Last week my teenage daughter and I were talking about cars, motorcycles, and insurance here in Canada. You see, my daughter is at that age where she wants to get her licence and buy a car. Where does time fly? But I digress; back to talking about car insurance. What does one need to know before they call up an insurance company and seek a quote on insurance? There are 5 main things to keep in mind when you’re looking at getting automobile insurance:
1. First, if you have a young driver in the house or even one who is thinking of getting a licence, have them take a driving course. It really does cut down the cost of insurance.
I got my licence when I was in my 30’s and even then I took the Young Drivers of Canada course and I was I ever glad I did, as it cut the cost of insurance dramatically.
2.Research, research, research. Ask questions, look at what is out there. Did you know there are over 100 different insurance companies in Canada? One of the best places I know to do the research is a comparison website. They take much of the work out of the task and they are great for getting you a reasonable quote, that’s why I choose LowestRates.ca when I’m looking for a quote.
3.Make sure you know your needs and wants. Do you want the bells and whistles? The road side assistance, 24 hr claim service, first accident forgiveness and the like? They are great but they can sometimes increase your premiums quite a bit.
4.Take a look at your car. Remember if it is an old beater that you use to get you to point A and B it won’t need the same kind of insurance as a new car that carries a car loan with it. You will always want to have liability insurance though, and never leave home without it. Remember to consider your deductible as well, are you willing to shell out some dollars for the repair? If so, choose a slightly higher deductible and reap the savings in your monthly premiums.
5. Have a theft deterrent device. Many insurers will give you a discount if you have one installed and they are a smart choice. I know one driver who was very thankful for theirs. Many newer cars come with electronic deterrents standard, if you’ve got an older car, you can pick up a physical one at a hardware store.
6.Whatever you do, remember to do your research and be prepared as it is a large expense and you need to make several comparisons. Remember as well if you have young drivers be prepared to pay premium rates until they have a driving record under their belt which is why that course I mentioned comes in handy.
Now my friends at LowestRates.ca are currently hosting a giveaway that you can enter. You can participate here by comparing options for insurance. Good luck, and if you are shopping for car insurance remember – it pays to be prepared.