Drivers living in Toronto pay some of the highest insurance premiums in Canada. The good news is that no matter what your policy requirements are, there’s always a way to save money on your automobile insurance. Here are a few things that could help bring down the cost of your Toronto insurance policy.
Choose a Safety Rated Vehicle
Most drivers already know that certain vehicles like luxury cars are more expensive to insure, but did you know that things like safety rating and type of purchase also heavily affect your premium? In the event of a collision, harm done to the vehicle is only half of what your insurance policy covers, the rest is for bodily harm. Purchasing a vehicle with a high safety rating with lower your premiums significantly.
Purchase a Used Vehicle
Another factor that affects the cost of your vehicle insurance is whether it’s brand new or used. Many insurance companies will give you a discounted rate on popular vehicles that are a few years old, like the Honda Civic, for example. Some auto insurance companies however, will actually give you a discount if you purchase a new vehicle as opposed to used, because the parts are less likely to need repairs. Make sure you check with your automobile insurance provider if your in the market for a new or used vehicle, and compare their rates to other leading providers on the market online. Sites like Rates.ca allow you to compare leading premiums on the market, so you can compare everything in one place.
Look into Your Coverage Requirements
Obviously, the type of coverage that you purchase will have a big impact on the premium that you pay, so you’ll want to look closely at exactly what your policy entails. You may find that your provider has added coverage that you don’t need, or that your policy is missing coverage that you require. Ask your provider to give you a detailed breakdown of exactly what your policy entails, and ask for details on items that are unclear.
Invest in Winter Tires
Winter tires are one of the easiest ways to lower your insurance premium. Even though the discount is only 2-5% on average, winter tires are specifically designed to grip the road effectively when the temperature is low and the roads are slick. With Toronto’s winter lasting upwards of five months with unpredictable weather conditions, investing in winter tires pay for themselves because they keep you safer while you drive.
Consider Group Pricing
Families who group their auto insurance with their home insurance get a discount, but did you know that being a member of a professional association or employee of large company can also get you a discount on your automobile insurance? Check with your employer and see if they have a corporate policy. Insurance companies are motivated to give large corporations discounted group rates to retain a large client base. CAA members receive discounted rates, so if you work for a small company, CAA membership could provide you a discount.
Don’t Drive Much? Try Usage Based Insurance Policies
If you don’t use your vehicle every single day, there’s no reason to pay for full coverage. Many insurance companies now offer usage based insurance policies that function through an app in your phone. However, usage based insurance plans also pay closer attention to every driving move you make, so it may be worthwhile for you to pay an extra fee so that your provider doesn’t know each acceleration and brake you make.
No matter what your policy entails, there’s always a way to get cheap car insurance quotes in Toronto. Remember to always do your research, and compare your automobile insurance with other leading providers on the market to make sure you’re getting the best price possible.