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Five Top Tips to Lower Auto Insurance Premiums

The more you know about insurance and how it works, the more you'll be able to save off your premiums. The good news is that has compiled a list of the most common money-saving tips to get you started.

Insure all your cars on the same policy

Most insurance companies offer a "multi-car discount" for customers who insure more than one car on the same policy. This alone can bring you a savings of up to 10 per cent!

Insure your home and car with the same insurer

You can get up to 5 per cent off your premiums if you insure your car and your home through the same insurance company. This is commonly referred to as a "multi-line discount" and is offered by most insurance companies as an incentive to get your home insurance business too.

Increase your deductibles

A deductible is the portion of an insurance claim you agree to pay. Your insurance company picks up the rest. By taking on more financial responsibility, the insurance company considers you less of an insurance risk and will adjust your premiums accordingly. In other words, the higher the deductible you choose, the lower your insurance rate. How much are we talking about? That depends, but online quotes through show that increasing your deductibles from $500 to $1,000 you could save about 5-10 per cent!

Bonus tip

If your car is getting up there in age, you might want to consider dropping the collision coverage on your policy altogether. Talk this one out with your insurance representative because you need to weigh the cost of the collision coverage with the value of your car and your deductible. But consider this, if your car is worth $1000, and your deductible is $1000, your collision coverage is not going to help.

Choose a car that costs less to insure

Sure they all have 4 wheels and get you from point A to point B, but each car is rated differently - mostly on its previous claims history. For example, the more likely the car is to be stolen or in an accident, the more you will pay for insurance to cover it. If you are buying a new car, compare quotes online first to see how your new car rates with insurers.

Shop around

Auto insurance coverage may be standard throughout the province, but insurance premiums are another story. Coverage from one company to the next can vary by hundreds of dollars. The only way to make sure you are getting the best price for your policy is to shop around and compare rates from several companies.

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