13 auto insurance discounts you need to know about

If you’re like most Ontarians, odds are you own a vehicle and use it to perform everyday tasks. But did you know that there are a number of ways to save big while staying insured? If not, you might want to check with your insurance broker to make sure you’ve got the coverage you need, at the best price possible.

The following list contains the most common discounts when it comes to auto insurance.

New drivers are oftentimes seen as potentially high risks due to their lack of driving experience. This can result in higher-than-average insurance rates. Completing a recognized driver training course demonstrates that you’ve been schooled in the best practices of defensive driving by a trained professional. If you’re in your first few years of driving, this can translate into significantly lower insurance rates.

Opting for a higher deductible can be a quick and effective way to lower your insurance rates. While that means greater liability on your end in the event of a claim, your willingness to take on more of the financial responsibility will be rewarded in the form of lower monthly premiums.

Winter tires are not only a great idea in terms of safety, they can also lead to savings on your insurance rates. There are some guidelines you’ll need to follow (i.e., when to put them on, how long to keep them on, etc.), but if all your tires are fit for the season, you should be eligible for a noticeable discount.

One of the newer and more innovative ways to save on auto insurance is via telematics. A telematics device monitors your driving habits and rewards you according to the quality and safety of your driving. Simply put, the safer you drive, the higher the discount you become eligible for. This has become an increasingly popular option for drivers as discounts can grow to an impressive 25%.

One surefire way to bring your rates down with most insurance companies is by purchasing multiple insurance policies from them, instead of having different policies with different insurers. Typical bundles combine auto insurance with home, condo or tenants insurance. The more insurance products you have with the same provider, the better the discount.

Since insurance rates are all calculated in relation to risk, where you park your car can affect the premiums you pay. While keeping your vehicle parked on the street increases the possibility of damage or theft, keeping your car in a private garage or driveway reduces said risks considerably. If you tend to park your car in the latter, you may be eligible for a discount.

Those who are retired and of a certain age may be eligible for a senior discount if they meet certain criteria. No longer having to drive to work every day helps, as does a clean driving record. Those who qualify may be able to secure up to 15% off their premium for accident benefits coverage.

Having multiple vehicles insured under the same policy is an excellent way to save money. You may even be able to get a larger discount if there are more cars than drivers in your household. Typical multi-vehicle discounts tend to range between five and ten percent off your premiums.

Staying with the same insurer can have plenty of benefits, particularly when it comes to car insurance. If you’ve been with the same insurance company for a certain number of years and haven’t had an at-fault accident during that time, you may be eligible for a loyalty discount between 5% and 20%.

Most accidents tend to occur on the way to or from work or school. Therefore, having a short commute, or no commute at all, works in your favor and can translate into savings.

If you’re under 25 years old and attend college or university over 100 kilometers from home, that means you’re not likely to use your parents’ car, and that could result in considerable discounts on their premiums.

Are you a licensed driver under the age of 25 and achieving good grades at school? Then you definitely want to mention it to your insurance provider, as you may be up for a decent sized discount. The insurance company isn’t just being nice. It’s been proven that people who get good grades are less likely to get in accidents.

Drivers of hybrid or electric cars could be rewarded with a 5% discount thanks to their lessened impact on the environment, and in the case of fully electric vehicles, having no combustible fuel that could lead to fires or explosions.

Now that you know what discounts are available, contact your insurance broker to ensure you’re properly covered and getting the discounts you’re entitled to. If you have any questions regarding your auto insurance, get in touch with Mitch Insurance today at 1-800-731-2228 or email us at info@mitchinsurance..com. We’re always happy to help you find the best rates and coverage possible.