Mandatory car insurance laws in Canada bound those in every province and city to obtain the appropriate amounts of insurance coverage in order to remain compliant with those laws. For some, purchasing a vehicle insurance policy isn’t a big deal, but for many others, the costs of coverage is somewhat surprising and perhaps a bit of a strain to an already strapped budget. Did you know that many methods of reducing the cost of your auto insurance exist? Implementing some of the money-saving ideas below ensures that you’re able to get the mandatory auto insurance coverage necessary, staying legal as you drive, while reducing the money you spend to complete the task.
Avoid Tickets & Accidents
Each ticket or accident added to your driving record is an indication that you’re a risky driver. Rather than put themselves on the line, auto insurance providers increase the rates of your coverage to cover those added risks. Avoiding tickets and accidents all together is the best solution to keep low insurance coverage rates.
Compare Policies & Companies
Several types of insurance policies are available to drivers throughout Canada. Each offers its own pros and cons and pricing schedule. Compare the policies to find what works best for your coverage and budgeting needs. Be sure that auto insurance companies are also compared, since rates vary greatly from one provider to the next.
The amount of your deductible influences the cost of your policy considerably. The lower the deductible, the less risk you assume for your driving and the costlier your monthly policy payment. Remain committed to safe driving, increase the deductible amount and watch as your insurance premiums fall! Many safe drivers across Canada are increasing their deductible. Could this be the money-savings method you’ve been waiting to find?
Maintain Insurance Coverage
If you’re caught driving without auto insurance, you’re in for a rude awakening of the law. Fines ranging from $5,000 – $50,000 are one punishment you’ll face, as well as increased costs of insurance coverage.
Take Advantage of Discounts
Auto insurance companies are notorious for offering discounts of various sort. From multi-policy discounts to safe driving discounts, many are available to reduce the costs you’ll pay for your policy. Why not use them to your advantage?