Ultimate Guide to Save Money On Auto Insurance
Save money on auto insurance: In fact any driver who drives a car on a public roadway in Canada must buy automobile insurance. It’s the law; moreover failure to have car insurance can result in your vehicle’s registration being revoked. Furthermore your driver’s license being suspended, and penalties and fines that can easily add up to several hundreds of dollars.
Therefore rather than risk all of this, it is being better to simply buy any cheap automobile insurance online and avoid all of the hassles.
So the question, of course, is how to save on car insurance? Moreover there are several ways to find the best and the low price for car insurance and save money. The answer is to first put together an automobile insurance policy designed to save money on auto insurance – and only then get online and find out how much you can save by shopping around.
In order to save money on auto insurance, consider the following things:
- Shop Around & Compare Different Quotes
- Vehicle Make & Model
- Full Coverage vs Liability Only
- Drive Less
- Driver’s Education Course
- Higher Yours Deductible
- Anti-Theft Device Installation
- Use Winter Tires
- Park in Driveway or Garage
- Save With Roadside Assistance Program
- Save With Multi Policies Discount
- Pay on Time
- Pay Full Amount Per Year
- Keep Clean Driving Recode
- Get Full License
Related Reading: Top 10 Tips to Save Money On Your Car Insurance.
Shop Around & Compare Different Quotes
Buy your automobile insurance online. You can save money on auto insurance virtually every time by buying your auto insurance online. However, do not fall into the trap of relying on the price comparisons of just 1 website. If you’re serious about getting the cheapest automobile insurance possible, get quote at least from 3 different websites.
Go to KANETIX.CA website to Compare different quotes.Proceed to follow Search & Compare Insurance Quotes.
Therefore shopping around for auto insurance coverage and getting quotes on premiums from several insurance companies will you be able to know for certain you are getting your car insurance coverage at the best available price.
Furthermore, when shopping for your auto insurance policy, remember to compare more than insurance rates. Ask about how insurance claims are approved and processed, and how quickly they’re paid. Look into each insurer’s financial stability. Remember, during times of stress like after an accident you will be dealing with the insurance company and you’ll want to make sure you’ll be helped when you need it most.
Vehicle Make & Model
If you are thinking of purchasing a car you should be aware that some cars cost a lot more to insure than others. Therefore you get your mind set on a make and model that are expensive to insure. And you really can’t afford to insure that car. Hence you can talk to your agent and get a list of the least-costly automobiles to insure.
Moreover if you are planning to purchase a car and you have two or three car options in your mind. Then first compare the insurance rates of each car and check if there is a notable difference in insurance quote. Usually, insurance rates are higher for vehicles with high theft rates and repair costs. If there is a notable difference in insurance cost, you may consider 2nd or 3rd option.
Simply buying low insurance cost car and you can save money on auto insurance.
Full Coverage vs Liability Only
Comprehensive is type of insurance coverage that will cover many of things, and offers combination of coverage, often called full coverage. Moreover with full coverage at fault accident you might be paid for damage to your car. Also in case of fire or theft, you might be paid for up to some amount.
Liability Coverage or third party only insurance is cheapest coverage option. Your company will only pay the cost of damage to other car etc. Weight your options and decide which one is best for you. Learn more What is liability only auto insurance coverage?
Usually for new and expensive cars full coverage is recommended. On other hand you may buy liability only insurance coverage for old models cars.
In fact Third party only is the minimum cover you are required to have by law it’s also the cheapest. If your vehicle is of a low value then you could consider this type of insurance coverage. You need to remember that at fault accident with this type of coverage any damage to your vehicle would not be covered for repair.
Furthermore driving less can also get you some discount. If you can use public transportation or TTC subway for the majority of your “driving” and you can keep your mileage down to 8000 km per year or less you should be able to qualify for a Low Mileage Discount. If you carpool at work let your agent know as this can save you money on your insurance. Likewise if you stop working and you are no longer driving back and forth to work every day this, too, can save money on auto insurance every month on your premium.
In fact drivers with no accidents, tickets or insurance claims always pay less for their auto insurance coverage. Your driving record is an important factor in determining your insurance coverage rates. Tickets and at-fault accidents affect your insurance rates for years. Moreover with a less than perfect driving record, you can find yourself paying a lot of extra insurance premium over the years.
Driver’s Education Course
In fact for new drivers a driver’s training course can help to bring down insurance premium. It is also very important for teen drivers who usually get higher premium. Therefore with driver’s training course you can receive more or less up to 10% discount.
Furthermore remember not all driving schools are approved and accepted for insurance discount. You must get training from Ministry’s approved driver’s training center. Therefore in order to get discount look for approved training center in your province or state.
Let your broker know that you have driver’s training certificate so they can provide the discounted quote.
Higher Yours Deductible
How much of a deductible can you afford to pay? If you are able to pay more, than you might bring down the insurance premium. But don’t select to pay more than you really can afford, but the higher your deductible the lower your monthly premium payment will be.
Therefore Increase your deductible. Obviously you must weigh this option carefully since you will be required to pay your deductible out of your own pocket any time you file a claim. Don’t agree to pay more than you think you can actually afford.
Anti-Theft Device Installation / Park in Driveway or Garage
Ask your agent if buying some simple anti-theft devices, such as a steering wheel lock or an electronic device which shuts off your fuel pump can save you money on your premium each month.
Is there a garage where you can keep your car at night? If so, let your agent know as this will save money on auto insurance month after month.
Simply more security means lower risk for your insurance company. Furthermore you can also get cheaper rates by parking your car in a garage at night, or installing an insurance company approved immobiliser or tracker.
Use Winter Tires
Additionally you can save 3 to 5 percent on your insurance premium by installing winter tires during winter seasons. Usually many insurance companies offer 5 percent discount when you equipped your car with winter tires from 1st December to end of March.
In fact during snowfall and freezing rain conditions, the collision chances are very high. Moreover normal all seasons tires loss traction in cold weather. While winter tires technology provide great grip and traction on snow and ice. In fact winter tires provide 25 to 50 percent more grips and control than normal tires.
Simply install winter tires and save money on auto insurance premium.
Save With Roadside Assistance Program
Roadside assistance is very helpful in many scenarios when you get jam on the road side. Such as flat tire, out of gas, car broke down, battery failure or any other problem that prevent you to move you your car.
Besides getting road side assistance, you could also save on your car insurance premium if you are member of roadside assistance program. Many insurance companies offer discount if you are member of roadside assistance program. CAA and Canadian Tires Roadside Assistance are one of main roadside assistance service providers.
Save With Multi Policies Discount
You may get additional insurance discount and save money on auto insurance; if you insure more than one car with same insurance company. In fact it is good practice to have your cars insured with one insurance company.
Besides auto insurance, bundle your home insurance or tenant insurance and car insurance with same insurance provider. Therefore combining your auto and home insurance with one insurance provider, you could potentially save 5 to 10 percent.
Pay on Time and Pay Full Amount Per Year
Always pay your insurance on time to avoid any fines or extra charges. Moreover if you can, try to pay your insurance premium in one full payment.
Moreover paying your insurance amount in full, you can save paying some interest charges that would be added if you paid your insurance premium by installments. Some insurance companies may charge as much as 5 to 10% APR on installments payments. You may even receive a discount for paying in full.
Furthermore if you cannot afford to pay in full, you might convert it to three or four instalments. You will still save some amount.
Keep Clean Driving Recode
Keep your driving record clean. In fact insurance companies offer great discount for safe drivers. If you keep you record clean and no claim history, you can reduce your premium. In fact your driving record determines whether or not you can even get cheap automobile insurance or not.
Moreover traffic violation, such as a speeding ticket, will increase your insurance premium. If you have a DUI or a DWI conviction on your driving record then there is no way for you to get the cheapest rates on automobile insurance for a minimum of 3 years – possibly longer.
Therefore keeping your driving record clean will help you to save money on auto insurance.
Get Full License
Another step to bring down your auto insurance premium is to get Full unrestricted license. For instance in Ontario, and you are currently holder of G2 license. Then your annual insurance premium will be higher than full G class driving license holder.
Therefore if there is no restriction for you to get G test, then you should get G license if really worth. Furthermore once you obtain full G class driving license you will save on your insurance premium. It is because you are now fully licensed driver. You have developed advance driving skills and you have more experience.
Hence, with full Class driving license, insurance premium usually lower than when you hold not full license (G2).
These were some of basic and important points to save on car insurance premium. Moreover these factors can impact on insurance cost. Although there is no guarantee these points will bring sufficient discount. Always think wisely before you take any step.