Our expert insurance advisors want to help you by sharing five ways to save money on your car insurance!
5 tips to save money on your car insurance
1. Bundle and Save
If you have other insurable items, such as a home, cottage, boat or even a Recreational Vehicle (RV), you can bundle any or all of these policies with your car insurance policy and save 15% or more! Plus, an insurance bundle is a great way to simplify your paperwork by having all your policies in one place!
2. Get rewarded for your careful driving habits
Several insurance companies offer a Usage-based insurance (UBI) program, also known as telematics. UBI programs allow insurance providers to offer premium discounts for safe driving habits.
Usage based insurance typically monitors:
- Rate of acceleration.
- Use of handheld devices, ie: texting and driving.
- Hard braking.
- Time of day.
myDrive by Intact Insurance is an example of a popular UBI program.
3. Intact myDrive
Ontario residents can get an instant 10% discount and earn up to 15% more off of their auto renewal premium with the Intact Insurance myDrive Discount. The program is based on the concept of usage-based insurance (UBI), where an application on the users’ cell phone monitors driving habits to identify which consumers consistently demonstrate safe driving habits. While traditional methods of determining auto insurance rates relied on analyzing past statistics, UBI provides access to individual driver data. Safe drivers are then rewarded with reduced insurance premiums.
4. Take advantage of a group discount
At BrokerLink, we provide preferred insurance rates to many employer-based associations and special interest groups in Alberta, Ontario, and Atlantic Canada. If you are a member of one of these organizations, you can save up to 15% on your home and auto insurance. Learn more about the benefits of group insurance.
5. Increase your deductible
In the event of a claim, your deductible is the amount you pay prior to your insurance company paying its share. One way to save money on your auto insurance premium is to increase your deductible. For example, raising your deductible from $500 to $1,000 could result in a decrease in your premium, but by doing so, you must pay the first $1,000 towards any claims costs associated with your vehicle before receiving financial assistance from your insurer.
Work with a licensed insurance broker
When it comes to insurance, we know that you have several options available to you. That is why choosing a BrokerLink broker to help with your insurance is a great idea. We can save you time and money by shopping around to get you the best deal available, with all the applicable discounts you’re entitled to.
If you are interested in learning more about how auto insurance works, check out our auto insurance refresher blog post, where we break down some of the insurance terminology found in the fine print of your car insurance.
Contact BrokerLink for a quote today!
At BrokerLink, we’re here to help insure your vehicles, home, business, recreational items, or pets with the best coverage possible. You may reach us by phone, email, or in person at any one of our convenient locations. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you.
You may also use our free online quote tool and get a competitive quote in a few minutes!
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