Things to consider
1. Look aroundThe only way to make sure you are getting the best price for your car insurance is to compare rates for each year.
2. Insure your home and car and with the same company. This will qualify you for discounts.
3. Drop your collision coverage if you car is old
Consider the value of your collision coverage. If you have a 15-year-old car that is worth about $800, and your insurance deductible is $800, it’s not worth buying collision coverage.
4. Drive carefully
Your record of driving is one of the most influential factors in determining your car insurance rate. A poor driving record means higher car insurance premiums.
5. Have an anti-theft device installed in your car
Many car insurance companies will give you a discount for having extra theft protection installed in your vehicle.
Auto theft fees are very common in Canada, and these thefts have led to Canadians paying around a couple of billion per year, if you add up legal bills, insurance plan expenses, and this doesn’t include the health care costs for those thefts which include injuries. It is in the best interest of both the Canadian insurance companies and us individuals to show a strong interest in anti-theft features. These features might help minimize these the overall costs mentioned and let’s be honest, we all would like more money kept in our pockets!
Other Factors
Here’s a list of factors that car insurance companies can’t take into account when deciding how much you will pay:
- Your employment history.
- Your credit history or credit score.
- Your gross or net worth and level of indebtedness.
- A bankruptcy or history of bankruptcy.
- Whether or not you own a credit card.
- How long you’ve lived in your residence.
- Whether or not you own a home.
- Whether your vehicle is owned or leased.
- Whether there was a period of time when you had no car insurance coverage.
