Did you know that February 1st is Car Insurance Day?
We want to help you celebrate one of our favourite holidays by giving you five ways to save money on your auto insurance:
1) Bundle and Save
If you have both home and car insurance, an insurance bundle is a great way to save money and simplify your policies. You can enjoy paying only one price, having one expiry date and paying one deductible in the event of a loss involving both your home and vehicle.
2) Get rewarded for your good driving habits
Ontario residents can get an instant 10% discount and earn up to 15% more off of their auto renewal premium with the Intact Insurance my Driving Discount. The program is based on the concept of usage-based insurance (UBI), where a device is placed in a customer’s vehicle and monitors their driving habits to identify which consumers consistently demonstrate safe driving. 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.
3) Become part of a group
At BrokerLink, we provide preferred insurance rates to over 60 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. Click here to learn more about why it’s better to be part of a group.
4) Increase your deductible
In the world of insurance, deductibles have increased due to the rising cost of claim repairs. 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. By raising your deductible from $500 to $1,000 you could see a decrease in your premium, but you should be aware that by doing so you acknowledge that you have to pay the first $1,000 towards any claims costs associated with your vehicle before receiving financial assistance from your insurer.
5) Talk to a BrokerLink broker
Car Insurance Day, or any day, is a great time to contact your BrokerLink broker for an insurance check-up. When it comes to insurance, we know that you have several options available to you. That’s why choosing a BrokerLink broker to help with your insurance is a great idea. We can save you time and energy by shopping around to get you the best deal available. Learn more about the benefits of an insurance broker.
New jobs and living situations, changes in budget and expenses and even more years of driving experience are all factors that can affect your car insurance. Talk to your BrokerLink broker to find a car insurance policy that works for you.
If you are interested in learning more about how auto insurance works, check out our auto insurance refresher blog, where we break down some of the insurance terminology found in the fine print of your car insurance.