Nowadays, car insurance accounts for a surprisingly large part of our monthly budgets. So here are some tips to save money.
Nowadays, car insurance accounts for a surprisingly large part of our monthly budgets. So here are some tips to save money.
- Don’t be afraid to shop around. At Merlin Assurance, we are committed to ensuring our customers are offered the best price and coverage available for them. Quebec is a competitive insurance market—and you will be surprised how much you can save if you make a point of shopping every two years or so. Did you know that most of the time your broker and insurer are holding something back when they quote you a price—whether you are a new or existing customer? How can that be right? At Merlin Insurance, we always quote the best price we can from our insurance markets. No need for you to negotiate or haggle. And you can have total confidence that the price we offer you is the best price possible.
- When you consider buying a car, think about the insurance rating. A substantially more expensive car, or newer vehicle, will likely drive up your premium. Choose an older or less expensive model and you will benefit from lower premiums.
- Know the driving record of anyone listed on your insurance. Drivers with frequent accidents and multiple convictions are high-risk. Do you want to pay for that risk on your insurance?
- If you don’t use your car for business or commuting, say so. It works out cheaper! Driving fewer kilometers per year will also reduce your premiums.
- Consider choosing a higher deductible—for example $1000 rather than $500. You will pay more in the event of an accident, but you will reduce your premium. It is also worth asking yourself whether you need all of the additional coverage your existing insurance may provide. Speak to your insurance broker to be sure you need it before you pay out for another year.
- Young drivers are considered higher risk because they have less experience. Insurance is expensive. Most parents will place their 16 to 18 year olds on the family policy as occasional drivers. However, if the teenager is the principle driver of their own car, it really is in everyone’s interest to register them as such. This enables them to build up their driving record quickly. After several years of claim-free and conviction-free driving, they can benefit from substantial discounts. It also avoids any problems in the event of a claim. Building up an insurance record is important—and saves money in the long run.
- It may sound obvious, but try to maintain a driving record free of convictions and collisions. The most risky drivers can pay several thousand dollars more for their annual premium than the best drivers. Add that up over a lifetime of driving and you’ll realize that patience, concentration and being considerate to other drivers certainly deliver rewards.
- Our final tip is to be as precise as possible when you complete insurance quote request forms. There is nothing more expensive than finding a claim is not supported because a relevant piece of information was forgotten.
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