How to Get Cheaper Car Insurance

Published On: March 8th, 2021Categories: Personal Insurance

There are so many ways to find cheaper car insurance in Canada – and we’re going to show you how to find the best rates. 

Every driver knows they need car insurance. Ensuring you’re paying the lowest rate for the best coverage, no matter where you live, is top of mind especially come renewal. Whether you’ve been driving for decades or buying your first car, here are 12 ways you can save more on your car insurance.

Usage-based Insurance Programs

This type of Insurance program bases insurance costs on the driving you do and how you drive. This type of insight provides your insurance provider with more information specific to you and your driving habits.

With this additional information, many drivers with usage-based insurance policies can save upwards of 25% on their car insurance premiums. 

If you are already a safe driver with a clean record, usage-based insurance policies may provide you access to even more significant savings.

For drivers deemed “higher risk” (with speeding tickets, accident history, etc.) and you are actively practicing safer driving, then usage-based insurance may be a perfect solution for you.

For drivers who live in “higher risk” areas (big cities, busier regions) and are a safe driver, a usage-based insurance product may also provide you access to significant savings.

Play Safe

Reducing your premium can be as simple as taking simple steps to improve your road safety, like snow tires or an improved alarm system. All insurance companies offer special discounts for winter tires installed in Ontario.

Bundle Up

Most insurance companies offer discounts of up to 25% for bundling together insurance products. Whether you are a homeowner or a renter, it may give you instant access to significant savings when you bundle together the things you have to insure. Depending on your insurance company, you may find substantial savings bringing together your home, car, cottage, RV, ATV, a snowmobile with the same insurance company.

Safety first

Choosing a vehicle with a high safety rating can save you money. High crash test ratings, low-theft scores, and more may lead to savings. Not choosing a bright red sports car may even mean savings on your insurance premium. Less fun? Maybe. More savings? Definitely. 

We are happy to give you an idea of what to look for when shopping for a new vehicle. If you have a couple of specific cars in mind, we can give you an idea of which will be the most cost-effective from an insurance perspective. 

Higher Deductibles

A simple way to save on premium is to increase your insurance deductible. A higher deductible lets the insurance company know you are more likely to fix small damage yourself and that you’re willing to pay more of the cost if you make a claim. Keep in mind you’ll have a higher out-of-pocket expense in the case of having an accident.

We Shop the Market for You

Being a safe driver, avoiding speeding, and becoming more experienced behind the wheel are all ways you will save on insurance premiums. It is also essential to look from time to time to see if you’re receiving a competitive rate. One of the benefits of being with Bryson is that we have access to many of the leading insurance companies in Ontario. Our team of insurance professionals stay abreast of changing market conditions and routinely shop your insurance to ensure you receive the best value for you and your unique needs.

Pay on Time

You may be surprised to learn how much a missed payment may impact your insurance rates. It is better to have the foresight to avoid this issue than learn from experience. Paying on time ensures that you keep good standing with your insurance provider. If you know you may miss or be late, call before your payment is due. Staying in communication is key to keeping your rates lower.

Stay Loyal

Although our earlier tip to “shop the market from time to time” is counterintuitive to staying loyal, it may save you money to stay with your existing provider. 

A common statement you will hear from our team when talking with our clients is ‘it depends.’ Every person and every insurance company is unique; managing your insurance depends on several factors. Some companies offer loyalty discounts when clients reach certain milestones. If not already a client of Bryson Insurance, ensure you reach out to our team of insurance professionals for a complimentary consultation.

Uninterrupted Insurance History

Gaps in your insurance history could signal higher premiums to insurance companies—time gaps indicate the potential for rustiness behind the wheel. 

Even if you don’t have a car, see if a family member or trusted friend will add you as a secondary driver to keep gaps off of your driving history.

Without a doubt, tickets and accidents will hurt your premium for some time. The longer you drive without infractions, the lower your rates will remain.

Get the Coverage You Need

Your driving habits, where you live, and the age of your car may mean you don’t need all the bells and whistles in your insurance policy. Your employer benefit program may also provide benefits that could overlap with certain optional accident benefits in Ontario.  

There is a balance here between your comfort level and the coverage you have. Often, adding coverage costs only a few dollars a month in added premium. Deciding whether saving a few dollars a month is worth cutting out potentially important “just in case” coverages you may have. 

Paying Your Premium All At Once Can Save Money

Paying your insurance annually upfront will save you the monthly payment fee. Usually, this leads to around 3% in annual savings.

The bonus here is knowing you won’t miss or be late on a monthly payment.

Choose Older Vehicles

The more significant risk for insurance companies is accidents leading to injury. However, insurance companies are also on the hook to pay out or replace your vehicle should your car be in an accident. If you drive a lower-market value vehicle, it may save premium dollars. 

Before removing any coverage options, be sure to check what your policy covers and what it doesn’t. Our team at Bryson is happy to have a conversation with you and answer any questions you may have. 

Are you looking for a great insurance partner? Get in touch with one of our insurance professionals today! Click here to get a free quote from Bryson Insurance.

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