It’s been a while since I’ve posted a money saving strategy, this time around we’re going to discuss how to save money on the dreaded auto insurance! I’ve been utilizing these tips below when insuring my home and our two vehicles.
Increase Your Deductible
- The deductible is the amount of the claim that you are willing to pay.
- If your claim is $2000 and your deductible is $500, you will pay $500 and your insurance company will pay $1500.
- Increasing the deductible from $500 -> $1000 can reduce your premium by 5%-10%.
Shop the Insurance Market
- Coverage may be pretty standard in your province, but premium differences can be vast. Make sure to shop around by getting quotes from multiple companies.
- After doing my due diligence, I found that TD Meloche Monnex offered the best rates by a fair margin. Perhaps it was because I belonged to a professional association.
Insure your Home and Automobile with the Same Company
- Buying your home and auto insurance policies with the same company will give you a discount on BOTH policies. Sometimes up to 10%.
Insure all Vehicles under the Same Policy
- If you have multiple vehicles, placing them under the same policy can save you up to 10%.
Buy a Car that Costs Less to Insure
- Be sure to get insurance quotes on the vehicle that you are planning on purchasing.
Follow the Speed Limit
- Not only can speeding tickets be costly, they can jack up your auto insurance premiums also! (Perhaps I speak from experience?)
Those are my top 6 ways to save on auto insurance! Feel free to add any tips that you may have for reducing your auto insurance premiums in the comments.If you would like to read more articles like this, you can sign up for my free weekly money tips newsletter below (we will never spam you).