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Tips to Place and Save on Automobile insurance
1, What isn't covered: Ask us what isn't covered by your insurance policy.
2, Pay your premiums: Non-payment of premiums, under certain circumstances, is reason to cancel your insurance. A cancelled insurance policy on your history makes you a more uncertain risk for another insurance company.
3, Tell the truth: When talking to any insurance representative, don't "forget" any details. If you neglect to disclose some important information about you or whatever you are insuring this could cause big problems down the line.
3, Consider how much risk you are willing to absorb: You know about deductibles, they are the reality of the insurance process. If you were to have a claim, how much could you comfortably pay for yourself; at what dollar value would you consider submitting a claim?
If this amount is different than your current deductible, contact your insurance representative to make the adjustment.
4, Stay the course: Try not to switch insurers in the middle of the year. Wait until your contract is up before switching insurers; this way you'll avoid any early cancellation penalties.
5, There are deals: Ask about multiple vehicle discounts or a discount for insuring your home and car together with the insurer.
6, Ask about discounts: Ask us about discounts to reward your loyalty
7, High deductibles. Everyone preaches this, yes, but it's a way to cut costs. Usually, however, the savings may be minimal. The higher deductible must be substantial enough to warrant the extra out of pocket you pay in the deductible in case of claim. Have us work out different scenarios to best fit your situation.
Do you have Emergency towing Coverage? Good maintenance and planning can save you money. Don't run out of gas. Don't lock your keys in your car. Make sure you have a spare and know how to change it.
Sometimes your car will break down, but if your car is well-maintained, it won't happen often. You can pay $30 or more per vehicle a year over the life of your policy and one tow costs $100.
Note that in the event of an accident, towing is almost always covered under collision. Insurance is not designed to be an emergency towing all in one solution. Look to your CAA provider, credit card or preferred Fuel company. They can normally offer much better deals and more comprehensive coverage.
It's your choice…be informed and if the insurance provider meets your needs, then go ahead and chose it.
Aside from self-insuring, there are other steps you can take to save on car insurance.
Shop ahead. Before you buy your next car, check on insurance. Many people assume that SUVs are expensive and Neons are cheap.
This is not necessarily true. Some companies will increase your liability based on the cost of damages your type of vehicle may inflict - big trucks cause big damage.
However, they also rate the autos based on how likely they are to be damaged in an accident, how often they are stolen, and how badly driver/passengers are injured. That Neon (or Jetta or Honda) is going to be a lot more expensive than you think. Many companies will have websites that will give you lists of safe and lower priced cars.
Think twice about after-market gizmos. If your vehicle is totaled or stolen, the insurance company will determine a fair market or actual cash value. They will look at your vehicle as a "whole package."
Even if you paid for $3,000 in after market items (wheels, spoilers, stereos, exhaust, etc.) they may only add, for example, $1,000 in value to your vehicle. It's not dollar for dollar.
Also, note that the policy will only cover a maximum $1500 for all aftermarket parts unless you specifically list the items and their value at the time of placing coverage or when you purchase and install.
This may raise your rates so think twice before installing that noisy after market exhaust system!
Have all of your insurance in one place. Often, the more types of policies you have, the more you save in discounts.
Find out if the insurance company offers any low-mileage breaks that you qualify for.
Can you take a safety-driving course? Some companies offer a discount for this.
Do NOT pay monthly. If you can afford it, avoid monthly pay plans. Your carrier will charge anywhere from 3-5% on your annual premium for this type of billing.
Don't purchase a policy for six month term if possible. You are actually paying 4% more a year (52% of the annual policy rate)
This might not be a money saving tip, but insurance companies are provincially government regulated. They must file their rates with the province and be able to justify any increases these are public record as are any types of complaints or fines. The automobile insurance rate board rules al mandatory coverage's and optional coverage's are file and use only.
Some companies now use aspects of your credit to determine your rate. It is illegal for them to do this mid-term or without your permission. However, If you have good credit, this may be to your advantage. You are allowed to request that they re-check your score once per year.
However, whatever the score is, you're stuck with it. If it comes back bad and it raises your rate: too bad. But, if you have a policy that was written when your credit wasn't so great, request that they check it again after things look better.
Drive carefully Drivers with no accidents, tickets or insurance claims almost always pay less for their auto insurance coverage. Your driving record is a key factor in determining your insurance rate. Tickets and at-fault accidents affect your insurance rates for years. Did you know that tickets affect your insurance rates for up to three years and accidents stay on your record for at least six? With a less than perfect driving record, you can find yourself paying much higher insurance premiums over the years.
If you can, don't drive to work. Sure not everyone can do this, but if you can, take public transit to work because insurance rates are generally higher for people who commute to work. Not only will you save on parking and gas, but taking transit will help you get lower car insurance premiums too.
Make sure all your cars are on the same policy Most insurance companies offer a "Multi- vehicle discount" for customers who insure more than one car on the same policy. This can add up to a discount of up to 10 per cent off both cars.
Insure both your car and home with the same company Again; this may qualify you for a discount called the "Multi-line discount". Most companies offer this savings as an incentive to get your home insurance business too. It's a great way to get usually another five per cent off your premiums.
Have an anti-theft device installed in your car Vehicle theft is big business in Canada and if you take measures to ensure your car less likely to be stolen, then some insurance companies will offer an "Anti-theft discount" if certain anti-theft devices are installed.
Check to see if your company offers this discount and then see if the price of the device is worth the added savings over the years. If you already have an approved, factory- installed alarm in your car, insurance companies will take this into account when determining your rate.
Ask about other discounts you might be able to get
Other than the multi-vehicle, multi-line and anti-theft discounts, additional common discounts include the:
Age discount: A discount on your insurance as you pass certain age milestones. If available, the qualifying age differs from insurer to insurer.
Low mileage discount: Available if your vehicle is not driven often.
Occupational discount: Offered if you work in a certain field or hold a certain degree.
While the availability of discounts will vary depending on your insurer, where you live and whether you meet the eligibility requirements, asking about them could save you significant money.
Older car? Think about dropping your collision coverage
If you have an older car, you may want to think about dropping the collision coverage on your policy. You need to think about this one though - it's not always a clear-cut decision. You need to weigh the cost of the collision coverage with the value of your car and your chosen deductibles. For example, if you had a 10- year-old car worth about $1000, and your deductible was $1000, that collision coverage isn't going to help you much.
Don't believe the myths about auto insurance premiums.
Auto insurance premiums across insurance companies ARE NOT the same. What you are paying now with your current insurer IS NOT the same as what you would get with another. In fact, each insurer's car insurance rates are so unique to them that it's pretty safe to say that no two are alike.
Give us a call and see why thousands of other customer's choose to insure with Brown & Ward Insurance – click on "Get a Free Quote", call us toll free at 1-888-782-3757, or contact us by email at info@brownandward.com.
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