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article image5 secrets to lowering your car insurance

All motorists in Canada are required to carry auto insurance but a savvy driver can find many ways to save money when shopping for car insurance and knowing what to look for can help.
Before purchasing a new policy, or making a switch on your current insurance plan, it’s a good idea to first do some homework. Finding a deal means researching which company and/or policy is the right match for you.
Here are 5 things you should consider when shopping for insurance:
1) Learn about different auto insurance companies
Not all car insurance companies are created equal. Many different factors are taken into consideration by companies when insurance quotes are given. For instance, one company may give your friend a fabulous rate, but you could get a much higher quote from the same company for the same exact policy features.
Calling several different companies and asking for quotes can give you a solid idea of how much you can save; but that could be time-consuming. Using an online insurance rate comparison service like can save you time and help guide you in the right direction.
FYI: If you want to compare your rates now from 30+ insurance companies you can scroll to the top of this page and enter your postal code on the right-hand side widget.
2) Consider higher deductibles
You can save a considerable amount of money each year by increasing your insurance deductible. This is especially true if you choose to buy the optional collision coverage; raising the deductable on this portion of coverage will lower your premium payments.
The drawback of having higher deductibles: If you’re involved in an accident where you are found to be at fault, you will have to pay more money up-front before insurance coverage kicks in. However, if you do not cause any accidents or make any other claims on your policy, a deductible change will save you a ton of cash in the long run.
3) Know what coverage you need vs. what is optional
An insurance agent will typically offer many different options for coverage. Realize that not all of these options are required under the law. By examining whether you need various optional types of coverage for your personal driving needs, you can potentially save yourself some money.
Laws may vary depending on where you live, but third-party liability is a requirement throughout Canada. Consumers also have to include accident benefits/bodily injury insurance to cover any personal medical expenses and loss of income if an accident-related injury occurs.
But you don't necessarily need other types of coverage, such as collision or comprehensive insurance. Scaling back on some or all of these options could save you hundreds of dollars. Be mindful that you will be liable in the event that something happens.
4) Ask your insurer for any discounts
Most insurance companies offer different types of discounts. For example, drivers can often receive a reduction for having a clean driving record. You can potentially get a discount for installing anti-theft devices or winter tires on your vehicle. If your family insures more than one car, you may also qualify for a discount.
Low use and mileage is often another factor companies will consider for an insurance discount. Driving less may make you eligible for these additional savings. For instance, you can use public transportation to off-set your travels, helping bring down your mileage use.
Be sure to ask your insurer for a list of the types of discounts the company offers. You might be pleasantly surprised there are many you could qualify for to shave off a good portion of your premium payment.
5) Bundle of savings
Another option to look into is bundling insurance plans. Some companies will offer a multi-line discount if you buy auto insurance, along with other type of plans, such as homeowner or life insurance. Typically, a multi-line discount can save you up to 10 percent on your premium.
Insurance is a necessary expense; however this doesn't mean you should pay excessive amounts for your policy. Not unlike any other major purchase you'd make, it's important to shop around for car insurance quotes when buying car insurance. By exploring your options, you can find adequate coverage at a price tag you can afford.
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