Car insurance premiums are not calculated only based on your driving record or the vehicle you drive, but also based on your age (surcharge for young drivers), your gender (women pay less! ), your place of residence or the number of years you have held your license. That said, a few actions can help you reduce the cost of your car insurance.
1. Take stock of your real needs
The first step is to make a list of the coverages you have and determine if they still meet your needs. Here are some questions to ask yourself: Is my car new? Are these trips for work or personal? Will someone else drive my car? So, when you are offered collision insurance, if your vehicle is 20 years old and the odometer has passed the 200,000 km mark, you may be able to refuse it. In short, the annual budget that you devote to your car insurance should not be disproportionate to the value of the car.
Are you working remotely and, as a result, using your vehicle less? A reduction in the number of kilometers you drive per year may also result in a reduction in your premium.
Finally, don’t pay for coverage you don’t need. Insurance companies will offer you numerous additional protections, each more attractive than the last: replacement value replacement, replacement car, protection for vehicles rented short or long term, etc. Warning: don’t let yourself be persuaded to buy expensive protection that might not be very useful to you. Analyze your needs as rationally as possible and see which protections are really suited to your situation.
2. Choose your car wisely
If you are about to buy a new vehicle, first find out the cost of insurance based on the models you are interested in. This cost may in fact vary, in particular depending on the risk of theft and the number of complaints recorded for the models in question. You could also benefit from a discount if you drive an electric or hybrid vehicle.
Here are the most stolen vehicles in 2023 among the most popular models according to the Groupement des assureurs automobiles (see the “Frequency” column) and the list of the 10 vehicles most popular with thieves in 2023 from the Équité Association organization.
3. Request multiple quotes
Review the market every two years to avoid missing out on a drop in premiums. A survey carried out by Protégez-Vous shows that it is possible, just by shopping, to save hundreds of dollars.
Online comparators, such as ClicAssure , YouSet and Panda7 , each have a network of at least six partner insurers. These sites allow you to obtain online quotes from several companies at the same time, which is less time-consuming and tedious than calling each of them separately. According to our survey, online comparators often – but not systematically – allow you to obtain the best prices. Think of them more as a quick way to get an idea of the prices offered by various insurers.
Furthermore, some insurers offer a discount if you request a quote online. Please note that you will still have to conclude the agreement over the phone.
4. Insure all your belongings in one place
Insuring your home, car and other property with the same company is generally a source of savings, because to attract them, companies offer discounts to their customers.
5. Take advantage of corporate discounts
Consider asking your employer, union, university or professional order if they have negotiated reduced rates with certain insurance companies to which you would be entitled. If you are a member of CAA-Quebec or other associations, don’t forget to mention it in order to benefit from the advantageous rates then offered by certain insurers.
6. Ask for discounts
Often, consumers do not dare negotiate preferential rates and are content to accept those presented to them. Please note that you have the right to ask for discounts. It is even advisable, before each renewal, to ask your insurance company for a reduction in your premium. If she refuses, you can always look elsewhere if they offer you a better price.
7. Negotiate
Are you satisfied with the services of your current insurer? Use quotes obtained elsewhere as a negotiation tool to try to get better prices.
8. Install an anti-theft system
Systems that offer reduction opportunities include intensive vehicle part marking and tracking system.
9. Drive carefully
Whether it’s insurance, fuel consumption or the cost of your driver’s license, the best way to limit expenses related to the use of your automobile is to drive carefully. The more accidents and claims you accumulate, the higher your insurance premium will be. Not to mention that, if you have demerit points, you will also pay more for your driving license. If you have too bad a record, insurance companies could even refuse to insure your vehicle.
Prudent drivers can also take advantage of discounts offered by insurance programs (automérite from Bélairdirect, My conduct from Intact Insurance, etc.), which record driving data and reward good driving habits.
10. Opt for a higher deductible
The higher the deductibles, the cheaper the premium (a deductible being the amount that remains the responsibility of the insured in the event of a loss for which he or she is held responsible). It may therefore be recommended to accept high deductibles to pay a little less each month. But it is a risk that you must seriously evaluate when signing your insurance contract, because in the event of a claim, you will have to pay this deductible, the amount of which can reach $1,000.
