While having adequate Car Insurance Calculator Ontario is smart and prudent, it can also increase the cost of driving. There are many factors that can affect the cost of your premiums. You can review your policy at renewal to ensure that it is appropriate for your needs. Follow these steps to lower your auto insurance premiums.
Compare car insurance quotes
It pays to shop around as prices can vary from one company to the next.
At least three quotes from different insurance companies. Compare the prices of different companies. Ask your family and friends for recommendations based upon their experience. Do your research on the company before you commit.
Before you buy a car, compare insurance rates
The price of the vehicle, the cost to fix it, its safety record, and the possibility of theft are all factors that affect auto insurance premiums. Insurance companies often offer discounts for cars with safety features or that lower the likelihood of theft. Compare new and used vehicles when comparing them. Also, find out how much each insurance policy will cost. You can start by checking safety ratings for specific models using the Insurance Institute for Highway Safety (IIHS’s) online Top Safety Pick rating tool.
Raise your deductible
You can reduce your premiums by choosing a higher-deductible car insurance policy. You should ensure that you have sufficient funds to cover the higher deductible in case you need it.
You can reduce optional insurance for your older car
It is a good rule of thumb to have collision and/or comprehensive coverage if the car’s value is less than 10x your insurance premium. Check the car’s value to determine if this is true. Websites such as TrueCar, National Association of Auto Dealers and Kelley Blue Book allow you to check the value of your car for free.
Bundle and/or stay with the same insurance company
Numerous insurers will offer discounts if you buy multiple types of insurance, such as auto and homeowners, or have more than one vehicle. Long-term customers may be eligible for a price cut. There is no guarantee, so make sure you do your research and compare the costs of multi-policy discounts from one insurer to buying insurance from multiple companies.
Keep a clean credit record
A solid credit history can lead to lower insurance costs and many other benefits. Insurers use credit information to determine the cost of auto insurance policies. Research shows that those who manage their credit well have fewer claims. It’s important to make sure your credit report is updated on a regular basis in order to ensure you get the credit you deserve.
Low mileage discounts available
Companies offer discounts to motorists who travel less than the average annual mileage. Drivers who commute by car to work can get low mileage discounts.
Ask about group insurance
Many companies offer discounts to drivers who have insurance through group plans from their employers, alumni, professional and business groups, or other associations. To find out what your affiliate organizations offer, check with them.
You might be eligible for other discounts
Your insurer may offer other discounts to policyholders. Some companies offer discounts for policyholders who aren’t involved in an accident or have not been cited for moving violations within a certain time frame or have completed a defensive driving course. You may be eligible for a lower rate if your young driver is a good student and has completed a drivers education course.