Saving Money on Car Insurance in Canada
Do you have a car? Do you have a driver's license? Do you have a car insurance policy? If you answered "yes" to any of these questions then you'll know that owning and running a vehicle can become very costly. That said, there are many considerations for finding discounts, cutting costs, and for generally saving money on auto insurance in Canada. Maybe it's time to seek a better deal on your policy?
But before we get to my top tips for saving money on car insurance, let's take a quick look at the regulatory requirements and different types of policy coverage.
Requirements for Auto Insurance in Canada
In Canada, all licensed drivers are required to get hold of automobile insurance. Every insurance company has its own perks, offers, advantages and disadvantages. Regulations and administration of polices in the automobile insurance industry differs too across the cities of Canada. If you are in British Columbia, Saskatchewan and Manitoba, car policies are controlled by the government.
On the other hand, in Ontario, Nova Scotia, Alberta, Prince Edward Island and other provinces excluding Quebec, there are many private sectors and insurers that offer auto insurance. If you are in Quebec, you get the best of both worlds. Private companies provide insurance for automobile damages while the government sector supports licensed drivers adjacent to injuries.
Checking Insurance Policy Coverage
Automobile insurance companies (either from the government sector or a private company) usually check an individual's driving profile like age, gender, home and work, location, driving records like tickets and accidents, and your car's profile. If you have a current insurance policy then your records will be reviewed too.
Auto insurance generally covers third-party liability, statutory accident benefits, loss or damage of property and uninsured auto coverage. In addition to that, other benefits on coverage may be offered like improved third-party liability, optional accident assistance, option for income replacement, benefits on rehabilitation, medical and attendant care, home maintenance and housekeeping expenditures, caregiver assistance, benefits in dependent care, funeral and death benefits and indexation.
Understand Your Car Insurance Policy!
Be sure to really understand what is covered and what is not covered in your insurance policy. Inquire on certain specific situations that could most likely happen to you and to your car.
Who do you call when you need to inquire about car insurance? There are insurance brokers, insurance agents and direct writer, to name a few. All of them provide expert recommendation and consultation on different automobile insurance needs.
For loss and damage of your automobile, it is important the study the insurance coverage on specified perils or all perils, upset and collision, and comprehensive insurance coverage. Optional enhancements may also be incorporated similar to rented or lease of vehicles, loss of automobile use, removal of depreciation deduction, and coverage on family protection, among others.
If you are looking for ways to save money on car insurance in Canada, here are the best practical tips to follow:
- Shop around within the automobile insurance marketplace. Be patient enough to contact all nearby insurance companies. Request for quotations and compare and contrast with one another. Or, use a free service like Kanetix to do a quick and thorough price comparison for you.
- Insure all available vehicles under the similar policy. Most insurance companies can offer discounts even up to 10% of the cost whenever multiple vehicles are placed under the same insurance policy.
- Insure automobile and home under the same insurance company. Likewise, discounts are provided whenever you insure both your automobile and your home under the same insurance company. You may as well avail of discounts through retirement conditions, renewal of vehicles, group rates or group discounts and recognition from driver-training programs.
- Before buying a car, consider reviewing insurance quotes as early as possible. As much as possible, buy the type of car that can you money in the long run. Buy a car with features of good security too. But if you would prefer an old car, don't think twice on removing the collision coverage. Hence, obtain only the coverage that your automobile needs.
- Follow the specified speed limit. Simply, know your limitations and drive safely. Having car insurance doesn't mean you should drive irresponsibly.
- Make sure you have a car immobilizer. Most of the times, when you have this in your car, insurance companies provide a discount, roughly 5% to 10%.
- Consider opting for a larger deductible that you would usually pay. With this, you save more on your automobile insurance premium. If you don't make a claim then you would never have to pay the deductable anyway.
- Keep your insurance records in a safe place. At times, it is more essential to keep it in your car.
- Make it a habit to pay your insurance policy on time. Avoid penalties and over dues.
- If you move from one neighborhood to another, report to your insurance company as well. Tell your insurance company about any changes on your information in relation to your policy.
- If you can make the most saving from using your car on short trips and travels, try walking or driving less.
- Take a driver-training course or program.
How to Find the Best Value
In relation to insurance quotes and rates, these are some important factors you must consider before signing on the dotted line. When getting an insurance policy for your vehicle, saving money is just one consideration. However, remember that the cheapest policy isn't necessarily the best.
All things considered, choose the insurance company that offers the absolute best coverage at a price that meets your needs and your budget.
To save both time and money, head over to Kanetix.ca for a quick and FREE comparison of auto insurance quotes from all competing insurers across all cities and provinces in Canada.
It takes only a couple of minutes and you could save up to $600 per year!