Car Insurance

6 Ways to Save on Auto Insurance

A number of factors determine car insurance premiums. They can also be lowered when it comes time for renewal by following a simple number of steps throughout the year.

A good driving record can equal reasonably low insurance premiums. At the start, this can save drivers a lot and keeping it clean can add up to more savings over the years. Car accidents, traffic violations and convictions can all cause a raise in costs.

Drivers that choose luxury cars will end up paying more for insurance premiums. A new car can also cost more so be sure to check insurance rates before committing to a car purchase. The IBC (Insurance Bureau of Canada) will give ideas on how much makes and models cost in terms of insurance. In addition, checking the top stolen cars in Canada and applying an immobilizer to a car can keep costs down.

Automobiles keep insurance premiums running. The more that one is driven the more expensive that the premium may be. For this reason, a car must not be driven everywhere and the mileage should be kept low. Consider other options to getting around town.

Only have the insurance coverage that is needed so that unnecessary charges can be avoided. This means that older cars can go without collision coverage and those who drive the car should be low risk drivers. Having a higher deductible will lower the cost too. Other ideas for lower premiums include paying home and auto insurancetogether, having one company take care of every car in the home and attention to detail with the premium costs.

Keeping a line of communication open with the insurance company is a great way to keep premiums low. Changes in life can mean discounts for insurance. Being employed for a certain company or a part of a professional group may also mean bigger discounts, as well.

Preet Banerjee
Preet Banerjee an independent consultant to the financial services industry and a personal finance commentator. You can learn more about Preet at his personal website and you can click here to follow him on Twitter.
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Showing 5 comments
  • Matt

    Preet, I am disappointed. Atleast add a disclaimer that its an advertisement…

  • Tax Guy

    @ Matt – A number of us in the PF Blog Sphere participated in this promotion. Periodically we take these types of ads to support the rest of the website. I’m sure you understand.

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