How car insurance rates are calculated
Elliot Lake drivers may find it helpful to understand the main factors that influence auto insurance rates. How each factor impacts your rate varies based on the insurance company. Below is a list of the common factors insurance providers will consider when calculating your car insurance rate.
- Where you live (and work - if you drive to work)
- Make and model of vehicle
- Driving record
- Driving experience
- Past claims
- Annual mileage
- Prior insurance coverage
- Marital status
- Your deductible
- Local laws
- How you use your vehicle
Tips for lowering your car insurance costs
Auto insurance can be costly, however, there are ways to minimize how much you pay for it. We’ve enlisted the help of our experienced BrokerLink insurance advisors, who have provided tips for lowering your car insurance premium. From investing in winter tires to increasing your deductible, check out their top ideas for reducing car insurance costs in Elliot Lake.
Invest in winter tires
There’s no denying that driving during the winter is riskier than driving in the summer. In a city like Elliot Lake, which is prone to freezing temperatures, snow, and ice, your odds of getting into an accident increase during the winter months. But installing winter tires on your vehicle can help. Doing so makes driving in the winter far safer, and most insurance companies take this into account. Many Ontario insurance providers offer a discount to Elliot Lake drivers who invest in winter tires. Though this discount varies, winter tires could help you save up to 5% on car insurance.
Enrol in driving school
Attending driving school is another way to lower your car insurance costs. Young drivers typically have the highest premiums, but receiving instruction from a professional can help lower these costs. Insurance providers understand that attending driving school helps make you a safer, more confident driver, which is why they will offer a discount to those who can prove they attended.
Insure multiple cars together
Purchasing multiple car insurance policies from the same provider can save you money. If you own more than one car, insuring them with the same company can save you up to 20% on each vehicle’s insurance.
Combine multiple insurance policies
Save money on car insurance by purchasing other types of insurance from the same provider. If you’re currently in the market for another type of insurance, such as home insurance or business insurance, look for a provider that sells both and purchases them together. Bundling multiple insurance policies can save you up to 15%.
Partner with a broker
Make shopping for car insurance a stress-free experience by partnering with a broker. Insurance brokers work for the customer, not the insurance provider. This means that they won’t stop until they’ve found a car insurance policy you're satisfied with. And with their expert knowledge of the industry, they can make you aware of discounts and deals you didn’t know you were eligible for. To get the most comprehensive coverage at the most affordable price, working alongside an insurance broker is the way to go.
Purchase an environmentally-friendly vehicle
Reduce your environmental impact and your car insurance rate simultaneously by investing in an eco-friendly vehicle. In recent years, auto insurance providers across Ontario have started offering discounts to owners of hybrid or electric vehicles. These discounts vary but could save you as much as 10%.
Increase your deductible
Increasing your deductible can reduce the cost of your car insurance. In the insurance industry, a good rule of thumb to follow is that the higher your deductible, the lower your insurance rate. In Ontario, the average deductible for car insurance is $500. So if you’re looking to reduce the cost of your auto insurance, consider raising your deductible to $1,000 or more.
We always advise Elliot Lake drivers to pay for their car insurance annually rather than monthly. This is because some insurance providers will charge administrative fees for monthly payments, which means paying monthly will ultimately cost you more than paying annually.
Tips to improve your driving skills
Driving is a skill, one that requires practice to perfect. So whether you’re a young driver who only recently got their license or a city dweller whose driving skills are a little rusty, check out this list of tips to improve your driving skills.
A general rule of thumb, especially for less experienced drivers, is to drive slowly. This not only means driving the speed limit at all times, but also accelerating slowly, braking slowly, and even parking slowly. Always give yourself extra time to make decisions while on the road. If you’re driving in inclement weather, at night, or in a construction zone, it’s even more important to be alert and drive at a slower pace than usual.
Attend a driving school
Learn about the rules of the road and practice driving alongside a professional by enrolling in a licensed driving school. There are tons of driving schools across Ontario, each of which gives drivers of all ages a chance to hone their driving skills. Whether you need a refresher on the basics or welcome the opportunity to practice with someone who isn’t your parent, enrolling in driving school is a great way to improve your skills. As a bonus, attending driving school as a young driver can offer a discount to help lower your insurance premiums, which are typically higher for new drivers in Canada.
Check your mirrors
All drivers understand the importance of keeping their eyes on the road, but experienced drivers know you should be aware of everything happening around you, not just in front of you. For this reason, it’s important to check your rear-view and side mirrors every few seconds and to scan the road in front of you, taking note of the cars on either side of you and in all lanes ahead.
Leave extra space
More space is always better. Make a point of leaving two car lengths between you and the vehicle in front of you at all times, whether you’re in motion or stopped at a light. This distance should be even greater when you’re driving at high speeds, such as on the highway. Additional space should also be left when driving in poor conditions, such as on a snowy or rainy day. Another benefit of leaving ample space is that if someone were to rear-end you, you would be less likely to hit the vehicle in front of you or roll into an intersection.
Get in touch
Since 1991, BrokerLink has been dedicated to matching customers with comprehensive car insurance policies that don’t break the bank. Over the past 30 years, we have made a name for ourselves as the go-to insurance brokerage in Ontario, and we don’t take that responsibility lightly.
Let us help you navigate the complicated world of car insurance to find you the best policy possible.
Learn more about Elliot Lake car insurance by contacting BrokerLink today. BrokerLink is pleased to offer free auto insurance quotes to all Elliot Lake drivers.
Get started today by giving us a call, visiting one of our locations in person, or filling out the “Get a quote” form on our website.
No matter which method you choose, BrokerLink can provide you with an accurate and competitive quote in just five minutes!
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