Saving on car insurance doesn’t have to be complicated. Here are some quick tips to help reduce your premiums. Always consult with a broker to determine which discounts and savings you qualify for.
1. Combine Car and Home Insurance
Bundling your car and home insurance policies with the same company can often result in a multi-policy discount. However, it’s important to compare quotes across different providers. While one company may offer great car insurance rates, they might be more expensive on home insurance, so look for the best overall deal.
2. Winter Tire Discount
Installing winter tires on your vehicle can qualify you for a discount on your car insurance. Beyond the savings, winter tires significantly improve your car’s handling and safety in harsh winter weather, making it a win-win.
3. Student Away Discount
If you have a child listed as an occasional driver on your policy but they’ve moved away for college or university, you may be eligible for a student away discount. Since they’re not driving as often, some insurers will reduce your premium. Be sure to check for any specific conditions.
4. Green Car Discount
Driving a hybrid or environmentally friendly vehicle may make you eligible for a green car discount with some insurance companies. However, keep in mind that repairs for green vehicles can sometimes be more expensive due to the cost of parts, so weigh the savings against potential repair costs.
5. Graduated Licensing Discount
By progressing through the graduated licensing system and earning your full license, you may qualify for discounts. This reward is designed to encourage safe and responsible driving practices as you gain experience.
6. Retiree Discount
If you’re retired, some car insurance providers offer a retiree discount, reflecting the lower mileage and reduced commuting associated with retirement.
7. Combine Cars for a Multi-Vehicle Discount
If you own more than one vehicle, consider insuring them under the same policy. Many insurers offer multi-vehicle discounts, which can help reduce your overall premium. Be sure to discuss this option with your broker to ensure it fits your needs.
8. Keep a Clean Driving Record
Although it may seem obvious, maintaining a good driving record free of tickets, accidents, and claims is one of the most effective ways to secure lower car insurance premiums. Many insurers also offer conviction-free discounts for drivers with spotless records.