You can also view this article summarized in an infographic.
Want to lower your insurance premium? You've come to the right place. We've got more than 30 different ways you could save on car insurance– and we're talking about a few of them in the article below. The more informed you are about insurance, the less you’ll have to pay on your premiums. Check out these tips and discounts that may help you save money on car insurance.
1. Keep a clean driving record.
Good drivers are rewarded with extra savings. If you're able to keep a clean driving record and remain accident-free, you'll benefit from fewer claims and potentially fewer premium increases. Plus, you may be eligible for our Claims Free Reward.
Bundling your home and auto insurance with us is a smart way to keep things organized – and it may get you a discount on your coverage, too. Enjoy the simplicity of having one point of contact if you need to change your address, and potentially having your home and car insurance policies renew on the same date. Be sure to check your renewal date with your current insurance provider first.
3. Remove optional physical damage coverage on an older car.
As your car ages its market value decreases, and if you get into an accident the cost to repair your vehicle may be more than it's worth. When you feel it makes more sense to repair damage to your car out of your own pocket, or even buy a new one, you may want to consider removing optional physical damage coverage from your vehicle to lower your premium. Login to MyInsurance to review your policy.
University and college alumni, members of professional associations (like engineers and accountants) and employer groups may qualify for preferred insurance rates – and those rates could even extend into retirement.
5. Save on full-time student drivers.
Do you have an occasional driver on your policy who's a full-time student attending an accredited post-secondary school? If so, you could qualify for a discount on your coverage.
From a second car to a recreational vehicle or motorcycle, adding more vehicles to your policy is an efficient way to save money on car insurance.
7. Increase your deductible
Your deductible is the amount that you're responsible for paying should you have to make a claim. It's an out-of-pocket expense that's effectively "deducted" from your total claim settlement. If you can afford a higher repair bill than your current deductible, consider raising it to a limit you feel comfortable with. Typically, the higher your deductible, the lower your insurance premium.
8. Use winter tires.
Bad weather makes good driving a little harder.Winter tireshave been proven to reduce accidents and fewer accidents usually means fewer insurance claims. In fact, in some parts of Canada winter-rated tires are mandatory for winter driving.
If you live in Ontario and are insured with TD Insurance, you may be eligible for a discount on your insurance premium if your vehicle is equipped with 4 winter tires from December to March. Contact a TD Insurance advisor for details.
9. New driver? Take a training course.
Taking a ministry-approved driving course can equipnew driverswith better driving skills. Some insurers may offer a discount for a licensed driver who has completed an approved driver's training course in the last three years.
10. Drive a hybrid or electric vehicle
From environmental benefits to government rebates, there are lots of reasons to purchase a hybrid or electric vehicle – and insurance savings may be one of them. If you drive a hybrid or electric vehicle, you may be eligible for a discount on your car insurance coverage.
Overall, there are plenty of different ways you could save money on car insurance without compromising your coverage. A TD Insurance advisor can help you customize your insurance to find the coverage that's right for you – and your wallet. Log into MyInsurance to review your coverage.
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