If you're feeling the pinch from inflation, including increasing auto insurance costs, you're not alone. Advanced technology, such as cameras and sensors, means even small fender benders can be expensive to fix.
You also can’t ignore the ripple effect of the COVID-19 pandemic on the auto industry. Supply chain disruptions, closed borders, and even a semiconductor shortage continue to affect us all with higher prices, inventory delays, and a surge in car parts thefts. In Canada, particularly in Ontario and Québec, vehicle thefts are spiking, adding to the pain.
With over $1 billion in insurance claims reported, it's clear why auto premiums are ticking upward.
At EasyInsure, we understand it’s a challenging time for consumers. Please find below advice to help you maintain control over your insurance costs.
1. Update Your Broker on Vehicle Usage Changes
- Driving Less: If you've cut back on your driving, let your broker know. You might score a reduced premium.
- Driver Training: If anyone using your vehicle has taken a driver training course, ask about discounts.
- Seasonal Parking: Not using your car for a while? You could save by parking it off the policy.
2. Reevaluate Your Coverage and Deductibles
- Boost Your Deductible: A higher deductible can lower your annual costs, which is ideal if you have a good driving record.
- Accident Waiver: This might hike your short-term costs but protects against premium increases after an at-fault accident.
- Minor Conviction Waiver: Shield yourself from premium increases after your first conviction, which are available regionally.
- Trim Unneeded Coverage: Consider dropping glass or hail coverage if you don't need it.
3. Leverage Multi-Policy Discounts
If you have multiple insurance policies:
- Multi-Vehicle Discount: This applies to all vehicles in your household registered in your or your spouse's name and insured with the same brokerage and insurer.
- Multi-Product Discount: Bundle your home, condo, or rental policies for potential savings.
- Recreational Vehicle Discount: Insuring an ATV, snowmobile, or motorcycle along with your car? This can cut your costs.
4. Additional Tips for Savings
- Consent to a Credit Check: In some places, consenting to a credit check could score you a guaranteed discount.
- Safe Driving: Avoiding convictions and suspensions keeps premiums low.
- Protect Your Vehicle: Theft or damage can spike your rates. Use a covered garage, lock your doors, or install an alarm system.
- Choose the Right Car: Some makes and models are safer or less likely to be stolen, which can influence your insurance costs.
- Add New Drivers: Adding new drivers early helps build their driving history, which benefits them in the long run.
- Report Use of Snow Tires: This might qualify you for a discount in some regions.
- Retirement: If you're retired, notify your broker—you may qualify for a discount.
At EasyInsure, we’re here to ensure you’re not left in the lurch when the unexpected happens. Talk to your EasyInsure broker to answer any questions and get help navigating these tips to keep your auto insurance as affordable as possible.
Reach out to EasyInsure today at 1-800-679-2640 or email:
info@easyinsure.ca.
Let's drive smarter and save together!