New drivers in Ontario face enough challenges on the roads so there’s no need to add finding lower insurance rates to that list. Here are five ways to make it easier to get lower rates for your car insurance:
1) Get schooled
Completing a driver’s education course that is approved by MTO will earn you a discount with a number of different insurance companies. And speaking of school, if you got good grades that can also get you a discount with some insurers.
2) Get experience
If you can be added as a secondary or occasional driver of your parents car or a partners car, this could give you some experience and (hopefully) a good driving record before you get your own vehicle and become the principal driver.
3) Get tracked
Signing up for a telematics device to be installed in your car can earn you up to a 30% discount on your rates. When you drive, how much you drive, your rate of acceleration and braking are the factors that will determine your eligibility for a safe driver discount.
4) Get the right car
Your insurance rates will definitely depend on the car you drive. Generally speaking, two-door sports cars will cost more to insure than four-door models. Same for new cars versus used but when you’re looking at used cars keep in mind that newer ones have more safety features than older used cars, which can help keep your rates lower. You can see How Cars Measure Up at the Insurance Bureau of Canada’s site.
5) Get the right deductible
One of the easiest ways to have lower insurance rates is to accept a higher amount for your deductible. The deductible is the amount you pay if a claim is made before your insurer pays the rest. So if you can handle paying a $1,000 deductible instead of the usual $500, you will save on your monthly premiums.