How To Save Money on Car Insurance in BC

Posted on May 15, 2014 · Posted in Car Insurance

We encourage you to talk to your local insurance agent and discuss if the following scenarios or discounts may be applicable to your car insurance. Every driver is different, but here are a few ways that you can keep your auto insurance costs as low as possible.

1. Review your coverages. Drop by our office and we’ll be happy to go over your coverages with you. A good insurance agent will ask you questions about your unique driving situation and recommend the best coverages for you. You could be paying for coverages you don’t need, or be paying for coverages that don’t apply to you. For example, if you drive part way to work and take public transit for the remainder of the journey, you can qualify for savings on your insurance.

2. Increase your deductible. Auto insurance policies usually have several different deductible options (the amount you are required to pay in the case of a claim. For example, if your car is stolen and your deductible is $300 this amount will be deducted from the amount that the insurance company pays you. The lower your deductibles, the higher your premium will be. Ask your agent if you can increase your deductible amount, and how much money that would save you on your insurance. Sometimes it’s worth it, sometimes it isn’t.

3. Include learner’s history in CRS discount. A lot of people don’t know this, but sometimes you can include the period of time that you had a learner’s licence in your CRS discount. Your CRS discount is based on how many years you have been claims free with ICBC and the maximum amount you can receive is 43%. If you are below the 43% threshold, you can bump up your CRS discount by 5 or even 10% by asking for your learner’s licence history to be included.

4. Insure for full year term. If you are in the habit of insuring your vehicle for less than 1 year at a time, you could be paying extra fees and surcharges. By increasing the term of your insurance to a full year, you can save hundreds of dollars over the course of your policy.

5. 10 year driving discount. If you have been a safe driver for over 10 years, you could be eligible for the 10 year safe driving discount. For mature drivers, this is one of the best and easiest ways to save money on your car insurance. The only downside is that everyone in your household that drives the vehicle must have at least 10 years of driving experience. This means that any kids who live with you wouldn’t be allowed to drive the vehicle.