How to Lower Your Auto Insurance Premiums


Auto insurance is a legal requirement of all licensed drivers in Canada, and driving without insurance can put you at great risk. In the event that a driver is caught operating a vehicle without insurance, he or she can face significant penalties and fines.

While nobody enjoys having to pay for car insurance, the good news is that there are some steps that all policy holders can take to lower their auto insurance premiums.


Shop Around

Request quotes from various companies to find out which one will offer you the best deal. Price should not be your only concern, you also want to work with a reputable company  thathas good customer reviews. After all, what good is a cheap policy if you can never successfully file a claim or are constantly subjected to poor customer service?

Bundle Your Insurance Policies

If you have other insurance policies, such as home insurance or any other type, it can save you money to bundle your policies through purchasing them with the same company. These days, many insurance companies offer several different types of insurance and will offer substantial savings and discounts for those who have multiple policies through their companies.

Raise Your Deductible

If you currently have a low deductible and believe you could afford to raise it, then you may want to consider doing so as a way of saving money on your overall policy premium. The higher your deductible or out-of-pocket expenses, the lower your premium and subsequent monthly payments. Just be sure that the deductible you select is one that you can afford to pay at any time. Otherwise, you could end up in financial trouble in the event that you need to file a claim to have a major repair done on your car.

Take Advantage of Discounts

These days, car insurance companies offer all kinds of discounts to save their customers money, so it is important that you make sure you are taking advantage of all the ones you qualify for at this point in time. This means checking with your company at least once a year to update your information and see if there is anything more that you may qualify for.

For example, if you are a student currently enrolled in university classes, you may be eligible for a significant discount on your car insurance if you have maintained a B or higher average in your classes. All you need is to provide some kind of proof, such as a report card or transcript from your school, as a way of showing the insurance company that you qualify for the discount. From there, it can be immediately applied to your account and you can begin enjoying the savings right away.

Some other common car insurance discounts that are worth looking into include safe driving discounts, passive restraint discounts, safety feature discounts for drivers whose vehicles are equipped with alarm systems and other safety features, special organization savings, and much more.

Check-in with a few different companies to find out which ones they have to offer, which ones you may qualify for, and how much you can save by using that discount. It may take some time and research, but it will likely be worth the money saved in the long run.

As you can see, there are many ways to go about getting a lower car insurance premium and saving money without necessarily cutting down on your coverage in the process. Be sure to give some or all of the above tips a try for yourself to see how much you can save.

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