Seven tips for lowering your auto insurance premium

There are some real savings to be made on auto insurance, and although a good driving record is a must, here are some other tips to significantly reduce the amount of your auto insurance premium:

  • Combine your auto and home insurance.  Most insurers offer substantial discounts for customers who purchase both their home and car insurance from them. If you live in an apartment, combine your tenant and car insurance under one insurer.  Get more information about our Combined auto & home discount.

 

  • Have an anti-theft or ignition interlock device installed on your car.  By using a safety device approved by Transport Canada not only will you benefit from a discount on your insurance premium, but your vehicle will be equipped with the most effective theft deterrent system.

 

  • Increase your deductibles.   The deductible is the basic amount you will have to pay if you make a claim.   Increasing this amount will lower your insurance premium.  However, make sure you can afford to pay a higher deductible in case of a claim.

 

  • Opt for a 2-year term.  Some insurance companies offer a great price when you take a term of more than one year for your car insurance.  Get more information about our 2-year contract discount.

 

  •  If you rent a vehicle on a regular basis, ask to have the endorsement QEF 27 added to your car insurance. This endorsement involves civil liability for damage to a vehicle that does not belong to you. Rental companies offer this kind of insurance when you rent a car, but it is cheaper to add it directly to your car insurance.

 

  • If you have more than one vehicle, consider insuring all your vehicles under the same policy.

 

  • Use public transit.  When determining your auto insurance premium, insurers consider the distance traveled.  By driving less not only will you lower your insurance premium but you will also protect the environment!

To be sure to pick the right auto insurance coverage for you, don’t hesitate to compare different insurance products.  Car insurance rates are directly related to the type of vehicle, so take the time to research the cost of insurance for the vehicle you want to buy.  Finally, keep in mind that it always pays to be a vigilant and careful driver.