There are many veterans in Canada who face a whole gambit of challenges. These can range from integrating back into civilian life to dealing with a disability. Among the challenges, it may include financial difficulty. As a result, Canadian veterans have to look for ways to cut costs. Many of the veterans vary in age. There is a misconception that all veterans are in their senior years. So they may not need to depend on their vehicles as much. This is not the case. Anyone that’s retired from the Canadian military should be considered as a veteran.

Are There Veterans Vehicle Insurance Discounts?

Veterans Vehicle

When it comes to vehicle insurance, there is usually some type of vehicle insurance discount. Ones that they will qualify for. The same holds true for the Canadian veterans. They can qualify for some of the traditional insurance discounts. Also, they may have other discounts available to them. Ones that get based on the fact that they are a veteran.

There are several insurance companies. Ones that have made it a point to offer special vehicle discounts. For the Canadian Military personnel including the veterans. Also, quite often the discounted coverage extends to the vet’s family.

There are a few reasons why Insurance companies have chosen to do this. One important reason is to honour those who made commitments to keeping Canada safe. The other reason is that it is another target market for the insurance companies. These companies need to sell their insurance products. If they have to offer special incentives, then they are willing to do so. Anyone can look at the statistics for how many veterans there are in Canada. The figures are pretty outdated. They go back to 2003. And even with that, it is only an estimate. For the CAF Veterans applicable to both regular and primary reserves the figure is 215,300. For Ontario alone. This is a big market for the insurance companies.

Group Rate Insurance for Veterans

There are some easy ways to get some discounts for vehicle insurance for Canadian veterans. One is by looking at those companies that offer group rates. There are a few insurance companies that do this. One of the main advantages of group insurance is the group discount. Insurance companies can offer group discounts. It is because they are working off of volume for the group policy

Dedicated Insurance Providers

Providers

There are also companies that are dedicated to the military only. That is there to support both active military and veterans. A good example of this is Sisip. They focus on some of the major concerns that veterans may face. Such as investment and savings along with their insurance needs. In this case, this Company has affiliated themselves with Personal Insurance. By doing this, they have been able to arrange for group policy coverage. Among the offerings are different insurance packages. Those that apply to the active military as well as the veterans.

How Can Canadian Veterans Get Cheaper Insurance Rates?

There is no doubt that the choices for veteran’s vehicle insurance are limited. The main provider of this type of insurance for the military is the Personal Insurance. There are still other options available for shopping for vehicle insurance. Options available for Canadian Veterans. There are a lot of vehicle insurance providers in Canada. There is no reason why Canadian Veterans cannot check out what they have to offer.

Vehicle Insurance Discounts

One of the ways to reduce vehicle insurance costs is by knowing what the discounts are. Veterans opting into group insurance are getting a group insurance discount. There may be other discounts or benefits that makeup part of those packages. The traditional insurance companies also offer a wide range of discounts. Ones that any veteran may be able to qualify for some of them. By knowing what they are it allows the veteran to be informed.

The Choice of Vehicle

One of the ways to be able to get a discount is by choosing the right vehicle. Many veterans find once they leave the military they have no requirement for a high-end vehicle. Or a sports type vehicle that may increase the cost of insurance. By choosing an economical type car, it creates a lot of advantages. Even ones besides the vehicle insurance. It is not uncommon for veterans once leaving the military to want to get a vehicle. They may not have kept their vehicle before entering the service. It helps to be pre-prepared with the vehicle purchase. It is the start of cutting the insurance cost down.

Another option that many insurance companies offer is a new car discount. These discounts can range in price, but quite often they can create a savings of up to 10%.

Anti Theft Discounts

Anti Theft

One of the metrics that insurance companies use to help determine premium costs is the risk of theft. If the veteran focuses on a vehicle that is not in the high risk category this is helpful to premium costs. Some insurance companies will allow for the installation of anti-theft devices. And by doing so will reduce the cost of insurance.

Payment Options

Again this is another simple but effective way for being able to save on vehicle insurance. All it means is paying the insurance premium in full for the time of the insurance coverage. A lot of individuals opt to pay their insurance in installments. But don’t realize that they can get extra savings by paying it in full.

Driver History

Many veterans have excellent driver record histories. Partly because they have been away from home for a period. Also, others because they know the responsibility of good driving. All this can add up to having a good driver history that is important to the insurance companies.

It is important to understand how vehicle insurance discounts get created. It means understanding what risks a driver is creating for the insurance company. By using common sense to mitigate these risks they are going to be able to find some savings. Through the discounts.

Resources:

https://www.sisip.com/en/insurance
http://www.veterans.gc.ca/eng/about-us/statistics/1-0
http://www.egminsurance.com/military-insurance/
https://army.ca/forums/index.php?topic=62544.0