10 Ways to Save Money on your Car Insurance

By Staebler Insurance On Dec 3, 2015

Looking for ways to save money? Here are our top 10 ways for you to save on your car insurance:

  1. Ask your broker for a price check: Insurance companies are constantly changing their rates. The competitive landscape is up and down like pistons in an engine. Make sure that you are not paying more than you need to! Your broker has all your information and can provide a price check of 10 of the major insurers in Canada in just a couple of minutes!
  2. Package your insurance: Buying in bulk works for insurance too. Placing your home and car insurance all with the same company will reduce your premium and benefit you should you have a claim that affects both policies
  3. Consider how much you use your car: The more time on the road, the more you are exposed to the risk of an accident. Consider your options and take transit if convenient. Vehicles that clock up lots of kilometers on the odometer cost more to insure.
  4. Increase your deductible: With a higher deductible, you are electing to cover more of the cost of any damage. There is a credit for that.
  5. Drive safely: Not only can this keep you and yours safe from harm, but several years of accident free driving makes a huge difference to your rates. A speeding ticket will also raise your premium and two or more tickets within a three year period could result in your insurance company declining to offer you a renewal
  6. Take a driver training course: Novice drivers will get credit for authorized driver training up to an equivalent of three years driving experience.
  7. Is your car getting Older? Your older car may be gold to you, but the value of the vehicle reduces every year, and the amount you can collect from the damage coverage in a claim reduces along with the value of the vehicle. At some point you have to ask yourself "is it worth paying the extra premium to cover damage to your car?" 
  8. Telematics - don't just claim to be a good driver, prove it: Installing a telematics device in your vehicle will provide your insurance company with accurate and detailed information on how, when and where you drive. You receive an automatic discount for having the device and your driving skills can earn you a further discount of up to 25% off your car insurance premium.
  9. Retiree discounts: You no longer have to battle the commuter traffic each day. Make sure your broker knows when you retire. Not only will they be super jealous, they will make sure that your car insurance rates reflect the change in how you use your vehicle and that a retiree discount is applied.
  10. Winter Tires: This is new! You will qualify for a discount on your car insurance premium if you use winter tires for the season.