You’ve probably noticed an increase in your car insurance rates in Alberta over the last few years. Unfortunately, vehicles are more expensive than ever to repair and there are still a large number of crashes, especially in Calgary and Edmonton. So what can you do to lower your car insurance rates in Alberta? While you might not be able to control your premiums entirely, there are some things you can do to keep your car insurance rates as low as possible. This includes:
- Only Submit a Claim when necessary.
- Drive safely and follow the rules.
- Drive less.
- Try to avoid missing payments.
- Try not to switch insurers too frequently.
- Remain insured.
- Raise your deductible
- Install anti-theft devices.
- Equip your vehicle with winter tires.
- Bundle your insurance.
1. Only Submit a Claim when necessary.
Car insurance is supposed to be for huge, catastrophic events that you couldn’t pay for on your own. Unfortunately, many people make an insurance claim even if the damage isn’t that severe. This increases insurance costs for everyone. If you can afford to repair the vehicle yourself or it’s just above the cost of your deductible, you shouldn’t Submit a Claim. Talk to your insurance broker if you’re not sure what to do.
2. Drive safely and follow the rules.
It’s far too easy to be an aggressive driver or to tailgate or speed. But this is exactly why there are so many collisions in Calgary and Edmonton – especially during poor driving conditions. Be patient, drive defensively, and always leave enough space between you and the car in front.
3. Drive less.
Did you know that you pay more the more you drive your car? If you commute, you’re also likely paying more as most accidents happen during rush hour. To save money on your insurance, opt for public transit, carpooling, or using your own two feet to get to work. Of course, this isn’t always possible. Transportation options are often limited and our extreme weather makes it difficult to get to work without a vehicle. However, you can still try to save money by driving less.
4. Try to avoid missing payments.
Unfortunately, missing payments generally means you’ll have more to pay down the road. It’s a catch-22. Try to avoid missing payments by putting a reminder in your calendar or turning on auto withdrawal. If you know you’re going to miss a payment, contact your broker or insurance company.
5. Don’t switch insurers too frequently.
It used to be that switching insurers got you the lowest rates. This can be true, but you may also find your rates go up after the first year or the new business discount has been replaced by a loyalty discount. Discuss your options with an insurance broker – they can help you determine if it’s really in your best financial interest to switch insurers.
6. Remain insured.
If it’s possible, remain insured. Even if you just have the minimum third party liability coverage required by law in Alberta. While this won’t offer much protection for you, it will help keep your insurance rates lower (plus, you’re mandated by law in Alberta to have a certain amount of third party liability protection).
7. Raise your deductible.
Raising your deductible will lower your car insurance rates. While you will need to pay more upfront in the event of a covered claim, you’ll save over the long term. Your broker can help you determine the right deductible for you.
8. Install anti-theft devices.
Some insurance companies provide discounts for security and anti-theft devices. Talk to your broker for more details.
9. Equip your vehicle with winter tires.
Winter tires make your vehicle safer to drive in winter. This is one reason Quebec and BC require winter tires on all vehicles for certain months of the year. While this can be expensive, you can find good deals on winter tires. Switching your tires at the right time also helps ensure their longevity.
10. Bundle your insurance.
Insurance companies often offer discounts for multi-vehicle policies as well as if you bundle your car insurance policy with other types of insurance such as home and business insurance.
In Ontario, insurance providers frequently provide reduced rates for combined policies covering multiple vehicles and for bundling car insurance with other forms of insurance, such as home and business insurance. If you are looking for a home and auto insurance in Ontario, you can also obtain home insurance quotes specific to the region.
Your broker is your best resource for saving money on your auto insurance rates in Alberta. Talk to them today about how you can save and what your insurance options are.