Tips to Save on Car Insurance
When shopping for car insurance in Kitchener, there are some important factors to consider before simply committing to the first company from which you receive a quote. Although a necessary purchase for drivers, you are certainly entitled to explore your options and secure the best deal possible for yourself and loved ones.
1. Comparison Shop
There are many variables when it comes to car insurance. In Ontario alone, your residence and work location (if you drive there) can range significantly across the board, with high accident areas costing more to insure. In addition to your specific geographic location, other important factors considered by insurers in arriving at your policy premium are your age, sex, years of driving experience, the number of traffic violations and previous accidents and their dates, and the vehicle make and model. There are also inexplicable differences between what companies are willing to offer. Consider asking an insurance broker you trust for a better understanding of what companies are charging for similar demographics.
Rather than leave it until your current insurance expires, it is helpful to seek information from several options online and over the phone before committing. Prepare your questions and follow-up with their representatives to ensure the price you are quoted is long-term and not subject to change after only a short time.
2. Consider Your Individual Needs
It is also important to consider the amount of coverage you need and the amount of your deductible for the price you are quoted and can afford. A new vehicle may have full replacement value for up to a one or two-year period in the event of a major accident, while an older vehicle with many kilometers on it may not be worth extra coverage (e.g. for collision) for the cost involved.
While you can compare your insurance premiums with your friends and family, your needs may differ significantly as insurance coverage is not one-size-fits-all. If you have various benefits from work, you will not need to factor adding coverage for possible medical expenses or funeral expenses in the event of a fatal car accident. Individuals who are self-employed, however, or have minimal coverage from work may want to add enhanced accident benefits to their policy. If you are unable to work for a period after being injured in a car accident, the basic statutory accident benefits income protection from Ontario insurance is generally quite low.
3. Investigate Your Eligibility for Possible Discounts
Many insurance companies offer discounts to customers for various reasons so it’s a good idea to inquire if you are eligible for any. There are a wide range of possibilities, including a driver’s education discount, a graduated license discount for those with a relatively clean driving record, various group discounts, a retiree discount or mature driver discount for individuals with good driving records who are 50 or older, multi-policy and/or multi-vehicle discounts, a renewal discount if you have not incurred any at-fault accidents, a winter tires discount for obvious safety reasons, and others.
4. Savings for New Drivers
In addition to receiving a discount for completing an eligible driving course, for new drivers particularly younger in age, insurance coverage is much more affordable to be listed as a secondary or occasional driver, rather than as a primary driver. Those who live with parents or other guardians who drive can make these arrangements easily. Insurance companies charge more for younger drivers due to their inexperience with driving and, thus, greater likelihood to be involved in a vehicle accident. For this reason, it is actually worthwhile for them to try obtaining a driver’s license as early as possible. Insurance coverage will be less expensive for young drivers as they get older if they join their parents’ policies early have garnered a longer driving history with, hopefully, a good driving record.
5. Choose a Vehicle that Is Insured Favourably
When deciding what vehicle to drive, look beyond the aesthetics and luxury features of the vehicle; insurance companies will often reward individuals who buy or lease cars that have more safety features and are considered less risk. Certain makes and models of cars, for example, are known for being easier targets of theft. Conduct your research thoroughly, including obtaining an insurance quote, before committing to buy or lease a particular vehicle.
6. Drive Safely
One factor you have control over in how your insurance premium is determined is your driving record. The best car insurance rates in Kitchener are given to those who have no traffic violations or claims. Be sure to always wear your seatbelt, observe the rules of the road, never drive impaired and don’t use a cell phone while you are driving.
7. Make Prompt Payments
Likewise, paying premiums on a timely basis will be beneficial for you with the insurance company and your credit rating in general. Although you may not feel rewarded simply for paying money you owe, neglecting to make these payments quickly could prompt your insurance company to cancel your policy, which would be on your record and label you negatively if your insurance is reinstated or for an insurance policy elsewhere. Some insurers will even check your credit rating before agreeing to insure you.
Contact D. A. Kurt Insurance Brokers Ltd. & Financial Services for Car Insurance in Kitchener
An independent car insurance broker in Kitchener or Waterloo can review your needs and circumstances to help you decide on the best insurance policy for you. At D. A. Kurt, our Kitchener car insurance brokers can provide a free quote for you, taking into account factors and discounts that you may not have considered. Contact us for all your insurance needs at 519-579-5440.