(NC) With the high cost of, well, everything these days, many of us are looking for ways we can cut back on expenses. After housing, our vehicles are often our biggest expense. If you have a car, you have to have insurance. Here are six ways you can lower the cost of your premium.
Shop around
Worried that you’re overpaying for your auto insurance? Contact a few different insurance providers and ask for a quote based on your coverage needs. There are also insurance brokers who will do the legwork for you.
Look for group discounts
Many alumni and professional associations have arranged group discounts on insurance for their members, such as extra savings for combining auto and home policies.
Get educated
Given their lack of experience on the roads, young and new drivers can pay higher insurance rates than those who’ve been behind the wheel for years. Taking a driver’s education course can help earn an insurance discount to save on premiums.
Bundle up
Most insurers offer more than one type of insurance – home, car, cottage and so on. If you have multiple insurance products with one provider, they usually offer you a bundled discount.
Increase your deductible
The deductible is a base amount your insurance does not cover if you need to make a claim. The higher your deductible is, the lower your premium will be. Just be prepared for more out-of-pocket expenses if you do need to make a claim.
Try telematics
Many auto insurers offer their customers discounts if they sign up for telematics. These are apps on your phone that score you on driving behaviour for safety, smoothness and speed. Safe drivers can benefit from lower insurance rates and rewards for driving carefully.
Learn more about
telematics at aviva.ca.
