Simple tips to save on Car Insurance (2024)

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Want to lower your insurance premium? You've come to the right place. We've got more than 30 different ways you could save on car insurance– and we're talking about a few of them in the article below. The more informed you are about insurance, the less you’ll have to pay on your premiums. Check out these tips and discounts that may help you save money on car insurance.

1. Keep a clean driving record.

Good drivers are rewarded with extra savings. If you're able to keep a clean driving record and remain accident-free, you'll benefit from fewer claims and potentially fewer premium increases. Plus, you may be eligible for our Claims Free Reward.

Bundling your home and auto insurance with us is a smart way to keep things organized – and it may get you a discount on your coverage, too. Enjoy the simplicity of having one point of contact if you need to change your address, and potentially having your home and car insurance policies renew on the same date. Be sure to check your renewal date with your current insurance provider first.

3. Remove optional physical damage coverage on an older car.

As your car ages its market value decreases, and if you get into an accident the cost to repair your vehicle may be more than it's worth. When you feel it makes more sense to repair damage to your car out of your own pocket, or even buy a new one, you may want to consider removing optional physical damage coverage from your vehicle to lower your premium. Login to MyInsurance to review your policy.

University and college alumni, members of professional associations (like engineers and accountants) and employer groups may qualify for preferred insurance rates – and those rates could even extend into retirement.

5. Save on full-time student drivers.

Do you have an occasional driver on your policy who's a full-time student attending an accredited post-secondary school? If so, you could qualify for a discount on your coverage.

From a second car to a recreational vehicle or motorcycle, adding more vehicles to your policy is an efficient way to save money on car insurance.

7. Increase your deductible

Your deductible is the amount that you're responsible for paying should you have to make a claim. It's an out-of-pocket expense that's effectively "deducted" from your total claim settlement. If you can afford a higher repair bill than your current deductible, consider raising it to a limit you feel comfortable with. Typically, the higher your deductible, the lower your insurance premium.

8. Use winter tires.

Bad weather makes good driving a little harder.Winter tireshave been proven to reduce accidents and fewer accidents usually means fewer insurance claims. In fact, in some parts of Canada winter-rated tires are mandatory for winter driving.

If you live in Ontario and are insured with TD Insurance, you may be eligible for a discount on your insurance premium if your vehicle is equipped with 4 winter tires from December to March. Contact a TD Insurance advisor for details.

9. New driver? Take a training course.

Taking a ministry-approved driving course can equipnew driverswith better driving skills. Some insurers may offer a discount for a licensed driver who has completed an approved driver's training course in the last three years.

10. Drive a hybrid or electric vehicle

From environmental benefits to government rebates, there are lots of reasons to purchase a hybrid or electric vehicle – and insurance savings may be one of them. If you drive a hybrid or electric vehicle, you may be eligible for a discount on your car insurance coverage.

Overall, there are plenty of different ways you could save money on car insurance without compromising your coverage. A TD Insurance advisor can help you customize your insurance to find the coverage that's right for you – and your wallet. Log into MyInsurance to review your coverage.

Shopping for car insurance? Get a quote and buy online.

Simple tips to save on Car Insurance (2024)

FAQs

What are 3 important tips on filing an auto insurance claim? ›

Important Tips
  • Read your policy. ...
  • If you don't understand your policy, ask your agent and/or company for clarification.
  • If you have an accident, call the police. ...
  • Get as much information as possible at the accident scene to furnish to your agent and/or insurance company.

How can a person save money on auto insurance? ›

Among the most common policy discount opportunities are multi-vehicle, multi-policy, military, homeowner, good student, customer loyalty and safe driver discounts. Inquire about discounts with potential new providers, but don't forget to ask your existing insurer if you qualify for savings as well.

How do I reduce my car insurance premium? ›

7 ways to lower your car insurance premium
  1. Qualify for insurance discounts. Getting more discounts that lower your car insurance premium might be easier than you think. ...
  2. Increase your deductible. ...
  3. Reduce your coverage. ...
  4. Compare rates. ...
  5. Try usage-based insurance. ...
  6. Take a defensive driving course. ...
  7. Get a car that's cheaper to insure.

What are some ways of reducing premiums on automobile insurance? ›

To reduce premiums on automobile insurance, you can complete driver training, install security devices, compare insurance quotes, maintain your car with regular maintenance, and maintain a safe driving record.

What are the most important things to look for in car insurance? ›

What Type of Coverage do I Need or Want?
  • Liability Coverage. When operating a motor vehicle, liability coverage is probably the most important coverage you will need. ...
  • Comprehensive and Collision. ...
  • Medical coverage. ...
  • Uninsured/Underinsured Motorist. ...
  • Uninsured Motorist Property Damage. ...
  • Rental Reimbursem*nt.

How can I get the most out of my insurance claim? ›

Let's dive into the thick of it!
  1. Never Accept the First Offer.
  2. Never Sign Anything Before Consulting.
  3. Hire a Professional to Review and Give You Advice.
  4. Look Out for These Four Specifically.
  5. Show Proof if You Want to Argue the Estimate.
  6. Ensure the Insurance Company is Aware of Matching Elements That Also Need to be Replaced.
Jun 6, 2023

What is one way to lower your insurance costs? ›

Deductibles are what you pay before your insurance policy kicks in. By requesting higher deductibles, you can lower your costs substantially. For example, increasing your deductible from $200 to $500 could reduce your collision and comprehensive coverage cost by 15 to 30 percent.

Which is the best strategy to reduce the cost of insurance premiums? ›

Ask for a higher deductible

Typically, the higher the deductible, the lower the premium. Increasing your deductible from $200 to $500 could reduce the cost of collision and comprehensive coverage by 15% to 30%, according to the Insurance Information Institute, while upping it to $1,000 could save you 40% or more.

What may reduce your insurance premium? ›

Generally, you may find that setting a higher deductible means you'll pay less for your policy. Your insurance provider can help you decide which limits, deductibles and coverages are right for you. They can also help identify any discounts for which you may qualify.

What are some ways to cut costs on car insurance? ›

How you can lower your car insurance cost
  • Shop around. ...
  • Take advantage of discounts. ...
  • Don't pay for coverage you don't need. ...
  • Consider pay-per-mile insurance. ...
  • Increase your deductibles. ...
  • Improve your credit. ...
  • Review your policy before renewal.
Apr 12, 2024

What actions can be taken to lower these insurance premiums? ›

5 ways to lower insurance premiums
  • Review your policy coverage. Look over your policies annually, because prices can change from year to year. ...
  • Check your deductibles. ...
  • Make home improvements. ...
  • Discontinue extra coverage. ...
  • Ask for discounts.

Which group of driver's typically pays the highest insurance premiums? ›

As new drivers, teenagers are typically the riskiest motorists on the road. Once drivers age out of their teens, rates start to decrease substantially. For instance, 21-year-old drivers pay an average of about 60% less for full coverage than 16-year-old drivers do.

What are the three essential elements of a claim? ›

It may help you to remember the essential elements by way of the acronym CEES (Cause, Effect, Entitlement and Substantiation).

What are the 3 most important aspects to a medical claim? ›

The three most important aspects of any medical claim include:
  • Basic patient information, including full name, birthday, and address.
  • The provider's NPI (National Provider Identifier)
  • CPT codes that reflect the provided services.

How do I make a successful insurance claim? ›

You'll need to include copies of all paperwork that will help your claim, including receipts or medical certificates. You should also keep copies of the originals in case your claim is queried or refused. Your insurer may ask if you have other insurance that may cover the claim.

What are the three important things about insurance? ›

Key Takeaways

There are many types of insurance policies. Life, health, homeowners, and auto are among the most common forms of insurance. The core components that make up most insurance policies are the premium, deductible, and policy limits.

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