Here's How to Save Money on Auto Insurance

 

Let’s face it, it doesn’t matter if you’re in Brampton, Mississauga, Oakville, Burlington, Toronto or anywhere else in the GTA, auto insurance is one of those expenses you have to factor into consideration when you’re budgeting for your household, whether you live alone or for your family.

But according to a recent article from Moneysense magazine, a survey from Kanetix.ca recently found that people are overall somewhat apathetic when it comes to proactively looking to see if they can save on auto insurance.

These are the key findings from the Kanetix survey:

  • Only 13 per cent of Canadians would be motivated to shop for a new policy driven by lifestyle changes, such as a new car, moving or doing home renovations.

  • The youngest respondents were more likely to switch or shop online for a savings of $50 to $99 (59 per cent for 18-24, compared to 18 per cent for those over 25).

  • Half of Canadians (52 per cent) said they would be comfortable purchasing their insurance online.

  • Men (57 percent) would feel much more comfortable transacting online versus women (46 percent).

  • Over half of all respondents said they review all or parts of their insurance policy coverage once a year (57 percent). But 27 per cent say they never do that, relying solely on their agent or broker.

“A lot can happen over the course of a year that can translate into significant savings on your existing insurance policies,” said Janine White, vice president of marketplaces and strategy at Kanetix.ca. One thing that she said, but worth repeating, is that old adage of shopping around for different companies if you’re not satisfied with your premiums.

“For example, if you installed winter tires this season for the first time you could save up to 5 percent off your auto insurance premium. This example also highlights why it’s so important to update your insurance company regularly because the savings can be realized as soon as you make the changes, instead of waiting until renewal time.”

White also outlines how certain other lifestyle changes can lower your auto, home and even life insurance premiums, such as changing commutes, upgrading or installing a home alarm system, an anti-theft system in your car, paying off a mortgage or even quitting smoking.

The Kanetix.ca survey, was conducted by Forum Research between December 5 and December 7, 2018, and polled 812 respondents across Canada. The sample’s age ranged from 18 to 72+years old. The survey results are considered accurate to within +/- 4 per cent.

Do you think the survey’s findings can help you lower your auto insurance rates?

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