It is no news that if you are driving or you have a car in Canada, it is a law that you must have car or vehicle insurance as this is going to protect you and others. This insurance is one you cannot skip regardless of the car you are driving. The insurance will cover you in case of injuries and damages from accidents, the vehicle and also damages caused to others by your vehicle so this is an insurance policy you can’t neglect.
If you don’t have car insurance in Canada and you are involved in an accident where someone is injured or their property is damaged, you may be subjected to a lawsuit where you could lose a lot of things. So the cost of having car insurance is not as expensive as the cost of not having the insurance as it puts everything you own at risk when an accident occurs especially a tragic one.
We bring you good tidings as you don’t have to be worried about high rates of car insurance, we are going to show you ways you can get cheaper car insurance in Canada. So whichever province you are living in Canada, you will have to look up for the best car insurance rates and there are a lot of tips that drivers in Canada don’t know about when looking for car insurance and we are going to reveal them to you.
You should know that the car insurance premium differs in the provinces in Canada as some provinces in Canada like British Columbia and Ontario have a high cost of living, so you should expect a high car insurance premium here and those with low cost of living like Quebec and News Brunswick, you should expect a low car insurance premium.
Let’s proceed to what we have in this article…
12 ways to save on car insurance
- Driving safe is cool
Do you know that adding features to your car like upgraded alarm system and good tires that will improve your road safety and also the way you drive can actually reduce your premium? Well, now you know.
Always keep the receipt for the tires you get as showing it to your provider may make them consider giving you a discount on your car insurance.
- Take different policies
You might be wondering how taking different policies can save you money; well it can. Purchasing insurance policies like homeowner, life assurance, long-term disability to add to your car insurance could make the insurance provider consider giving you a discount for patronizing them.
Also, if you have other family members that would need car insurance also, you can get for them as this can also reduce the amount you pay for car insurance and help you save some dollars.
- The benefits of Usage-Based Insurance
The UBI is an insurance plan that is based on your kind of driving and what the insurance provider thinks you do. With the introduction of modern technology in cars, having the UBI will help you see up to 25% saved off your yearly premium.
The UBI is a great insurance for drivers that are faced with higher risks like those in the big cities and young drivers too.
- Don’t settle or shop around for best rate
You should know that purchasing insurance is not a one-off purchase and the more risk you are faced with, the higher the rate of insurance as big provinces and cities will see you pay higher premium and if you are living in these expensive provinces, you will want to look around for the best rates.
Well, if you stay in a province with lesser risk or accident-free, your premium might be low. Also, if your car ages, you insurance go down and if you are older, your insurance would go down too.
- Try to pay on time every time
- Get a car with better car safety rating
If you have a car that has an excellent crash test ratings or have low-theft scores, you would certainly get cheaper rates. The car shouldn’t be a sporty car because this type of cars attracts higher premiums maybe due to the risk that comes with driving the car.
- Don’t change insurance provider
It’s more like saying that you should stick to your insurance company or provider as loyalty pays off. It’s just like when a company sees you as a loyal customer, they will certainly offer you discounts for patronizing them. So it wouldn’t be wise to always change insurance provider when it’s time for renewal.
- Older cars get better rates
If your car is old or has a lower market value; you would certainly be saving up money as the insurance policy only pays out the value of the car if it’s written-off in accident or stolen. Though we are not saying you should get older cars.
- Pay your premium at once
This is a good way you can save some money on car insurance. Some insurance companies would offer you discount on your premium if you can pay the entire premium at once during renewal of policy.
Paying your premium all at once will help prevent termination of contract due to failure to pay or missing payment of the premium monthly and you will also avoid incurring NSF fees.
- You should have a sound insurance history
Having an uninterrupted insurance history will be a plus to your status when trying to get a cheaper car insurance. Unnecessary gaps in your insurance history could cause the insurance company to charge a higher premium.
So even if you didn’t have a car for a while, try to fill in the gap in your insurance history by being a secondary driver in a family or friends insurance policy. It works like this, the more you drive the lower your insurance rate as they believe you are an experienced driver so there will be lower risk attached to you driving.
- Be part of a club
If you are a member of a club or organization, you might get a discount on your insurance premium because of network and connections of friends or well-wishers. When you are looking for insurance, you can put down the organization or group you belong to and also ask the insurance provider if they have any group discount.
- Look at the coverage you really need
The type of coverage you will need depends on the age of your car, your driving habits and also where you live. Try to review your insurance policy annually, know how much your car would go for if it had to be written off (collision coverage) so as to lower your annual premium.
Getting insurance will certainly keep you at peace so it is important you look up for the coverage that will benefit you more.
Having car insurance has its benefits which outweighs the cost of not having one. you would certainly have a level of peace while driving and we have giving you some tips that would help you get a cheaper car insurance policy in Canada so as to help you save money on your car insurance.
Like we said, you can try getting a car with safety features as this will help reduce the car insurance as these features would reduce the risk of accidents while driving.
Make sure you look at the tips we have given in this article as they will help you get cheaper car insurance.