8 Tips on how to start saving money on your car insurance premium TODAY!
How often do you go over your car insurance policy? Once every year? Once every five years? Well with some of the recent increases to car insurance premiums in Ontario, perhaps it's time to for you to start reviewing your policy. You never know what you can save, and after-all Christmas is just around the corner.
To help you keep some money in your pocket, we've put together 15 tips for you on how to start saving money on your car insurance.
1) Purchase a safer car. A common mistake that people make is thinking that an cheaper vehicle is going to cost less in car insurance, then a more expensive vehicle. That's not necessarily true. Car insurance rates are determined by a wide variety of factors included how safe a vehicle is for the people who are in it. In Ontario, a large part of what your paying for is the accident benefits, coverage for the insurance company to pay rehabilitation costs if you are injured in the vehicle.
2) Drive Less. One factor that insurance companies use to decide your premium is how far you drive annually, and how far you drive to work. By car-pooling with a co-worker or by walking to work, you can knock off a nice little chunk of premium. There are also other benefits to this as well, it's healthier and better for the environment. It's a win-win!
3) Combine your home & auto. Many insurance companies offer huge discounts when you combine your home & auto policies together with one company. When shopping for car insurance spend another 20 minutes to find out how competitive their house insurance is.
4) Pay in full. Most insurance companies charge between 3%-5% in service fees to allow you to pay for your car insurance premium in monthly installments. If you can make this option for you, it can mean a few hundred dollars in your pocket and also the peace of mind that your insurance is paid up in full.
5) Increase your deductible. A deductible is what you are willing to pay before the insurance company steps in to pay for a claim. By increasing your deductible from $300-$1000 you can see a drastic change in your premium.
6) Eliminate the coverage you don't really need. A lot of car insurance companies will automatically include coverages in their policy that you might not actually need. Eliminating collision & comprehensive coverage is a great option if you are driving an older vehicle. If you have more then one vehicle, consider removing coverage for a rental vehicles.
7) Get Married! Face it gentlemen we don't have the best reputation on the road on account of our need for speed. That's probably why your insurance goes down once you are rated as being in a common law relationship or married. Another tip for newlyweds is to get a car insurance policy with the same provider to take advantage of any multi-car discounts that they offer.
8) Ask them for a discount. Insurance is a business and like any business you have your best customers. If you have been a loyal client of the same insurance company, haven't had many claims and always pay your bills on time, try asking them to make your premium lower. Insurance companies spend a lot of money trying to find the right clients so they don't want to loose them. If let them know that your ready to walk, they will usually beg you to stay.
B W Williams from Findcheaperinsurance.ca. Visit us today at http://findcheaperinsurance.ca/.
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