No one wants to pay a whole bunch of money for their insurance. Depending on the insurance company that you’re dealing with, there will be different discounts available. Your insurance company might not offer these discounts to you up front. It is likely that you’re going to have to ask your insurance company to get one of these discounts. Due to this reason, it is important to make sure that you know what types of discounts are available. When you go to renew your policy or switch insurance companies, you then will know what discounts you should ask for.

Bundling Insurance Discount

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Most of the time you will be able to get a bundling insurance discount. Should you have more than one item that you want to insure, you can talk to your insurance company to arrange a discount. Usually, the higher your monthly payment is, the more willing your insurance company will be to offer you a bundling discounts. Having more than one vehicle to insure can definitely be of benefit to you. However, you should also be able to bundle your house insurance and your automotive insurance through the same company for a discount as well.

Student Discounts

There are many different insurance companies that offer student discounts. Usually, student discounts consist of getting a discount for good grades. However, often times students can take a driver’s education course which can lower their insurance as well. You might not get a huge amount of money for having good grades, but all discounts do help to lower your insurance premium.

Safety Features

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Most of the time insurance companies will give discounts for cars with good safety features. Things like having a lot of airbags, having antilock brakes and antitheft systems in place will assist you with getting a discount on your insurance. The less likely you are to get injured in an accident and the less likely it is that your vehicle will be damaged, the cheaper you can expect your insurance premium to cost. It is important to realize, however, that the more expensive your vehicle is, the more you’re going to have to pay for your insurance premium. Just because your new vehicle has a whole bunch of safety features, doesn’t mean that it isn’t going to be expensive for your insurance company to replace.

Good Driving Record Discount

The better the driving record you have, the more of a discount you should be able to get on your insurance. Should you have a completely clean driving record, you should be eligible for the largest discount on your insurance rates. Sometimes insurance companies will offer things like zero dollar deductibles. Usually, these are available for people who have maintained a clean driving record for a certain amount of years. However, you will likely have to contact your insurance company to see if there is a discount available.

Regular Discounts an Insurance Company Will Use to Calculate Your Premium

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Age

Depending on how old you are, you might be able to get a discount on your insurance because of your age. Usually, drivers under the age of 25 will have the highest insurance premiums. Once you are over the age of 25, you might qualify for a discount on your insurance.

Kilometres driven

The amount you drive certainly has an influence on your insurance premium. The more kilometers you drive in a given year, the more you’ll pay for your insurance premium. Generally, when you renew your insurance policy, your insurance company will ask you how many kilometers you roughly drive in a year. The less you drive, the less money you’re going to have to pay for your insurance premium.

Location

Where you live has a huge influence on your insurance rates. The higher the risk of you getting into an accident where you live, the higher you can expect to pay for your insurance. Usually, insurance prices are the lowest in areas with low populations. When you live in a city, you can expect to have a high insurance premium. Living a few minutes out of town, is probably going to allow you to get a discount on your insurance. Sure, you might drive into town occasionally, but you will spend the majority of your time driving out of town, which is usually much safer.

Hybrid vehicle

The more efficient your vehicle is on fossil fuels, the higher the discount you are likely to receive on your insurance premium. Canada is all about protecting the environment as best as possible. Fossil fuels and carbon dioxide are not good for the environment. Having an electric car or a hybrid vehicle is definitely going to allow you to get a discount on your insurance premium. It might not be a whole lot of money, but over the lifetime of your car it definitely adds up.

Winter Tires

Canada tends to have some pretty severe winter months. When you use winter tires, you are much less likely to slip and get into an accident. Insurance companies realize this and offer a discount to Canadian drivers who use winter tires during the winter season. Usually, there is a timeframe in which you are required to change over to your winter tires. Even if you do not have winter tires when you start up your policy, if you buy some, you can contact your insurance company to be able to get a winter tires discount.

To Conclude

Getting a discount on your insurance policy is a great feeling. Even a few dollars a month can add up quite a bit over a whole year. Some discounts provide more savings than others and are more important to ask your insurance company for. To get some discounts, you might have to change up your insurance policy. You will have to decide if the changes are worth it for you. Not every discount is worth striving for, as driving should be an enjoyable experience. You don’t have to sacrifice your nice car to get a cheap insurance plan.