Whether you’re a car insurance newbie or an expert, here are some helpful tips worth considering when buying a car insurance policy.
- Look for Ways to Cut Car Insurance Costs
There are ways to save on car insurance, such as:
Bundle your insurance. Also called a “multi-policy discount,” this is when you buy more than one type of policy from an insurance company. It’s typically one of the best discounts you can get. For example, you can bundle auto and home insurance.
Ask for discounts. Insurers offer a wide variety of car insurance discounts, such as discounts for insuring multiple cars, vehicle safety features, anti-theft devices, good driving, being a good student and professional organization or alumni discounts.
Increase the deductible. The higher your insurance deductible for comprehensive and collision insurance, the less you’ll pay in premium. That’s because your insurer will pay less if you file a claim. For example, you can increase your deductible from $500 to $1,000 (or more). Just keep in mind, if you choose a high deductible, you’ll be responsible for paying that amount out of pocket if you file an insurance claim.
Minimize optional coverage on older vehicles. In some instances, it doesn’t make financial sense to pay for certain optional coverages, such as comprehensive, for an older car. - Keep Your Coverage Options Open
It’s good to regularly review your auto insurance coverage to make sure it still meets your needs. The policy you bought 10 years ago may no longer be adequate or competitively priced. For example, the amount you drive each day to work has an impact on your insurance premium. If you recently switched jobs and now work full-time from home, that can reduce the amount you pay each month. - Look Beyond the Price
Sure, you want to find car insurance at the best possible price. But cost isn’t everything. If you have to file a car insurance claim, you want an insurance company that has a solid reputation for customer service.
Is my car insurance active immediately?
Yes, some insurers give you the option to buy car insurance instantly. You can select your coverage online or through an insurance agent. Once you submit your payment, you may be able to download your proof of insurance card and store it on your mobile device. Electronic motor vehicle liability insurance cards, also known as eSlips, are allowed in New Brunswick, Alberta, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Ontario, PEI, Quebec and Yukon.
Do I need insurance for each driver?
It’s important to remember that your car insurance goes with the car, and not the driver, and if you lend your vehicle, you lend your insurance record. Every licensed driver in your household who regularly or occasionally uses your car should be listed on your policy. This would include your spouse, significant other, children, other family members who live with you and roommates.
You should also list anyone who drives your car on a regular basis, even if they don’t live in your household.
