The best way to find cheap auto insurance is to compare quotes and plans regularly. Insurance experts recommend checking for new policy quotes as often as twice a year. However, the more often you check, the more likely you are to find the best deals as they come.
Comparing insurance quotes regularly is just one way of finding the most affordable auto insurance in your province. For instance, you must also compare your current coverage to the others you’re checking to make sure you’ll get the coverage you need.
Below are more tips on finding the cheapest auto insurance in your province.
Gather your Information
First, you should gather your information. This includes all the information for each driver and each vehicle on your policy. You will need all the information for everyone and each vehicle before you start to search. Keep all these details in one file on your computer so you can fill out those online forms in minutes.
Here’s a list of things to gather before you start your search:
- Current policy info
Compare Policies and Providers
Once you’ve gathered your information, it’s time to start comparing policies. Start with your current policy. It’s a good idea to look for discounts and breaks in your current policy before you consider switching. Not only is this easier on you, but you may unlock more discounts simply by asking for them. Some companies offer accident forgiveness or loyalty discounts to their long-time customers. Don’t be shy about asking for new discounts to see what’s available.
It’s a good idea to check both national and local brands to find the best deal. Don’t forget to look up your local agencies who may or may not be online to see what their prices are for your family. Some agencies offer local discounts or they may offer services the national brands do not. It’s always a good idea to check. You may find a local agency has better coverage or a cheaper premium because you are in the area.
Don’t forget to compare policies often, up to twice a year. Doing so ensures that you’re still getting the best rates for your car insurance.
Ask about Discounts
Looking for new discounts should be part of your comparison process. Each time you compare car insurance quotes you potentially have new personal information. For instance, you might have turned a year older. You may also have an improved credit score or a cleaner driving record. All these circumstances make you eligible for discounts, depending on the insurance provider.
Here’s a list of common discounts car insurance companies offer routinely:
- Good driver
- Good student
- Good credit score
If any of your life circumstances have changed, from changing jobs (or working from home) to getting married, you should check for new car insurance quotes and discounts that may apply to your situation.
Choose your Coverage
Depending on the requirements of your province, you will need some kind of base or minimum insurance to protect other motorists from accidents you cause. You will also want some kind of collision insurance to cover any damage to your vehicle due to an accident caused by you or another driver.
Collision coverage also protects you from accidents with non-vehicles, such as trees or light posts. Comprehensive coverage is another option for damage that is not caused by an accident but rather is sustained through weather damage or vandalism.
Depending on the type of coverage you choose, you may opt for a higher premium or a higher deductible. If you prefer to pay monthly for the eventuality of using your car insurance, opt for the higher premium. If you have enough to cover a higher deductible, you may want to lower your premium.
Make sure you have enough in either situation to continue to pay for coverage. Even though checking can save you money, you still need to have enough to cover both the premium and deductible.
Raise your Deductible
Another option for saving money on your premium is to raise your deductible amount. Before you do so, be sure you have enough to cover your deductible in a separate savings account or similar safe place. You don’t want to be caught in an accident where you can’t meet your deductible.
Raising your deductible should lower your premiums by a significant amount. Ask your agent what your options are for your deductible and decide which option fits you best. Don’t forget to plan for your new deductible amount.
Finally, you could give telematics insurance a try. This is user-based insurance that charges your premium based on how well you drive. If you don’t drive very much or very far or you’re a safe, careful driver, telematics insurance may be for you. Investigate local and national brands to see what user-based options are available.
With telematics insurance, insurance providers track your driving through apps or other devices installed in your car. These devices monitor your driving habits and sends information to the provider. Providers then study the data then add surcharges to your insurance premiums based on factors such as acceleration rate and turning speeds.
The Bottom Line
The best way to find the cheapest car insurance is to compare your current policy with other plans from national and local companies. You may not be able to save money by switching this year, but you will be making the companies’ rates more competitive and will perhaps find cheaper coverage the next time. Keep checking your car insurance quotes up to twice a year to get the best deals.