We at Lane’s understand just how tight the financial crunch has become these days, and many people are looking to save in any way they can. Everything is costing more: food, gas, utilities, and, yes, insurance.
As part of the Insurance Brokers Association of Alberta, Lane’s does everything we can to advocate for our clients and ensure the insurance industry is serving everyone to the best of its abilities. Thankfully, there are a lot of ways to bring down expenses and hopefully make life a bit more affordable. Car insurance is one way to start. Car insurance is flexible according to needs and offers a number of different avenues towards savings. Here are nine ways how.
1. Go through an insurance broker
There’s nothing stopping you from accessing the expertise of experienced insurance brokers such as us at Lane’s at any time. We know the right questions to ask to find you lower car insurance rates. Our brokers have contracts with a number of respected insurance providers, which allows us to cross-compare policies and find you the best coverage and rates available for your particular circumstances.
Dealing with Lane’s is fast, easy and professional. Our record of accomplishment speaks for itself. Our prices are better because we receive special pricing from providers. Our brokers have the knowledge necessary to select the correct policy for our clients. Because we are so well trained, we can work more efficiently and save you both time and money.
2. Increase your deductible
The most common deductible rate is $500 for car insurance, but if you’re looking for lower car insurance rates you may want to consider raising yours. According to car insurance contracts, your deductible is what you agree to pay towards the filing of a claim. Raising your deductible will often bring down your overall premiums, but it should be an amount that you can access relatively easily and not worth more than the value of your vehicle.
3. Take the collision and glass coverages off your policy
Collision insurance is additional coverage that pays for damage caused to your vehicle if you are in an accident. The base coverage required in Alberta – comprehensive insurance – does not cover for your personal vehicle after an accident. Choosing to remove collision insurance from your coverage means you will also need to be able to pay a mechanic out of pocket should you have to.
Also consider removing the glass coverage from your policy through a 13-D endorsement, which is an opt-out that takes coverage for your windshield glass off your policy. As with collision insurance, make sure that you will be able to pay for major repairs or the replacement of your windshield if needed.
4. Drive less often
If you haven’t talked to your insurance company in a while and your commuting situation has changed, it’s worth it to pick up the phone. If you are driving significantly less because of working from home, carpooling, or a closer work location, you should be able to access lower car insurance rates.
5. Park in a safer space
Parking on the street, especially in areas with higher crime rates, places your vehicle at much higher risk of being hit, broken into, or even stolen. Insurance companies take where you leave your vehicle overnight and for long periods of time, into consideration when determining your car insurance rates, so if you are able to find more secure parking it could pay off in your premiums.
6. Get a burglar alarm
Almost all vehicles come equipped with theft-deterrent devices these days, but if yours doesn’t, having one installed can open the door to lower car insurance rates.
7. Consider telematics
Usage-based car insurance (also known as telematics) is available in Alberta for both commercial and individual policyholders. Joining Intact’s My Driving Discount program can save you as much as 25% on your car insurance rates if you display consistently safe driving habits.
8. Ask about available discounts
Insurance companies offer discounts for a number of different reasons, including the type of employment you have, if you are an alumni of a recognized institution, if you are a loyal customer, and more. Of course, the best discount is the one you receive for a reliable, accident-free driving record.
9. Bundle your policies
Having your home and auto insurance (and whatever other policies you may have) provided by different companies isn’t just an inconvenience. It could be costing you money. We can help you get a better picture of the type of savings you can access if you choose to place all of your policies with the same company. Plus, you will be able to whittle down your payments to just once monthly or annually.
Get more from Lane’s Insurance
Lane’s Insurance is a leading Alberta-based brokerage, offering highly competitive rates on car insurance and all other insurance needs. Contact us to see if our experts can find you lower car insurance rates at our Calgary, Edmonton, Banff and greater Alberta offices.
