How To Save Money On Car Insurance: 10 Tips
Owning a car isn’t cheap, but there are ways to save on the car insurance you need. The following tips, compiled by Kanetix.ca, will help you save money and keep your car insurance premiums in check.
1. Pay your premiums all at once rather than in installments
Many insurance companies charge a little extra to cover the cost of administering monthly payments. If you can afford to pay the cost of your annual premiums in one lump sum, you’ll ultimately pay less for your car insurance.
2. Increase your deductibles
Take a look at what your collision and comprehensive deductibles are set at if you have one or both of these optional coverages. Increasing your deductibles from $500 to a $1000 can possibly save you somewhere in the region of five to 10 per cent. Of course, increasing your deductibles also means you’re increasing the amount you’ll have to pay should you need to submit a claim, so make sure you’re comfortable with the deductible you choose and it won’t stretch your bank account.
3. Ask about insurance discounts
Regularly check for available discounts your insurance provider may not have initially offered. Ask for your insurer’s list of discounts because you never know what you may find. Some common hidden gems include:
- Change your tires seasonally? You could be eligible for a Winter Tire Discount that can save you about five per cent off your premium.
- Have a student that’s making the grade? A Good Student Discount may be available.
- Is your student away at college or university? If they only drive the car when home visiting, some insurers offer a Student Away-At-School Discount.
4. Bundle it to save
Most insurers offer discounts to customers who insure multiple items—like a car and home—with them. By having multiple policies with one company, you can often reduce the rates on all policies, and the discounts will often save you in the range of five to 15 per cent.