10 Car Insurance Discounts That Can Save You Upto 30%

Your auto insurance provider may offer you a cheaper premium if you complete a government-recognized driver education or training program. Considering that new drivers don't have any driving history when they first start, this is one of the finest auto insurance offers. Since insurance providers view young or inexperienced drivers as a larger risk, they often have to pay higher rates immediately. Drivers with more experience offer less danger to insurance companies, resulting in larger discounts on auto insurance premiums.

A Ministry of Transportation-approved driver training course can save you up to 10-20% on your car insurance. Suppose you complete a novice driver education course approved by the Ministry of Transportation in Ontario (MTO). In that case, you can get a driving history record from any ServiceOntario location, which may entitle you to a discount on your auto insurance.

You may qualify for cheaper insurance if you meet the requirements of the Young Drivers of Canada programme. To receive this insurance discount in Ontario, you have to attain a certificate by completing the course in this program. Students who maintain outstanding grades may even be eligible for vehicle insurance savings from some insurance providers. Ask your insurance agent or broker if you're eligible for this discount.

Choosing a higher deductible is one of the simplest methods to reduce auto insurance costs. A $2,000 deductible, for instance, would mean that, in the event of a claim for which you are completely or partially at fault, you would be responsible for paying $2,000 out of pocket, and your insurance provider would pay the remaining amount. You can save money on your monthly premium by deciding to accept more liability.

Installing winter tires on your vehicle is not only sensible, but it may also result in lower insurance costs. In Ontario, the government mandated in 2016 that auto insurance providers offer drivers a 5% discount on their car insurance if they have installed winter tires. However, there are some restrictions. Depending on your insurance provider, you may be required to install your winter tires by a certain date (typically November 1 or December 1) and keep them on your vehicle until a certain date (usually March 30 or April 1).

You can save money on your insurance by installing a telematics device in your car or using an app that monitors your driving behavior. When you use telematics, your discount is often higher, depending on how safe your driving habits are. Numerous motor insurance providers offer telematics-based discounts. For example, customers of Intact Insurance can save up to 30% by using the insurance provider's "My Drive" app.

The telematics device analyzes your driving patterns. It provides online feedback on three key aspects of your driving: the time of day you drive, how firmly you brake, and how quickly you accelerate. These patterns help Intact assess your driving style every one thousand kilometers. If you drive cautiously and don't accelerate, you probably won't have to use your emergency brakes. Additionally, avoiding driving during peak (rush) hours will help you make the most of your discount. It is obvious that reckless or aggressive drivers receive higher pay than careful ones.

Combining multiple insurance policies with one insurance company is an excellent method to save money on auto insurance. If you combine your home, health, and auto insurance policies with the same provider, you will undoubtedly receive a discount. Renters can also save money by bundling their auto and renter's insurance. Most businesses also offer discounts on other types of vehicles. Combining your motorcycle insurance with your home and auto insurance may be preferable.

You benefit from a discount, and the insurance company benefits from increased business. Insuring more than one vehicle can also save you 5% to 15% on your car insurance premiums.

If you live in the Province of British Columbia, where the government oversees auto insurance, the Insurance Corporation of British Columbia (ICBC) may offer you some discounts. According to the ICBC website, drivers can receive discounts for having low mileage, being an experienced driver, being a senior, installing an anti-theft device such as a passive electronic immobilizer, insuring a fleet of vehicles, and having safety features such as automatic emergency braking.

In large cities, street parking is sometimes the only option. In smaller cities, towns, or rural areas, you may have access to a laneway or a garage. While determining your premium, an insurance provider would compare the risk of theft or damage associated with parking your car on the street to that of parking it in a laneway or garage. If you have access to private parking, you can get a discount.

Insurance companies consider where you leave your car each night. Sometimes there is no parking at all in large cities. It's possible that you have access to a laneway, driveway, or garage in smaller cities, villages, and rural locations. An insurance provider would evaluate your premiums based on these factors and the risks (damage, theft) associated with parking your car on the street as opposed to in a laneway or garage.

If you live in Ontario and are retired, you may be eligible for a 15% discount on your auto insurance. Drivers between the ages of 30 and 75 may receive discounts from some insurance companies since they are considered to be less risky than their younger counterparts. For example, Optimum General offers lower premiums to drivers aged 40 and older, and Peel Mutual offers "elite driver rates" for drivers aged 50 and over.

When it's time to renew your insurance policy, you may be eligible for a 5% to 20% discount if you stay with the same insurance provider for a predetermined period. You are awarded a special loyalty discount when you keep renewing your insurance with the same firm for a number of years. These discounts can also be offered as coupon codes, direct discounts, or by waiving additional charges. An insurance company can also reduce the deductible amount for being a loyal customer.

These are some of the most common car insurance discounts that you can avail of. However, these offers may vary depending on the province where you live in Canada. While searching for car insurance online, it's necessary to get a few insurance quotes before finalizing your plan. Although some discounts may not give you a big break, when several of these are combined, it can make a significant difference to the amount of your insurance premium.