As a car owner in Ontario, by now I am sure you are very accustomed to having to pay insurance fees. This I’m sure is yet another expense that has attached itself on to your plate with all of your other ongoing financial responsibilities. On top of being worried about having debt and bad credit, having high insurance premiums to pay can also take its toll on you and your bank account.
Suffice it to say, if you find this is a situation you have found yourself in maybe its time to look for ways that you can reduce the cost of your auto insurance in the future. As it turns out, you are in luck as there are several methods of improving your auto insurance in Ontario over time.
#1: Change the Amount of your Deductible
There is a common belief that if it better to carry a lower deductible on your insurance so that you won’t have to pay in the event an accident occurs. By paying a higher deductible, however, you are actually able to save more money in the long run. This is because the amount you will save is more than enough to offset the costs of having to pay if you get caught in a vehicle accident at some point in the future.
Furthermore, if you are a consistently safe driver and/or if you are able to avoid being involved in an accident, then you can definitely save on having to pay the higher deductible. As a result, of opting to increase your deductible by even $500 to $1000, then you can save somewhere close to 5 to 10% off your auto insurance premiums.
#2: Change Your Vehicle
If, for example, you have been driving the same vehicle for a long time and it is getting up there in age – you might consider moving on to a newer model. While in some cases this can mean that your insurance payments will increase, on the other hand, sometimes chancing vehicles can mean that you will save money on your auto insurance.
In this scenario, if you are already driving a vehicle that typically comes with a higher rate – for example an older luxury vehicle, such as an SUV or a sports car – by opting to move to a smaller vehicle or one that is considered more economical, you can reduce your insurance rates rather significantly. The reality of it is, this newer and smaller vehicle is likely to fall into a lower risk category as designated by insurance companies when determining applicable insurance rates.
Subsequently, these types of vehicles can even help you secure a discount, if for example, it is a more fuel-efficient car, thus better for the environment. On top on that, if you are opting to switch to a car that comes with up-to-date anti-theft technology, this can also make you a strong candidate for a lower insurance premium.
#3: Shop Around for a New Insurance Provider
Have you been with the same insurance company for some time? If this is the case, perhaps you have grown comfortable with this arrangement and are hesitant to make any changes. With that being said, what might not feel as reassuring to you is the amount of money you are paying each month in auto insurance premiums.
If the time has come for you to look to secure a lower insurance price, it may come down to shopping around at other companies for a more affordable rate. In order to find the best price you can this does require of you that you spend some time checking regularly on some rates as well as exhibiting a bit of patience.
This final method of improving your Ontario auto Insurance also happens to be one of the most commonly used strategies, that many drivers will take advantage of in order to save some extra money. While you can call around to car insurance companies, a more efficient way to obtain knowledge of potential rates is to search online quotes. By opting to find insurance premiums in this manner, you can access a higher volume of company rates and can then identify the most suitable one for you.
As you endeavour to make your auto insurance more affordable, remember there are plenty of options that are literally at your finger tips. If, however, none of these examples strike you as a viable solution, then just so you know, don’t give up on better insurance rates – there are other opportunities that can apply to you and your situation.
While it is true that some methods may present more of a quick-fix in terms of improving your insurance fees, others can be a bit more of a process. Either way, if you want to better your financial situation, starting with lessening your payments and reducing your overall debt – if paying for Ontario auto insurance is a reality for you at this time, why not make it more manageable and yes, even less expensive over time.
