Car ownership costs Canadians a whopping $9,000 every year. That's per car they own. At the time we updated this article in April of 2022 that cost has risen to a cool $13,000 on average for a compact car.
Around $1,500 of this goes towards fuel alone. They spend another $500 to $700 for routine maintenance, like oil and filter changes. On top of that, they shell out a few hundred dollars for tires.
We haven't even talked about the price of a new car! In 2017, transaction prices of new vehicles averaged $33,464.
In any case, all these show how pricey car ownership has become in the Great White North. That's why many wonder if there's any auto insurance trick that can make car ownership more affordable. After all, it's the main driver of expenses associated with owning a vehicle.
Lucky you, as you've come to the right place. In this post, we'll share not only one but several tricks to lower insurance rates. So, make sure you keep reading!
Keep Your Driving Record Squeaky-Clean
Of the ways on how to get car insurance the cheapest way possible, having a clean driving record tops the list. To insurers, that's a solid sign of careful and prudent driving. They'll then consider you a lower-risk driver.
That can then translate to lower auto insurance rates. Some insurance companies even offer other discounts to drivers with a spotless record.
Keep in mind that any car accident you've been a part of stays on your record for about six years or longer. What's more, these incidents can also drive the cost of other types of insurance (like health and life).
Think Twice before Buying that New Speed Monster
Nowadays, you'll find a lot of super-fast and ultra-powerful cars priced at $40K or less. Those prices would've been impossible before, which is why you may feel tempted to get one for yourself. Before you do, consider that such vehicles can make car insurance prices skyrocket.
First, because insurers know that the faster a car is, the greater the risk of accidents. Many studies have already confirmed this.
For instance, WHO says an increase of 0.62 miles/hour can already result in a 3% spike in crash risk that can lead to injuries. The same speed increase can lead to a 4% to 5% higher risk for a deadly crash.
In Ontario alone, speeding is the leading cause of road fatalities. In the first half of 2016, law enforcement already issued 1,400 charges for speeding. Within that period, 30 fatalities occurred, which the police said were due to speeding.
In any case, unless you're a race car driver, stick to a safer ride. Not only will that help you get cheap car insurance; it may also be a life-saver.
If You're a Young Driver, Prove You're a Mature Driver
How old (or young) you are also affects your car insurance rates. In general, drivers under 25 have it the hardest, since they pay the most for auto insurance.
But you don't have to let age dictate your insurance premiums. If you're 24 or younger, you can still prove that you're a good and mature driver.
One way is to complete advanced driving courses, which also boosts road experience. Also, the better your driving skills are, the less likely you'll get into accidents. That then helps you keep your driving record clean, which is key to dirt cheap car insurance.
Invest in Anti-Theft Technologies
The more expensive your car is, the prettier it looks, especially to thieves. That's why the most expensive rides are also the priciest to insure. But in general, thieves aren't picky, so once they see an opportunity, they'll seize it.
That's one of the reasons automobile thefts cost the country almost $1 billion every year. It's also the reason insurers are willing to lower rates for cars with anti-theft equipment.
So, invest in techs like steering wheel locks, tire locks, and tracking systems. Not only will these protect your wallet from high insurance rates. They can also safeguard your car from thieves.
Work with an Auto Insurance Broker
With such a professional, you don't have to go through all steps on how to shop for car insurance. That's because they'll do almost everything for you. They're kind of like financial advisors who'll help you track down the best and most affordable coverage.
They're different from direct writers. The latter work for only one company, but brokers have connections to many insurers. That then makes finding great deals from various companies easier!
Best of all, you are in direct contact with brokers in case it's time to file a claim. They'll provide you with the guidance and support you need throughout the entire process.
Remember, claims are complex, so you'll want and need all the help you can get. With a broker on your team, you'll get personalized service and assistance.
Online Comparison: The Auto Insurance Trick that Makes Finding Low Rates a Cinch
As you're looking for a broker to work with, use the time to get insurance quotes online. This auto insurance trick is one that never fails since it's key to scoring great deals. Not only will you receive quotes right away; you'll also get several of them from various insurers.
That then makes it a cinch to compare what's on the market today. Remember, comparing is the only way for you to figure out which policy has the best coverage. It's also the only way to find out which products have the lowest price tag attached to them.
Ready to insure your car and make auto ownership more affordable? If so, then let us help! Get a free quote now so you can start comparing your car insurance options!