With so many insurance providers out there, and so many variables that affect the cost of your premiums, finding the best auto insurance rate can be a confusing task. Here are some tips to aid you in your quest to find the best policy for your needs and your budget.
1. Maintain a Clean Diving Record
One of the most straightforward ways to keep the cost of your auto insurance down is to maintain a clean driving record. Avoiding tickets and at fault claims will help keep your premiums from rising when it comes time to renew your coverage or buy anew. In addition to this, some companies will offer special rates for people with different amounts of driving experience, whether it be 20, 30, or 40 years. Some of these companies employ a pedestal system to reward drivers who have gone long periods of time without making a claim or receiving a speeding ticket.
2. Review Your Coverage Regularly
At least once a year, review the coverage you currently have and assess whether or not it is meeting your needs. If you are driving an older car, the amount you are paying for collision and comprehensive coverage may not be worth it at the current value of your car. Also, be sure to inquire about any discounts you may be eligible for, or any new services that may be offered. Whenever your situation changes, it may affect what you need (and what you don't need) covered, so make sure your policy is not out of date. And if you are not happy with the quotes your provider offers, it may be time to shop around.
3. Consolidate Your Insurance Needs
Much like bundling your cell phone, cable, and internet with the same service provider, the more things you insure with one provider the greater your savings. By combining all your family vehicles, as well as your home and/or life insurance with the same insurance provider, you can receive a substantial discount on your polices.
4. Utilize Online Tools
The internet is a great resource for insurance information and advice. Organizations like the Insurance Bureau of Canada offer statistics on how various car models and factors like theft and safety ratings can affect the cost of your insurance. You can also use comparison tools to find the best insurance rates and deal directly with a broker. It only takes a few minutes to receive a handful of quotes from top lenders, or learn what you need to know to make an informed decision.
5. Find a Provider Geared to Your Demographic
Depending on your age, gender, location, daily commute and an array of additional factors, some insurance companies will be better suited to your needs than others. Different providers weight different factors in different ways, and various companies offer discounts based on specific criteria. Some may cater to under 25s, some to seniors and others to those with high mileage. Shopping around and exploring your options is the best way to find the best insurance fit for you.