Top 10 Tips For Cheaper Car InsuranceSeptember 23, 2015
Every ComparaSaver knows that comparing car insurance quotes can save you money (about $670 by our estimation), but you could save even more if you layer in these tips too:
- Drive Calm, Cool and Safely
Your driving record is one of the biggest factors in determining your insurance rate. Driving carefully will not only keep you safe but it will save you cash! Any traffic tickets can raise your insurance rates for up to three years while accidents will stay on your record for at least six years. A bad driving record can cost you hundreds and even thousands of dollars over several years. Be safe and keep your money in your pocket.
- Bundle. Bundle. Bundle. Save. Save. Save.
Do you have your home insurance and car insurance with the same company? If not, you could save a lot of money by having all of your insurance packages with one company. Similar to TV/Internet/Phone bundle packages offered by cable and phone companies, the more services you use with one company the more you will save. By having multiple policies with one company, you can often reduce the rates on all policies. This is one of the larger insurance discounts you will be able to find so make sure to take advantage of the opportunity to lower all insurance rates in one fell swoop.
- More Is Less
The basic rule of thumb is the higher your deductibles, the lower your insurance premiums. Many are afraid of having to pay more in the event of an at-fault claim, but you could end up saving a lot more in the long-run from the lower premiums that come with a higher deductible. Remember, you usually only have to pay the collision deductible if you are in an at-fault accident. If you switch from a $500 deductible to a $1000 deductible you can save anywhere between five and 10 per cent. This is a slam dunk for safe drivers with a clean and consistent driving record.
- There May Be No Coupon Codes, But There Are Discounts
This is where being the smart consumer we know you are comes in handy. There are a variety of discounts that you might not know about that can save you money. Ask for a current list of available discounts from your insurance provider. You would be surprised to discover how many discounts are available. This is where transparency and open communication between you and your insurance provider is important. For example, if your insurer doesn’t know you have a new anti-theft system then they won’t know to give you that discount. Work together with your insurer to get every possible discount available to you.
- Your Car May Be Ol’ Reliable, But It May Not Need All Those Extra Coverages Anymore
Is your car worth less than your deductible? Many people with older vehicles don’t realize that it’s not always worth it to have collision and comprehensive coverage. Give your insurance provider a call and talk it over. You need to weigh the cost of the coverage with the value of your car and your chosen deductibles. If your older car is only valued at $1000, then it likely won’t make sense to pay for optional coverages with a $1000 deductible.
- Driver’s Ed A New Driver’s Ticket To Savings
New drivers—specifically those under the age of 25–who complete an accredited drivers training course will automatically get discounts for making the effort of becoming a better driver. Insurance companies know that properly trained drivers are less likely to get in at-fault accidents and thus reward them accordingly. Often, the savings can offset the cost of the course after just a year or two.
- Will That Be One Lump Or Twelve?
If you can afford to pay the cost of your annual premiums in one lump sum, you will end up saving some money on your coverage. Many insurance companies charge drivers extra to cover the cost of administering monthly payments. By paying premiums all at once, you won’t have to worry about those pesky extra charges.
- Take Public Transit
Insurance rates are typically higher for people who commute to work. The rationale is that the more you drive, the more likely you are to get in an accident. If you can, leave the car parked at home; take public transportation or bike to work, then you will not only have lower insurance premiums but you’ll save money on gas and parking too. It’s an economical and environmentally smart choice.
- Choose Your New Ride Wisely
When it comes to insurance rates, not every car is the same. Some pose a higher likelihood of claims than others. If you are looking to buy a new car, consult the Insurance Bureau of Canada’s “Top 10 Stolen Vehicles” as it can help you pick a car that won’t guzzle up your budget.
- Find The Right Car Insurance Partner
Car insurance is like any other product or service: to get the best deals, you’re going to have to shop around. Every auto insurance company determines their own rates, so even with a less-than-perfect driving record, you might still find a lower rate than what you’re already paying. Coverage from one company to the next can vary by hundreds and even thousands of dollars, so if you’re in a relationship with the wrong company then you could be easily overpaying. In mere minutes, ComparaSave can provide you with FREE quotes from over 30 insurance companies to ensure you are paying the lowest rate available.