What Are the Six Best Ways to Save Money on Car Insurance?
For many Canadian households, money is tight right now. People are very excited about saving money, especially if it means they can pay less for their car insurance. Insurance brokers Edmonton can help you with every renewal to ensure you get the best rates. The following are some great tips to help you get started saving money:
1. The first way to save money on insurance is to get an insurance brokerage company to help you compare rates. Insurance brokers are professionals, they can help you get a good policy, and a great rate. You need to make sure they compare rates from at least four or five different companies. Each company will evaluate your policy differently. By comparing multiple companies, you can save as much as 30%. You want to make sure you choose a brokerage company that works with a lot of different insurance providers. This will give you more choices to choose from.
2. The next money-saving tip is to consider changing your deductible on your existing policy. Most policies carry a deductible between 0 and $500. When you have a higher deductible you pay more out of pocket if you have an accident. However, you pay less every month for your insurance. Insurance companies charge less for their premiums because their risk on the policy is lower. This tip can save you 100s every year on renewals.
3. The third tip to save you money is to change your policy into a liability only policy. If your car isn’t paid off, this won’t be an option. But if you have already paid for it you can lower your premiums by getting a policy that only covers liability. This is a great money-saving tip for older cars. It is a little risky for newer ones. To know whether or not this is a good option for you, contact Insurance brokers Edmonton.
4. If you are not driving your vehicle all year round you should consider storage insurance. For instance, during the winter you may not want to drive your fancy vehicle in the snow. Getting storage insurance is a great way to make sure your vehicle is protected. It is also a cheaper option than having your vehicle fully insured during the months you will not be driving it. This is also a great way to save on RV insurance.
5. Another great way to save money on your insurance is to see if you can get a multiple vehicle discount. The more cars you have insured, the less you’re going to be driving each one of them. Insurance companies realize this and can give you a break if you are insuring more than one vehicle.
6. Many of the best insurance companies have started offering loyalty discounts. If you have been paying for several years without any accidents, they may start lowering your premium. Sometimes loyalty discounts can be as high as 15 to 20%. Where loyalty discounts are offered, it gives you an incentive to stay with the same company for a long time.