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Car Insurance in Canada The 4 Simple Steps to Lower Auto Insurance Premiums

If one of your friends or family members got a better car insurance premium than you, it isn't because they know someone in the industry, or they got lucky, all they did was follow these 4 simple steps to lower auto insurance premiums:


Hmmm, let me say this another way SHOP. I can't believe that we would shop for the best prices for a computer, furniture, clothes and even CARS but when it comes to buying car insurance we get the quote from the agent we will ask about discounts and deductibles and then say OK. Why do we do this? There are two myths that we have that stops us from shopping around for the best car insurance rate, here they are: all insurance companies charge the same rates, so no need to shop shopping is for those people who have tickets and/or accidents or are newbie drivers

WRONG ... if you buy into those two myths then it's costing you money on your insurance premiums. Even if your driving record is totally clean, you STILL can be paying too much for your car insurance because the rates vary between companies and YES even for the same coverage. Take the time to get Canada car insurance quote online


2. Increase your deductibles ...

Ok, a deductible is the the amount of the claim that YOU pay and then your insurer kicks in and pays what's left. We all tend to pick a lower deductible so that the money we have to pay out of our pocket is lower when we do submit a claim. But, if we went with a higher collision and comprehensive deductible it would lower our car insurance rate substaintially. The key here is to raise the deductible to the highest amount that you can afford out of your pocket so that you can see a better rate on your car insurance premium.

If you have an older car you may want to consider dropping collision all together - BUT THINK ABOUT THIS! You need to sit and seriously weight the cost of the collision coverage with the value of your car and the deductible you have chosen. What I mean here is, if you had a ten year old car and it was worth about $1000 and your deductible was the same price - your collision coverage isn't going to be worth much is it? It is a PERSONAL decision, one that you need to be comfortable with, if you aren't then don't do it.

3. As about the discounts ...

Many insurance companies offer discounts, it's a matter of asking for them. Here are a few of the specific ones you can ask about:

  • age - we all know the common one - when you hit 25 the rate drops a bit
  • multi-vehicle discount - if you have more than one car you will get a discount if you insurance them all with the same company
  • multi-line discount - if you have a car, house, cottage and you insure them all with the same company
  • anti-theft discount - some companies will give you a discount based on the anti-theft devices you have
  • low mileage discount - if you don't drive often then your risk is lower so ask about a low mileage discount
  • occupational discount - some occupations can get a discount Auto club discount - if you are a member of CAA or some other auto club there may be discounts.

The key here ... ASK it may be a no but if you don't ask it's a no already!

4. Drive carefully ...

Ok, ok, I hear you - sometimes a lot easier said than done and of course "stuff" happens. But know that the key factor in calculating your insurance rate is your driving record. Tickets and accidents you are at fault for affect your rates and do so for years. Tickets affect your car insurance rates for three years and accidents are on your record for about six, so think about what you're doing!!

We ALL have to pay car insurance in Canada, that's the law. However, we DON'T have to pay huge car insurance premiums, take the time and use the 4 steps above to help you save.

Dennise Ryder writes from her home in Toronto, Ontario, Canada. Many people are paying way too much for car insurance, check and make sure you aren't one of them, online auto insurance quote canada

Related Article(s):
Canada Car Insurance - Is It Worth Shopping Around?
Tips On Keeping Auto Insurance Rates Down


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