before you renew. In fact, comparing quotes is probably the best way to lower your car insurance rate. If you haven’t compared auto insurance quotes lately, there’s a good chance you’re overpaying.
- On average, InsuranceHotline.com shoppers save $700 after shopping their car insurance rates. Make sure you’re getting the best car insurance deal out there, and shop around.
Consider usage-based insurance
Usage-based insurance (UBI), monitors a driver’s driving habits. The technology, which connects to your car, monitors driving behaviours like speed, braking, acceleration, and the time of day when you’re typically behind the wheel. Being connected can connect you to savings on your car insurance rates as drivers are typically eligible for discounts of up to 25 per cent.
Pay your premium all at once, instead of monthly
Yes, it’s convenient to pay monthly, but that convenience comes at a cost. Many companies charge a little extra to cover the cost of administering monthly payments. If you can afford to pay your premium annually—in one lump sum—then you’ll likely pay less for your coverage.
Increase your deductibles
Save five to 10 per cent on your auto insurance premiums by raising your deductibles. A deductible is the portion of an insurance claim you pay so the higher your deductible, the lower your car insurance rate. Keep your deductible affordable, because this is how much you’ll have to pay if you need to submit a claim.
Bundle your policies
We all know about bundling our phone, Internet and television services to save money, and the same is true for insurance. If you purchase your property insurance (whether it’s for a home, condo, or contents coverage) from your auto insurance provider then you’ll likely qualify for a discount that could save you five to 15 per cent off one, or even sometimes both, policies.
Ask for a list of discounts
Ask your insurance provider for a list of discounts as there may be opportunities to save money that you didn’t know existed, and that your provider didn’t know to offer you. Have a smarty pants in the family? There’s the Good Student Discount that may be available. Is your child away at college or university? If they only drive the car when home visiting, some insurers offer a Student Away At School Discount.
Your driving record is in your hands so steer clear of high premiums and drive safely
Your driving record has a direct impact on the rate you pay. At-fault accidents, tickets…they all add up and can cost you hundreds, if not thousands of dollars, over the years it takes for them to fall off your record. Drive carefully and avoid tickets to keep your premiums low.
Getting married? Moving? Buying a new car?
As your life changes, so will your car insurance rates. Getting married, moving or buying a new car will likely affect your car insurance premium and, because each insurance provider calculates their rates differently, represents an opportunity for you to potentially pay less for your coverage. Compare rates during times like these, when life events happen, to make sure you’re still getting the lowest car insurance rate possible.
Article updated annually to ensure accuracy.