Tips & News

10 ways to gain control of your car insurance premiums

As the essentials of our daily lives have been steadily increasing, it’s helpful to know how to potentially save money on car insurance, without compromising coverage. Here are 10 ideas for lowering your car insurance premiums.

1. Opting for a higher deductibleYour deductible is the part of the claim you pay out of pocket. Selecting a higher deductible can reduce your insurance premiums. Keep in mind, that the deductible you select will be what you have to pay if you make a claim.
2. Drive lessMany insurance companies offer lower premiums if you’re driving fewer kilometres per year. This option is called Pleasure Use. If you’re working remotely, hybrid, retiring, or on maternity leave, you may be eligible for savings. 
3. Drive an older car? Collision coverage may not be worth itCollision covers the cost of damage to your car when you’re at fault in an accident. Dropping collision could reduce your premiums. You’ll still be covered for damage to another car if you’re at fault in an accident.
4. Keep a clean driving recordSpeeding tickets and accidents affect your insurance premiums. Always drive with safety in mind. You’ll stay safe and it will help keep your premiums from going up. Ask your broker about options to include on your policy that help maintain your driving record. The cost to add endorsements, like Driving Record Protector or Claims Forgiveness, are minimal, and could prevent future increases should you get a blemish on your record.
   
5. Anti-theft devices
   Check if your insurer provides a discount for installing an alarm to help deter thefts
6. Usage Based Insurance (UBI)
   Get rewarded for being a good driver. Some insurance companies now offer personalized premiums when drivers download an app on their phone. Every insurance company is different, but the app is used to track driving habits that will help deem how good of a driver you are. The metrics being tracked range from track time of day, braking, location, and frequency. Good driving habits can result in significant savings! 
7. Check before you buy your next car
   Thinking of getting a new car? Have a specific car in mind? Find out if you’ll be paying more on your insurance premiums. A great place to start is by checking the  top ten most stolen vehicles list, released by the Insurance Bureau of Canada every year. Some vehicles appear on the list annually and may influence your final purchasing decision.
8. Bundle and save
   Consider bundling your home/condo/tenants and auto coverage with one insurer to enjoy a multi-policy discount. 
   
9. Shop around
   It pays to compare prices. You can achieve instant savings by switching carriers. Brokers can offer you quotes from many insurance companies compared to a direct writer who can only quote you their product. Brokers do the shopping for you and can offer advice on how different insurance companies compare. That’s the broker advantage!
   
10. Talk to your insurance broker
    Your insurance broker may have additional ideas based on where you live, the car you drive and your driving habits. Your broker is your expert and will help navigate you through your options and any implications or benefits when adjusting your coverage.

Start with a conversation with your AGR Insurance broker. You’ll get advice on the type and amount of coverage you need. They can also help you find ways to save money on your premiums. Call 1-800-668-0250 today with your questions or to get a quote.