Whether you like it or not, car insurance is a must-have for any driver in Canada. It’s an expense that can significantly impact your finances. However, there are ways to mitigate the cost. Many insurance providers offer various discounts that can help reduce the cost of your premiums, making car insurance more affordable. By understanding these discounts and how to qualify for them, you can save a substantial amount on your car insurance while still enjoying the coverage you need.
In this blog, we will explore 7 car insurance discounts that you should know about.
1. Conviction-Free Discount:
Drivers with clean driving records can benefit from this discount. Insurance companies offer lower premiums as a reward if you have maintained a clean driving record without any traffic violations or accidents during a specific period. By maintaining a clean driving record without convictions, you exhibit responsible driving habits and may qualify for a discount on your car insurance premiums.
2. Driver's Training Discount:
New and young drivers often face higher insurance rates due to their lack of driving experience. However, many insurance companies offer discounts to young drivers who have completed an approved driver’s training course. Enrolling in a driver’s education program not only improves your driving skills but also showcases your responsibility to insurers, potentially resulting in lower premiums.
3. Multi-Policy Discount:
Bundling your car insurance with other policies, such as homeowner’s or renter’s insurance, can often lead to substantial savings. Insurance companies offer multi-policy discounts to encourage customers to consolidate their coverage with a single provider.
4. Multi-Vehicle Discount:
If you have more than one car in your household, consider combining them under a single policy to benefit from this discount. Insurance providers appreciate the loyalty of customers who insure more than one vehicle with them and offer reduced rates as an incentive. This discount typically ranges up to 20%, although it may vary depending on the insurance provider.
5. Renewal Discount:
Staying with the same insurance provider for an extended period can often lead to a renewal discount. Insurance companies appreciate customer loyalty and may offer lower premiums when policyholders renew their coverage with them. Before your policy expires, confirm with your insurance broker whether your current insurer offers renewal discounts. The discount may vary up to 15%, depending on the insurance company and the duration of your insurance coverage.
6. Winter Tire Discount:
In winter, having winter tires can make all the difference. Insurance companies in Ontario recognize the importance of winter tires and offer a discount to policyholders. You can save upto 5% when you install winter tires from November 1st to March 31st.
7. Telematics Discount:
When you install a telematics device in your vehicle or use an app that tracks your driving habit, you may earn a discount on your auto insurance. You can save between 5% and 30% depending on your insurer and driving behaviour. If you consider yourself a safe driver, a telematics program could be a great way to save money on your car insurance.
Please note that insurance companies have varying criteria, and the available discount amounts may vary depending on the insurer. It’s best to work with an insurance broker who can help verify your eligibility and guide you to get the discount. You can contact a PrimeService broker to explore car insurance discounts and maximize your savings.
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