Five Tips on How to Get Cheaper Car Insurance

When it comes to car insurance premiums in Canada, there are a lot of “if’s”, “possibly’s”, and “maybe’s”.

This is due to the fact that various car insurance companies in Canada have their own techniques and process for determining premiums. To make matters even more confusing for policyholders, different car insurance companies calculate risk levels in different ways.

Despite this, there are several tips and tricks that you can utilize if you want to learn how to get cheaper car insurance in Canada.

Some of these tips can help you save almost instantly, whereas other methods can take a little bit more time and effort.

Continue reading to learn more about how to get cheaper car insurance in Canada.

*Be sure to speak with your insurance agent or insurance broker to see if and how you can use the following tips*.

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How to get cheaper car insurance in Canada 101

Feel free to try the following tips if you’d like to learn how you can start saving on car insurance coverage:

Saving tip #1 — Pay for your coverage annually

If you want to get low rate car insurance in Canada, one of the first things you should do is set up an annual payment plan for your coverage.

Car insurance providers in Canada generally give policyholders the option to pay for their coverage on a yearly or monthly basis.

Paying for your car insurance monthly can be beneficial, as it initially puts less financial stress on the policyholder. But, if you pay for your car insurance on a monthly basis, you don’t get to take advantage of the potential savings.

Car insurance companies prefer when policyholders pay for their coverage in one lump sum, as it negates the risk of the policyholder missing a payment. In turn, car insurance companies generally give drivers discounts if they pay for their coverage yearly.

Savings can also include not paying a finance fee, and getting an additional 5% Full-Pay discount!

Saving tip #2 — Consider increasing your car insurance deductible

Increasing your deductible is a common tactic that drivers use to get when they want to learn how to get cheaper car insurance premiums in Canada.

Your car insurance deductible is the pre-set amount that you need to pay when you submit a car insurance claim (depending on the fault). Statistics show that drivers with lower car insurance deductibles are more likely to submit a car insurance claim and that drivers with higher deductibles are less likely to submit claims.

In general, car insurance companies want to work with drivers that are less likely to make claims. To encourage drivers to opt for higher deductibles, car insurance companies will generally offer them lower rates.

So if you want to save on car insurance in Canada, be sure to ask your insurance agent or broker about increasing your deductible.

Saving tip #3 — Bundle multiple policies with the same provider for massive discounts

Bundling your insurance policies with the same provider is another thing you can do if you want to learn how to get the lowest car insurance rates for your vehicle.

Like any for-profit company, car insurance providers want to earn as much of your business as possible. One of the ways that they entice customers to work with them is by offering generous bundling discounts. Most companies offer a 10% to 20% bundle discount for auto insurance when bundled with property policies, and up to 40% discount for motorcycles!

Why do insurance companies want people to bundle multiple policies? In short, it’s a win-win situation for both the provider and the policyholder. Insurance companies benefit from bundling because they are able to generate more business, and policyholders benefit from bundling by saving a significant amount on their coverage.

Saving tip #4 — Maintain a clean driving record

It goes without saying that drivers should always try to improve their driving skills. But did you know that having a clean driving record can help you save on car insurance coverage?

It’s true — having a clean driving record shows your insurance company that you’re a responsible driver that doesn’t pose a considerable risk to other motorists. In fact, if you go an extended period without submitting a car insurance claim, you may become eligible for a claims-free discount (which can help you save as much as 10% on your coverage).

On the other hand, if you’ve been in several accidents, you pose a greater risk to other motorists. In fact, if you get into too many car accidents in a short period of time, you may be forced to get high-risk car insurance.

Many insurance companies also offer Conviction Free discounts, which can range from 15% to 25% savings!  Obey those road rules and reap the financial reward from your insurance!

With this in mind, it’s easy to see why being a safe driver “pays off” in the long run; it gives you access to cheap insurance for cars.

Saving tip #5 — Compare car insurance quotes with a reputable insurance brokerage for the cheapest insurance in Canada

If you want to learn how to get cheap car insurance in Canada, you can learn everything you need to know by chatting with your insurance broker (also commonly referred to as an insurance advisor).

Unlike insurance agents, an insurance broker acts as a third party between policyholders and a variety of car insurance companies. Insurance brokers can provide policyholders with several quotes from car insurance companies, allowing them to find quality coverage that works with their needs and budgets.

If you want to team up with the best insurance brokerage in Canada, you can reach out to one of our Surex insurance advisors.

Save up to 25% on auto insurance in Canada when you team up with Surex

At Surex, we put our policyholders first; we do this by providing them with the best insurance quotes from several of the top-rated insurance companies in Canada.

Whether you’re looking for affordable car insurance or would like to learn how to get the cheapest car insurance available, your Surex insurance advisor is here to help. We work with over ten of the best insurance companies in Canada, allowing us to provide policyholders with some of the most competitive insurance quotes in the country.

Contact your Surex insurance advisor online or over the phone to receive your car insurance quotes in as little as ten minutes.

While you’re speaking with your advisor, don’t forget to ask about the various benefits of bundling multiple policies with one of our trusted partners — the savings can be as high as 25%.