Car insurance is a significant expense but it is one area your household can easily save on with minimal effort on your part. Whether your insurance is up for renewal or you?re currently looking to buy a new car, these few tips could have a significant impact on your wallet:
Choose your car wisely: Not all cars are equal in the eyes of your insurer, before replacing your car or buying a new one it is important to get at least half a dozen quotes on the model or models you settled on. For instance, a Honda Civic will cost you more to insure than a Toyota Corolla. If the brand you settled on is prized by car thieves, you will certainly be paying more. Don?t forget to take fuel economy into account when selecting your car for extra savings down the line.
Shop around for car insurance: This industry is highly competitive so make sure you get at least half a dozen quotes before settling on a policy. In fact, it doesn?t hurt to make the rounds again every year or two as you might get across lower rates because they tend to fluctuate.
Shopping for insurance doesn?t have to be time consuming, it?s very easy if you do it online. For instance, Rates.ca is a great starting site offering quick and easy car insurance quotes in Ontario and Alberta. Unless your current insurer offers interesting loyalty discounts, you might be paying more than you should if you settle with the same insurance company for your entire life.
Raise your deductibles: Do not hesitate to raise your deductible if it is below $500. Raising your deductible to $500 or up to $1000 can shave off up to 30% or more from your premium. Just make sure you have this money set aside in case you need it.
Centralize your insurance: Why not bundle all your policies with one insurer? The more policies you have, the bigger the discount. Ask for a life insurance quote or a home insurance quote at the same time you?re getting your motor insurance quote. You might be surprised with the final amount after you factor in all the discounts.
Pay it all in one shot: If possible, try to pay your premium in one shot as you will avoid extra fees (up to 3%) if you choose to go with monthly payments.
Dont drive to work: The more you are on the road, the higher the risk of getting an accident. If you can adopt public transportation for your daily commute, your insurance premiums will be lower. Sharing a ride with a co-worker if possible would be another way to shave off parking and gas expenses.
Finally, in the age of the internet, you no longer even need to use a phone as you can search for multiple Cheap Auto Insurance Quotes online. You are only a few clicks away from saving money, dont be lazy when it comes to the financial health of your household!
Any other tips you would like to share?
