Enjoy some cool summer savings on your car insurance with these hot tips.
An oldie but a goodie. For your convenience, you might be temp to only extend with your current car insurance company, but this can end up with a big expense.
Car insurance rates change frequently, and especially in Ontario, rates have changed a lot. To date, the Ontario Financial Services Commission (FSCO) has agreed to increase car insurance rates for each of the last six quarters. With more than a full year of rate increases on books, it's especially wise that Ontario drivers pay heed to FSCO's advice to "shop for car insurance."
We all know telephone bundling, and television services capture lower bills, and the same applies to insurance. If you get property insurance (home, condominium or tenant insurance) from the same company as your car insurance, then you will likely be eligible for discounts that can save from five to 15 % of one, or even both of your policies.
Increase your deductible
Increasing your policy deductible will reduce your premium. Many people plan "what if" scenarios when choosing a deductible, but the reality is you can save from five to 10 % today if you increase your collision and comprehensive deductible to $ 1,000. If you can afford to have your own higher costs if something happens to your car, this is worth considering.
Pay your premiums at once, instead of monthly payments
Paying a premium every month is easy, but convenience is costly because many companies charge a small additional fee to cover the administrative costs of monthly payments. If you can afford to pay a premium every year - in one amount at a time - you will end up paying less for your coverage.
Consider a usage-based insurance program
You might not know exactly what usage-based insurance is, but chances are you've heard it. This usually involves the device that you plug into your car. The device monitors your driving habits, things like acceleration, braking, and when and how often you drive. If you join a usage-based program, you can usually save five to 10 % just for registering, with additional savings of up to 25 % for good drivers. The device itself is free, and the information obtained from it can only help you reduce tariffs; it cannot be used to increase your premium.
It cannot be over-emphasized the impact a good driving record will have on what you pay for car insurance coverage. Wrong accidents, tickets everything adds up and can cost hundreds, if not thousands of dollars, in high insurance premiums that don't need for years. Your driving record is in your hand, so stay away from high premiums - drive safely and comply with road laws.
Request a list of discount
Ask your insurance provider for a listing of discounts. There may be ways to save money that you did not know existed, and that your insurance company did not know to offer you. Have family pants? There are Good Student Discounts that may be available. Does your child go to college or college? If they only drive a car when visiting home, some insurance companies offer Student Away At School Discount. Requesting a discount list for your insurance company will start a chat that can result in you saving money on your premiums.
Married? Move? Buy a new car?
As your life changes, the price of your car insurance will also increase. Getting married, moving or buying a new car is likely to affect your car insurance premiums and, because each insurance provider calculates rates differently, is an opportunity for you to pay less for your coverage potentially. Compare car insurance rates at times like this, when life events occur, to make sure you still get the lowest possible car insurance rates.