Before you buy insurance, here are some things you can do to get more value for your dollar.
It always pays to compare, so get at least three quotes from different insurance companies. Some sell through their own agents, others sell through independent agents or brokers, and others will sell insurance to you online or over the phone. Prices may vary depending on the sales method.
When comparing prices, make sure you know exactly what is included in each policy. Carefully check the coverage, deductibles and liability limits. While it’s always nice to save money, a lower-priced policy might cost you more in the long run if you discover later that it doesn’t have sufficient coverage for you and your family. Look for the insurance policy that best matches your needs, not necessarily the one that costs less.
Check the vehicle's insurance ranking
Before your next car purchase or lease, consult insurance ranking lists to find popular vehicles with the best insurance value. Vehicles with lower-than-average insurance rankings are generally less expensive to insure.
Get a multi-product discount
Many insurance companies will offer a discount when you buy two or more products from them, such as home and auto insurance. This discount is available at The Co-operators.
Raise your deductible
The deductible is the amount you have to pay for damages to your vehicle before your insurance kicks in. For example, if your deductible is $500 and you drive into a pole causing $2,000 worth of damage, you will pay the first $500 of the car repair cost and
your insurance company pays the remaining $1,500.
Raising your deductible just a few hundred dollars could save you a lot of money. The logic in carrying a higher deductible is simple: it will likely cost less to pay more of the cost of a minor repair than to pay a higher premium over time.
Reduce coverage on your older car
If you have an older car, Collision and Comprehensive coverage may not be cost effective. Weigh the cost of the coverage against the value of the vehicle. Auto dealers and banks can tell you the worth of a car, or you can look it up online at Autotrader .
Take advantage of group insurance
Group insurance plans often provide discounts. Some employers, professional, business or alumni groups and other associations offer group plans for discounted insurance rates. Check to find out if you're eligible.
Be a safe driver
Most insurance companies offer better rates to clients who have not had any accidents or traffic violations for a number of years.
Choose a hybrid car
Drivers who choose to be kind to the environment by driving hybrids will be rewarded with an automatic five percent discount on their Co-operators auto policy premiums.
Other ways to save
- Install an anti-theft device in your car
- Insure more than one vehicle with the same company
- Have more vehicles and fewer drivers
- Renew your insurance with the same company
- Enrol in the en-route Auto Program™