9 tips for saving on your car insurance

With rising costs of living, we’re all looking for more ways to save. Did you know that there are ways to save on your car insurance premiums?

Here are some things to consider if you want to reduce your car insurance premium.

1. Group all your vehicles and all your policies with the same insurance company

   Most insurance companies offer discounts when you insure your car and your home with them. It’s the same thing if you have more than one car to insure. In addition to the savings you’ll get, it’s also much easier to have all your policies under one roof in case you have to make a claim.

2. Increase your deductible

   The deductible is the amount you have to pay in case of a claim. You can contact your insurance company to change it at any time. Always make sure that you have the money to be able to pay the deductible and do some calculations to see whether the savings are worth it.

3. Take advantage of discounts available to you

   Most insurance companies offer discounts. For example, at iA Auto and Home Insurance, you can save if you also have financial products with iA.

   Don’t forget to mention them when you get your auto insurance quote.

4. Update your policy regularly

   Do you often use your vehicle for work, or does your child borrow your car regularly? These are just a few examples of things that can affect your insurance premium.

   If you’re driving fewer kilometres every year than you used to, or if your child has moved away from home, don’t hesitate to contact your insurance company. These changes could lead to savings.

5. Do your research before you purchase a vehicle

   Most vehicles these days are equipped with the latest technology. Backup cameras, cruise control, sensors: all these components contribute to much higher replacement part and labour costs in the event of an accident. These new technologies can therefore increase the cost of insurance premiums.

   If you decide to go for a high-end or fully equipped car, the cost of your insurance could be much higher than if you opt for the base model.

   If you want to save on your insurance, do some research about the model you’re interested in before you buy. You can also ask your insurance company to get an idea of the premium you’d have to pay to insure the vehicle.

6. Drive carefully

   Having a good driving record will also help you save on your insurance premiums.

   Did you know that the number of claims you’ve submitted and the number of accidents you’ve been involved in are taken into consideration when calculating your insurance premium? Insurance companies get this information from a central claims database.

   Want to see your claims file? Go to the Groupement des assureurs automobiles website for the steps to follow.

7. Maintain a good credit rating

   Your credit rating can also have an effect on your insurance premium. It’s important to keep a good insurance record, make your credit card payments on time and maintain good financial standing. 

   For more information, see the All about credit information and insurance guide created by the Insurance Bureau of Canada.

8. Review your coverage

   Make sure your coverage still corresponds to your needs. If your car is getting older, you may have some coverage that doesn’t fit your circumstances anymore. It’s a good idea to update your file every year.

   See our quick reference guide to help you with your auto insurance quote.

9. Install an anti-theft system on your car

   The area you live in could have an impact on the cost of your auto insurance. For example, if you live in an urban area, the risk of an accident is higher than if you live in a rural area. 

   Living in an area with a higher risk of theft can also affect the cost of your premium. Adding an anti-theft system to your vehicle could save you money. Don't hesitate to talk to your insurance agent before you buy.

Did you know?

Did you know that Quebec has the lowest auto insurance costs of any province in Canada? In 2020, the average Quebec premium was $857 compared to $1,014 for New Brunswick and $1,655 for Ontario (source Groupement des assureurs automobiles).