Step 1: Review Your Policy
The quickest and easiest way to save on your policy is to simply review your current policy policy along with what ’ s going on in your life sentence. There are a number of ways you can you can adjust your policy to save more .
1.1 Shop Around
This is the most important tip you will read in this usher. You should always shop around for car policy – when you first get insurance, when your policy is up for renewal, and so on. There is never a argue not to, and in just a year adequate can have changed in your position to affect your rates. In accession, some companies offer discounts to attract or retain new customers so you should always be on the lookout for such deals .
here are some tips for shopping about :
- Check insurance comparison websites
- Search for Ontario insurance companies that offer new customer discounts
- Check with your company and see if they offer a loyalty discount to stay
- Ask your insurance broker to see if he can find/offer you better rates
There ’ s no guarantee that you ’ ll find a company that can offer you a better distribute, but there ’ s normally a good chance that you can and it doesn ’ thyroxine cost you anything to check .
1.2 Change Your Policy
You can constantly change parts of your policy coverage that will save you money on your payments. hera are some examples :
- Cancel Collision Coverage – not as necessary with older cars
- Increase Your Deductible – the higher the deductible the lower your premiums/rates, but this will mean you have to pay more in the event of a crash
- Minimal Coverage – only pay for what is required by Ontario law and nothing more
If you make these types of changes the benefit is that you are lowering your payments, but the drawback is you are besides reducing your coverage for when you might need it. Depending on your predilection, you might choose to drop or reduce some aspects while leaving the rest alone .
There are two ways that you can create indemnity “ bundles ” to save the payments you make on each individual element .
The first is when you insure more than one car in concert on the same policy. so if you or your class have more than one cable car, you can save on the total indemnity payments by having them bundled in concert on the lapp policy. The second is by combining multiple types of indemnity. Most insurance companies offer savings when you bundle your car and home policy on one policy, and some even offer extra bunch options for things like boats, jewelry, and more .
1.4 Annual vs. Monthly Payment
You can save a bite of money by paying for your indemnity once per year rather than once per calendar month. This helps the insurance company save on the administrative costs of placard you every calendar month and a bunch of the meter they will pass the cost savings on to you. It means you will have to pay a larger amount all at once, but in the long run it can help you save vitamin a long as you have that money up front .
1.5 Update Your Record
sometimes an indemnity company will not mechanically adjust your rates to match your up to date drive record, and will only do so when your policy needs to be renewed. This is why when you shop around early companies you can normally find a better rate – they are using your most up to date data. You can besides occasionally try calling your company and bring up the comply :
- Clean Record – if they haven’t updated their record of your clean driving experience
- Dropped Tickets & Accidents – after 3 years any accidents or traffic violations are dropped from your record and your rates can usually be lowered accordingly
- Better License Level – if you obtained a higher driver’s license level in Ontario’s licensing program your rates are usually lowered
This is all dependant upon you keeping a clean drive criminal record, and even then you won ’ triiodothyronine constantly get a reduce rate. That ’ s why you should constantly be willing to shop around other companies and see what options are available to you .
Useful Tip! There is an There is an synergistic map showing the average indemnity rates in every postal zone in Ontario. You can use it to see if a neighborhood you ’ re looking to move into has lower or higher rates .
Step 2: Look For Technology & Discounts
As engineering advances, the indemnity diligence allows for customers to get discounts on their car indemnity if they meet certain conditions. The discount might have its own cost if you have to buy into a engineering to be eligible, but it might besides save you more in the farseeing run .
2.1 Winter Tires
As of January 1st 2016, the Ontario government passed a law mandate that insurance companies give drivers a rebate on their insurance if they buy and install winter tires on their cars for the winter months. The deduction is normally round 5 % of your collision coverage or $ 80 per fomite per year, but you will not necessarily get this discount immediately. Some companies make you wait until your policy renews, so make certain you call your insurance company to find out how they handle it .
2.2 Anti-Theft Device
If you have an anti-theft device installed on your car, it helps reduce the risk of your car being stolen and thus most insurance companies will lower your rates consequently. Some of the more common anti-theft devices include :
- Engine Immobilizer – automatically prevents the engine from running when it detects the owner’s key is not being used to start it
- Car Alarm – sounds a loud alarm when it detects an attempted theft
- Steering Wheel Locks – prevents the steering wheel from being used properly
Some types of devices are good at preventing larceny than others, and then they will provide better indemnity discounts. You will need to provide proof of installation of the approve device to the indemnity company to get a discount .
2.3 Dashboard Cameras
Dashboard camera, or “ dashcams ”, is a newfangled engineering that is becoming increasingly popular. The appeal is that if there is a dispute of who is at fault in an accident with no other witness, or the early party flees the setting, you have objective proof to fall back on. There is no mainstream or common discount rate from most policy companies, at least not yet. There are some ways they can help lower your rates indirectly, however :
- Reduce Insurance Fraud – this helps lower the overall insurance costs for everyone
- Evidence of Fault – helps provide solid proof that you are not at-fault in an accident in the event of a dispute
- Anti-Scams – helps you provide evidence to avoid being scammed by fake or set-up accidents
- Future Discounts – if companies wind up offering discounts for the use of dashcams you will be ready
Because it is a newer technology, make certain you call your indemnity company – or call other companies – to find out what policies they have in place. By the prison term you read this there might be discounts or lower rates available to for dashcam users .
2.4 Usage-Based Insurance
Usage-based indemnity ( UBI ) is another new technology that is besides becoming more popular where you pay your policy based on when and how you drive. You install the necessary chase device on your car and it, along with a GPS, monitors your driving behavior. The datum is examined when your policy is up for renewal, and normally looks at the play along :
Read more: The 7 Best Car Insurance Companies (2022)
- Distance – how much do you drive your car?
- Driving Speed – do you stay within the limit of the road?
- Usage – when during the day do you drive your car?
- Driving Risk – are your driving habits safe?
not all insurance companies offer UBI in Ontario, so ask around to see who does if you are matter to. You don ’ t have to worry about your rates going up, as companies can only lower your rates if they find that you are a lower hazard due to your driving habits .
Did You Know? Car theft affects the collective insurance costs of Canadian drivers, and that is why high-theft cars cost more to insure. cable car larceny affects the collective indemnity costs of canadian drivers, and that is why high-theft cars cost more to insure. 8 of the top 10 most steal cars in Canada in 2015 were all SUVs, and the other 2 were pick-up trucks .
Step 3: Check Your Memberships & Affiliations
If you have certain memberships or affiliations with eligible organizations, you can either get a discount or get better quotes if you get your policy through them .
3.1 Professional Associations
Some professional associations have benefits for their members including savings on car insurance. They normally have a partnership in place with a specific policy supplier, and sometimes include extra benefits like priority customer service. Some of the major professional associations who have such partnerships include :
- Canadian Nurses Association
- Professional Engineers Ontario
- Chartered Professional Accountants Ontario
- Ontario Bar Association
Make sure you talk to your association to find out just how bum they can get indemnity for you, and always shop around. You might hush be able to get cheaper indemnity and better discounts through other means .
3.2 Employers & Unions
Some employers will offer their employees savings or discounts to employees on their car indemnity if you go through them, like to professional associations and their members. The lapp tips apply for this as with associations : ask the administration how the insurance benefits oeuvre, and make certain to still shop around in encase you can find a better deal elsewhere .
3.3 Alumni & Students
many universities and colleges have partnerships with a major policy company to provide cheaper car insurance to current students american samoa well as alumni. They will normally offer other discounts if you bundle with home indemnity, ampere well as precedence customer service if you are contacting them for information or to make a claim. Call your school ’ sulfur spokesperson to find out what benefits you can get, and as constantly make indisputable you calm compare their quotes in case you can save more money elsewhere .
3.4 Canadian Automobile Association
The Canadian Automobile Association ( CAA ) is a non-profit organization in Canada that provides a number of benefits to members, such as wayside aid and travel services. CAA besides provides car indemnity, and offers its members extra savings as a benefit. It is a pay up membership, and car insurance is an extra service that you would have to sign up for so make indisputable you still shop about .
Did You Know? There are over 100 license car indemnity companies in Ontario, so there are a lot of options for you when you are shopping around !
Step 4: Plan Around Life Changes
There are a number of ways you can change your own life that will help lower your insurance payments. Most frequently they might barely happen on their own harmonize and not because you wanted to get cheaper insurance, but if they happen you can take advantage of them .
4.1 Change Vehicles
What vehicle you have is one of the major factors in how much your indemnity rates will be. so when you are thinking of changing vehicles and buying something different, keep the pursue in beware :
- High Theft Models – some cars get stolen more than others and the cost to insure them is higher
- Safety Ratings – cars that are safer reduce significant injuries and therefore lower insurance costs
- Price – cars that are more expensive are also more expensive for insurance to replace if they are stolen or totalled
- Cost of Repair – some brands and models are cheaper to repair or replace damaged parts than others
many of the reasons why some cars are cheaper to insure than others is because for diverse reasons they are cheaper to repair or replace if they are stolen or damaged in an accident .
4.2 New home/parking
Where you live is one of the major factors in the cost of car policy, so if you move to a new dwelling that could impact your insurance rates – for better or for worse. here are some factors to consider :
- Neighbourhood – living in an area with higher or lower car theft rates
- Parking – Secure, indoor and locked parking helps reduce the risk of theft
- City vs. Country – there are more accidents living in Toronto or Mississauga than in smaller towns
When you move to a newfangled home, make sure you call up your policy supplier and let them know about these circumstances sol they can pass on any savings to you .
4.3 Different usage
If something happens in your life that changes how much you use your car it besides impacts your policy. This is because the less you drive your car the lower your indemnity will be, so here are some common changes to consider :
- New Job – if you get a new job that’s closer to where you live
- New Home – if you move somewhere closer to your job
- Different Commute – if you change your commute to use your car less, like carpooling or telecommuting
- Alternative Transport – if you start using public transit or riding a bike to get around more than using your car
The reasons do not have to be centered on your work, but cars are by and large used for daily commutes so it has the largest likely impact on your usage. If you realize that for any argue you have started using your car less, report it to your policy party and they are likely to reduce your rates.
4.4 Safe driving courses
This is more utilitarian for new drivers who do not have much driving experience in the state. You can take license drive courses that will help prove to the indemnity companies that you are capable of driving in a condom manner and they will normally give you a discount .
If you want to save more money on your car insurance, there are a set of potential ways for you to do so. They all center on reviewing your life, making some changes to your driving habits, and looking into potential discounts you can get. Most importantly of all, always remember to shop about and see your options because you can about always find cheap rates somewhere else. well luck !
You might also be interested in these guides:
Guide to Car Insurance in Ontario
What to Do If You Are in a Car Accident
How to Get Financing with Bad or No Credit
Buying a Used Car vs a New Car ?