Ontario has some of the highest car insurance rates in Canada, making it essential to find ways to save. This guide covers immediate, actionable steps you can take to reduce your insurance costs.
Immediate Actions You Can Take
Compare Multiple Quotes
The single most effective way to save money is to compare quotes from different insurers. Rates can vary by hundreds of dollars between companies for the same coverage. Take 15-20 minutes to get quotes from at least 3-5 different insurers.
Review Your Current Coverage
Look at your existing policy and identify coverage you may not need. Are you paying for roadside assistance when you already have CAA? Do you still need rental car coverage if you have a second vehicle?
Adjust Your Deductibles
Increasing your collision and comprehensive deductibles from $500 to $1,000 can reduce your premium significantly. Just ensure you have savings to cover the higher deductible if needed.
Discounts to Ask About
Winter Tire Discount
Ontario insurers must offer a discount for winter tires. This discount is typically around 5% and applies when you have approved winter tires installed during winter months.
Multi-Policy Discount
Bundling your auto insurance with home or tenant insurance can save you 5-15% on both policies.
Multi-Vehicle Discount
Insuring multiple vehicles under one policy often qualifies for a discount.
Usage-Based Insurance
Sign up for a telematics program that monitors your driving. Good drivers can earn discounts of up to 25% by demonstrating safe driving habits.
Professional and Alumni Discounts
Many insurers offer group rates through employers, professional associations, or university alumni programs. Ask your insurer what group discounts are available.
Long-Term Strategies
Maintain a Clean Driving Record
Your driving record is one of the biggest factors in your insurance rate. One at-fault accident can increase your premium for 6 years. Practice defensive driving and obey traffic laws.
Consider Your Vehicle Choice
When buying a new vehicle, check insurance costs before purchasing. Vehicles with good safety ratings, lower theft rates, and cheaper repair costs have lower premiums.
Build Continuous Insurance History
Maintaining continuous insurance coverage without gaps helps keep your rates lower. Even if you sell your vehicle, consider minimal coverage to maintain your insurance history.
Take Action Now
Don't wait until your renewal date to start saving. Many of these strategies can be implemented immediately. The key is to be proactive about managing your insurance costs.
Ready to start saving? Compare car insurance quotes from multiple Ontario insurers and see how much you could save today.