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5 Easy Ways to Save Money on Car Insurance in Ontario

Posted on October 26, 2022

Insurance companies make it very clear that they aren’t your friend, they’ll happily overcharge you for everything if they think they can get away with it. That’s why you need to outsmart them, and in this article we’re going to go through 5 ways to save money on car insurance in Canada.

 

Drop Useless Coverage

 

Legally to drive a car in Canada it needs to be insured, however that’s the limit, and there’s plenty of coverage within your car insurance plan that you probably don’t actually need and removing these can help you save money on car insurance. Towing coverage for example is an added cost to your insurance every month that in reality you don’t need as in the very rare event that you do need to be towed away from a collision you should easily be able to cover that cost yourself.

 

Shop Around

 

As previously mentioned, Insurance companies are not your friends, and unless they’re offering you some crazy good loyalty rewards, you have no reason to be loyal to them.

 

When it comes time to renew your insurance always take the time to look at all of the options, send out for quotes from multiple companies and if you see a better offer, take it. There’s no reason not to.

 

Take Advantage of Discounts

 

Like any company, insurance companies do want your business, and so will often offer discounts and deals if you know what to look for. If for example you live with another driver, you may find that you can get cheaper insurance by combining the 2 cars into a single deal. 

 

 

You should also check for any discounts you may be entitled to based on your age, Profession, vehicle specifications, and especially driving history.

 

Increase Your Deductible 

 

If you want to take a more serious approach then one of the ways to save money on car insurance is increasing your deductible. Your deductible is the amount of money that you agree to put forward in the event of an accident, the higher it is, the lower your rates are.

 

You should only do this if you’re confident in having that money available should an accident occur, however if you do it can actually start making you a lot of money by storing it in a savings account.

 

 

Drive Safe

It never hurts to state the obvious, but if you have a long record of being in accidents, then obviously your insurance rates are going to go up, so while all of these tips can help, one of the most important things you can do is continue to drive safely.

 

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