With an average initial cost of $40,000, owning a car can get expensive fast. This is even more evident when considering the cost of auto insurance policies.
The good news is that there are some car insurance discounts you can take advantage of. Different factors in your financial situation and driving history can determine your eligibility for these discounts. They can help lower your car insurance premiums and make it more affordable for you.
That's what this article will cover in more depth. Keep reading to see what kind of insurance discounts you might be eligible for.
Safe Driver Discount
With over 26 million vehicles on Canadian roads, a safe driver discount can truly encourage more people to drive smart. This discount is available to drivers who have a clean driving record and haven't been involved in any accidents. If you've been driving for a certain number of years without any accidents, this might be ideal for you.
This is definitely worth noting if you're new to driving in the first place. If you practice safe driving, over time, you might be able to save some money on your car insurance.
This discount not only saves you money, though. It can encourage you to stay even safer on the road.
Multi-Car Discount
Perhaps you have more than one car insured with the same company. In that case, you can qualify for a multi-car discount. Sometimes, you can even qualify for a discount if you use other insurance policies from the same provider.
Remember, before purchasing car insurance, be sure to shop around. Compare rates from different insurers to find the best policy for your needs and budget. Don't be afraid to ask about additional available discounts.
Safety Features Discount
If your car has safety features such as airbags, anti-lock brakes, or a backup camera, you can qualify for a safety features discount. This is a great reason to be willing to invest in better-equipped, modern cars that come with these safety features.
Aside from the common car insurance discounts we've mentioned earlier, there are other discounts that you may be eligible for, depending on your circumstances. Here are some examples:
Pay-in-Full Discount
Some insurance companies offer a discount if you pay your annual premium in full instead of making monthly payments. Remember, insurance companies work hard to be able to pay out premiums to their customers when needed, so this upfront cost benefits them in that way.
After all, insurance companies paid out almost $38 billion in claims in 2021 alone. Paying your premium in full could help them prepare for paying these claims out in the long run.
Using the Different Car Insurance Discount
With the above car insurance discounts, your monthly expenses will be able to be a little bit more flexible. There are many kinds of discounts available. Work with your insurance provider to determine what might apply to you.
In fact, our team at Grandin Agencies is experienced with just that. Learn more about how our auto insurance coverage could benefit you today.