Car insurance is designed to protect you and your loved ones while you are on the road. Whether you have comprehensive coverage or rudimentary vehicle insurance, you should compare and contrast rates in order to get the best deal.

Car insurance rates will vary depending on the province, city, and neighbourhood that you live in. Rates have shot up in recent years for various reasons. As such, you should do everything in your power in order to reduce your car insurance costs.

Here, we will focus on how you can save money on your car insurance.

What factors influence the cost of auto insurance?

Each province has its own unique requirements. Each province will have its own laws and minimums. The categories of required vehicle coverage will also vary from province to province.

Age matters. Young drivers will usually need to pay more for their insurance, as they not only have less driving experience, but also tend to get in more car accidents.

The vehicle model and make will also have an impact on how much you pay. Vehicles that are safe are less likely to lead to expensive claims, so insurance companies prefer to insure safer cars.

Cars that are more likely to be stolen will cost more to insure. Cars with higher safety ratings, on the other hand, may lead to a discount on your insurance.

High-risk violations should be avoided. Expect an increase of anywhere from 20% to 200% on your insurance depending on the severity of the accident and/or how severe your traffic violation was.

Even your credit history will affect how much you pay. Generally speaking, you can expect to pay more if you have no credit history or if your credit score is poor.

Your driving record will affect how much you pay. For example, if you have a clean driving record, you may be required to pay 50% less than a person who has a poor record due to a recent car accident that they were involved in.

Your marital status may also influence how much you pay. For example, studies have found that married drivers are 50% less likely to be involved in a car accident when compared to their single counterparts.

As such, you may be able to enjoy a discount if you disclose that you are married. Your gender will also influence how much you pay, with young men under 25 paying the most for car insurance. However, the gender gap tends to disappear once men reach their 30s.

What can you do to reduce your auto insurance rates?

Enroll in a driving education programme that has a solid reputation. Teenage and young drivers in particular can benefit from successfully passing a training course.

Defensive driving will also help you reduce your auto insurance rates. Obey all of the traffic rules and regulations while you are on the road as well as when you park your vehicle.

Do not drive under the influence of drugs or alcohol, and avoid texting or talking on your phone while you are driving. Always wear your seatbelt, and do not speed either.

You may be able to benefit from multi-car discounts if you own more than one vehicle. You may also be able to combine your home and auto insurance in order to save some money.

Making your premium payments in advance may save you additional money. At the very least, you should make your payments on time. You should also avoid missing payments, as you may be deemed a "high risk" client when it comes time to renew.

Inquire about price reductions. You may qualify for a group discount thanks to a union affiliation. You may also save some money by using winter tires and/or by installing a car alarm.

How can a car Insurance broker help you save money?

An insurance broker will look at the situation from your perspective. They will evaluate your current needs as well as your future requirements in order to save you money.

Their job is to provide a custom-tailored solution that will take into consideration your budget and your unique driving requirements. They will also save you time and energy, as they will compare and contrast the plans and rates of the different insurance companies on the market.

Insurance brokers have direct contacts with the largest insurance providers in the industry, thus allowing them to provide you with multiple estimates based on the insurance claim that you wish to obtain.

Save Time and Money on Your Car Insurance

By following our guide, you should be able to save hundreds of dollars on your car insurance. Please take into account your unique situation before deciding on which tips to follow in order to maximize your return on investment.


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