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 a more informed consumer, and be better informed on how to take advantage of savings.


1. Insuring all your cars with the same insurance provider

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


2. Insure both your car and home with the same company

Again, this will qualify you for a discount called the "Multi-line discount". Insurance companies offer this discount as an opportunity to gain your property insurance business, too.

A good rule is—the higher your deductible is, the lower your insurance premium will be


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. 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. Older car? Think about removing your collision coverage

Weigh the cost of the collision coverage with the value of your car and your chosen deductibles. 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.


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. 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 drivers training course in the last 3 years pay lower premiums. Safer drivers pay lower insurance premiums. Available in select locations.


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

Premiums at TD Insurance already factor in a rebate for factory installed anti-theft devices.


9. Switch car insurance providers

Moving to a new car insurance company can be one of the most effective methods used to save on your car insurance. Start researching by comparing your current coverage against other insurance companies and gathering online quotes. That way you’ll know who is offering the best value for your current coverage. Then look at your current policy and find out their cancellation policy.

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. The only way to make sure you are getting the best price for your policy is to compare, compare, compare.

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