Having insurance on your vehicle, doesn’t always mean that you must pay the highest premiums. There are simple tips and tricks to help you reduce the cost of your premiums and receive a better rate.
Raise your Deductible
A deductible is the payment that you are pay for when a claim is made against your insurance policy. Your insurance provider will have different options for your deductible, but the most popular options are a $500 or $1000 deductible. Choosing a $1000 deductible over a $500 deductible will slightly decrease your annual premium. One quick tip…..no matter what deductible you choose make sure you can afford it should you have to make a claim.
Combine your Insurance
When you buy your home and auto insurance together at the same provider, you can take advantage of major savings. Often these savings are between 5-10% of your annual home and auto premium. Furthermore, if you have more than one vehicle make sure you insure them at the same provider to take advantage of even more savings.
If you use winter tires notify your insurance provider. Some insurance providers will give you a discount on your auto insurance if you install winter tires on your vehicle. A safer car will mean less risk.
Some insurance providers will assume that you use your vehicle to commute back and forth to work each day, and some will even ask you to disclose how many kilometers a year you put on your vehicle. If you take public transit or other means to get to work, you may qualify for a low mileage discount. Furthermore, if your annual mileage is also low, notify your insurance provider. Some providers will lower your premiums for a vehicle that is less driven.
Good Driving Record
Having a driving record with no accidents or tickets over the past 10 years can save you a tremendous amount on your premiums each year.
After an individual turns 25 notify your insurance provider as you will get a discount. Car insurance providers know that statistically young drivers are shown in reports to be more prone to accidents due to inexperience at operating a vehicle. It has been determined that that individuals 25 or older are more inclined to be more responsible and the risk of at-fault accidents has decreased.