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Money Saving Tips For Auto Insurance

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Auto Insurance

Increase Your Deductible

             The deductible is the amount of the claim that you are willing to pay.

If your claim is $2000 and your deductible is $500, you will pay $500 and your insurance company will pay $1500.

Increasing the deductible from $500 -> $1000 can reduce your premium by 5%-10%.

Shop the Insurance Market

             Coverage may be pretty standard in your province, but premium differences can be vast. Make sure to shop around by getting quotes from multiple companies.

After doing my due diligence, I found that TD Meloche Monnex offered the best rates by a fair margin. Perhaps it was because I belonged to a professional association.

Insure your Home and Automobile with the Same Company

             Buying your home and auto insurance policies with the same company will give you a discount on BOTH policies. Sometimes up to 10%.

Insure all Vehicles under the Same Policy

             If you have multiple vehicles, placing them under the same policy can save you up to 10%.

Buy a Car that Costs Less to Insure

             Be sure to get insurance quotes on the vehicle that you are planning on purchasing.

Follow the Speed Limit

             Not only can speeding tickets be costly, they can jack up your auto insurance premiums also!

Forgo coverage you don’t need

             Think about dropping collision and/or comprehensive coverage on older cars with a low market value. Such coverage often is not worth it because any claim you make probably won’t exceed the cost of the insurance and the deductible amount.

Avoid duplicating medical coverage

             If you already have good health, life and disability insurance, buy only the minimum personal injury protection required by the state where you live.

Ask about other discounts

             You also might be able to pay less if you’re older than 50 or 55 and/or retired; if you’ve had no accidents or moving violations in three years; or if you’re a longtime customer. Keep an eye on the bottom line, though. Call a few other insurers to make sure you’re paying the lowest overall amount.

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