Car Insurance to Get Costlier in Canada, Here’s How to Minimize the Impact

Car insurance is an expense that one can’t avoid if they have a vehicle which makes it necessary to ensure that one gets the best deal.

Car insurance premiums in Canada are set to rise after staying flat for almost 2 years. During the pandemic, there were fewer cars and accidents on the roads due to lockdowns. Also, the finances of the regular people were all over the place and companies had to shut down for a considerable amount of time. Therefore, the insurance companies decided to keep the premiums flat or even offer some rebates in some cases to ease the burden off the people. But now the prices of cars and car parts along with inflation are rising. Therefore, you must be prepared to pay more to insure your vehicles too.

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How To Get Cheap Car Insurance in Canada
How To Get Cheap Car Insurance in Canada

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How To Minimize Car Insurance Prices in Canada

There are a few methods that one could adopt in order to get the best deal.

  • Compare the prices – This is the best way to give yourself a chance to strike the best deal with an insurance company. If you are living in Ontario, there are dozens of insurance companies who are willing to sell insurance packages to you. Therefore, make sure to consult an insurance broker or visit the websites where the premiums of various companies are compared.
  • Choose the right coverage – There is no point in paying for services that are not applicable to you. A regular insurance policy might have some perks that you don’t actually need. You could customize your policy as per your requirements which could lead to a reduction in premium considerably.

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  • Combine your insurance – A normal family will have health, life, home, car and other insurance for multiple people. Therefore, you could approach your existing company telling them that you have other types of insurance policies as well. Combining various insurances will result in lower premiums compared to the stand-alone policy premiums.
  • Increase your deductible – This is a tiny detail that a lot of people miss. If you choose to pay a higher deductible ($1,000 CAD for instance), the monthly premium that you will pay will come down compared to if you just pay $500 as the deductible. In the long run, this will ensure that you save a lot of money.

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  • Install Winter Tires – The insurance companies have provisions for a reduced premium if you use winter tires in Canada. That is because the chances of road accidents due to less traction/grip in winter with regular tires is reduced greatly.
  • Affinity Programs – Finally, you might be eligible for discounts through organisations, associations, non-profits and clubs. You must check your eligibility with your insurance company.

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