SHOP AROUND FOR QUOTES:
This is what you are all hear from many people including the top websites. However, the truth is online quotes are rarely accurate.
You can almost guarantee that whatever quote you receive from an online quoting tool, it will be different when you speak to the company or the broker.
Insurance company rates are always being adjusted just like Google algorithms. The rates they offer are like their secret sauce, and they rarely want to reveal all that's in that sauce to their competitors.
✔ Call your local broker and go through the process of answering the questions, so you can get a policy that is tailored for you with the right price protection and backed by professional service.
COMPARE CAR INSURANCE DISCOUNTS:
Did you know you can save up to 15% off of your car insurance premium if your vehicle is equipped with autonomous brakes?
• Group discounts
• Alumni discounts
• Low-mileage discounts
• Multi-vehicle discounts
• Multi-line discounts
See what the insurance carrier offers as a discounts for your policy. A great rule of thumb is buying your insurance in bulk. Like most businesses you will get a discount depending on the amount of insurance you have with the same insurance company.
BENEFIT FROM THE EXPERIENCE OF A CAR INSURANCE PROFESSIONAL:
Here's a little secret...
✔ Most of the big insurance companies in Ontario that deal with insurance brokers have the majority of their business sold through an insurance broker.
✔ 80% of their business is spread throughout the insurance brokerages. The other 10 or 15% maybe sold online.
The truth is relationships matter. People prefer to deal with someone who they like and trust. Not only that, because of the incentive to maintain a good client base. The level of service through a top insurance broker along with sound advice is second to none.
BE AN EDUCATED CAR INSURANCE CONSUMER:
I can tell you from experience car insurance is a hot topic. It is usually an election issue when the election comes around.
✔ So it's good to check in on the industry, especially a few months before your renewal!
This will help you to find out new products or new ways that can help you to save money on your car insurance premium.
FOCUS ON VALUE WHEN COMPARING QUOTES:
Due to media hype, many consumers just look for the cheapest possible rate and buy their insurance based on that.
Big mistake! How will an insurance company handle your claim after all? Is that not why you bought the insurance? A broker's job is to help you to maintain your quality of life in the event of a claim. That is hard to do on a bare bones policy.
✔ Make sure the coverages are explained thoroughly to you, and you're properly protected in the event of a claim.
The premium may only be $10 or $15 per month extra to get properly protected and customized to respond to your particular circumstances.
CONSIDER INSURANCE FACTORS BEFORE YOU BUY A CAR:
Over the years many people have made the mistake of purchasing a vehicle, and then asking how much it will be to insure it.
✔ There have been more than one occasion where the person has to give the car back and purchase another vehicle that is more affordable.
Make sure you did your research before that important purchase. Lamborghinis are going to cost a little more.
REVIEW YOUR POLICY EACH YEAR:
Insurance is a volume business, and a broker may have hundreds if not thousands of clients. It may be difficult for them to get to you every year, so don't be afraid to initiate the conversation with your broker.
Policies and coverages evolve as time goes on. We now have:
• Accident forgiveness coverage
• Conviction free discounts
• Autonomous braking discounts
• Low mileage discounts
• Low commute discounts
There will be new products, new additions, and deletions as car insurance evolves!
PAY YOUR PREMIUMS UP-FRONT:
Some companies will offer a 5% discount if you pay your premium in advance.
Normally charge a 1% to 3% interest charge when you pay your auto insurance monthly.
✔ So paying your payment in advance could easily save 6% to 7% on your auto insurance premium.
COMPLETE DRIVER TRAINING:
Driver training is not only for new or young drivers, but also If you're new to Canada and licensed less than three years.
✔ I would urge anyone who is newly licensed to make sure they go through the driver training course and receive the certification. This could easily save you up to $1,000 an auto insurance premium.
When you take the course and received a certification, the insurance company will give you a credit of 3 years of driving, even though you may have your license for only one day in Canada.
This is a tremendous saving!
MAINTAIN A GOOD CREDIT HISTORY:
Credit is not yet a rating factor in Ontario.
The insurance companies are pushing for it, as they already have this as a rating factor with property insurance.
✔ It will likely be used to help give you discounts and will not be used to surcharge your policy.
There is a correlation between those that have good credit and their claims history. This will eventually save you money.
TAKE ADVANTAGE OF LOW MILEAGE DISCOUNTS:
If you only commute to the bus station or train station on a regular basis, make sure your broker knows.
✔ You will be rated for the distance you travel to the train station as opposed to traveling all the way downtown.
If you have two vehicles, and you travel 20,000 km annually, split the travel amount, which is 10,000 km between the two vehicles. This will help balance your rate.
✔ If you travel less legitimately, you will pay less due to limited exposure of being on the road with all the other drivers at the same time.
ASK ABOUT GROUP INSURANCE:
✔ Do you belong to a certain alumni group?
✔ What about an association?
Some companies offer discounts if you belong to that association!
However, some of those associations may only be exclusive to a certain insurance company or to a certain insurance broker.
INSURE ALL VEHICLES TOGETHER:
We all know that when you buy in bulk, you usually get a discount. Auto insurance is no different!
✔ You will save on average 15% per vehicle when you combine two or more cars together.
✔ If you add your property, you can save another 15% on the vehicles insurance, plus 15% discount of the property insurance.
RAISE YOUR DEDUCTIBLE:
Going with a higher deductible, will save some money on the physical damage coverage of your vehicle (around 10%).
✔ Be careful here because it is not on the entire premium!
You may only save $50 to $75 on average when you raise your deductible from $500 to a $1000.
REMOVE PHYSICAL DAMAGE COVERAGE:
This is not advisable for a newer vehicle.
However, if you feel your vehicle is only worth a few thousand dollars, and you can afford to lose that amount of money, then you may save a few hundred dollars on your auto insurance premium
✔ When you remove the collision coverage
✔ And also remove the comprehensive ( fire and theft ) coverage