Simple Tips To Save On Car Insurance

The more you know about how car insurance works, the more you can save on your premiums. Follow these simple tips to become an informed consumer and be better informed on how to take advantage of savings.

Discover ways to save with the TD Insurance Savings Commitment, click here to learn more.


1. If you have an older vehicle, think about removing your collision coverage.

Weigh the cost of collision coverage with the value of your car and chosen deductible. When you factor in the costs, you could save more on your insurance without it. For example, if you had a 10-year-old car that was worth about $1,000, and your deductible was $1,000, collision coverage would not be beneficial.
Tip: The consequence of removing collision coverage is that if the vehicle were to be damaged in a collision, this will now be an out-of-pocket expense for you, as you will not be covered by your insurance provider. Make sure you are comfortable with this.


2. Insure both your car and home with the same insurance provider

You may be eligible for a discount called the "Multi-line discount." Insurance companies offer this discount as an opportunity to gain your property insurance business, too.


3. Increase your deductible

Insurance is designed to give you a safety net for damages and expenses you couldn’t afford to pay all at once on your own. Your deductible is an out-of-pocket expense. If you can afford a higher repair bill than your current deductible, consider raising it to a limit you feel comfortable with. The higher your deductible is, the lower your insurance premium will be.


4. Insure all your cars with the same insurance provider

Insurance companies could offer a discount for customers who insure more than one car.


5. Drive carefully

Your driving record is one of the most influential factors in determining your insurance premium.


6. Drive a "low-risk" car

Insurance premiums for cars are based on the previous claims history for that vehicle. This is true for insurance companies within the entire industry. The more likely a car is to be stolen or in an accident, the more you pay for insurance.
Tip: If you are buying new car, check with the Vehicle Information Centre of Canada to see how your car measures up. This may influence your purchase.


7. New driver? Take a driver's training course

Licensed drivers who have completed an approved driver's training course in the last 3 years may pay lower premiums. Safer drivers may pay lower insurance premiums. Available in select locations.


8. Have an approved anti-theft device installed in your car

Premiums at TD Insurance offer a discount for approved, factory installed anti-theft devices. Speak to a TD Insurance advisor to see if your device qualifies.


9. Switch car insurance providers

It's important to research and compare your current coverage against other insurance companies, so you can evaluate who is offering you the best value for your current coverage. Gather online quotes, look at your current policy, and find out what the cancellation policy is.
Tip: Don’t cancel your old policy until your new insurance company confirms your coverage in writing. Otherwise, you could be left without insurance.


10. Get a quote

Car insurance coverage may be standard throughout your province, but insurance premiums are another story. Premiums from one company to the next can vary by hundreds, if not thousands of dollars. Make sure to shop around for your policy and compare, compare, compare.


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