7 tips to save on your premium

Shopping for auto insurance can be tricky ... There are so many insurers out there, as well as coverages and deductibles to choose from. And for young drivers, the premium can often be higher!   

And even though you’re required to have insurance, you can still save on costs, whether you’re a new driver and have driven for years.  

Here are seven tips to help save on auto insurance.

1- Shop around

Auto insurance premiums can vary significantly from one insurer to the other. It’s important to compare the offers from different insurers. Don’t rely just on the total premium.

2- Choose the same insurer for your home and car

If you already have home insurance, it might pay to choose the same company to insure your vehicle. Some insurers, in fact, offer significant discounts if you group your policies with them. Talk to your insurer about this.

3- Ask about possible discounts

Depending on the insurer, various discounts may be offered. Why not take advantage of this? For example, you might qualify for a discount if you drive a vehicle with low fuel consumption, or choose the same insurer as your parents if you still live at home, or if you’re a full time student, etc.

4- Choose your car and its accessories carefully

Insurers calculate the premium based on the potential risk of the vehicle to be insured. Not all vehicles are created equal! For example, certain sports or high-end models cost more to repair, or are very popular with thieves (check out the GAA statistics).

Anti-theft devices or devices that monitor driving habits may also lower the cost of your car insurance.  This is often the case for an alarm system,  parts engraving, GPS vehicle tracking system, telematics device,  etc.

5- Drive carefully (no demerits points)

Driving carefully and having a good driving record helps you maintain your insurance premium at a reasonable price. Know that every accident or infraction to the Highway Safety Code can raise the cost of your car insurance, as well as add demerit points.  

6- Increase the amount of the deductible

Evaluate your savings and your financial ability to pay this deductible in the event of a disaster.

7- Look after your credit rating

Paying your bills on time and having a good general credit rating will positively influence the companies you do business with, including insurers. If you’re a disciplined consumer, the cost of your car insurance could well be lower.

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