Auto insurance acts like a best friend in times of crisis. It covers the losses and damages incurred during an accident and prevents you from the burden of paying out the massive sum out of your pocket. However, people with bad driving records might struggle to cover the additional costs that come with being deemed a high-risk driver. Yes, you heard it right!
Getting a high-risk car/ auto insurance is an expensive endeavour where money saving might seem like an impossible dream. Even some individuals with clean driving records may also have to pay more expensive premiums if they fit in the profile that deems to make them more likely to have an accident. Luckily, there are multiple ways to reduce your premium costs and stay adequately covered.
Read on to find a few ways to help you save on high-risk auto insurance in your Ontario region.
Raise Your Deductible
One of the simplest ways to cut high-risk auto insurance costs is by elevating your deductibles. This means — the more of the risk you will take on yourself with higher deductibles, the lower your insurance rates will be. Therefore, by lifting your deductibles, you might have to pay more in case of a claim, but you can pocket the savings if you do not have any claims.
However, remember that before raising your deductibles, you should consider your ability to absorb the cost if you are involved in a collision.
Clean Up Your Record
Another ideal way to lower your insurance premium is by improving your driving record. By maintaining a positing driving record, you will gradually be able to move out of a high-risk profile and land in your preferred market. This will lessen the financial burden and allow you to enjoy significant savings. Listed below are a few ways to keep your policy premiums as low as possible:
- Drive safely.
- Predict your mileage accurately.
- Maintain a high credit score.
Ask About your Insurance Discounts
Insurance discounts can vary amongst companies, but they all result in rate deductions. A few discount schemes include professional association discounts, student discounts, and retiree discounts. However, the best way to access deals is by asking about them from your potential insurance company.
A few situations that may make you eligible for insurance discounts:
- Low mileage.
- An anti-theft device in your vehicle.
- Snow tires.
- Payment of premium for the entire year upfront.
- Certification of completed driver’s education.
Avoid the Coverage You Don’t Need
Several people pay for car insurance products and other add-ons that they would never need, hence, a waste of money. For instance, in the case of gap insurance, people pay off their loans or leases if they have encountered auto theft. However, they often continue to pay off for this feature long after they don’t need it.
Therefore, if you have reached a favourable equity position on your car loan, or the amount left to pay on your loan is small, you can consider saving money by dropping your gap insurance.
Are you finding the world of high-risk insurance policies burdensome and looking for help from a reliable professional in the Ontario region? Youngs Insurance Brokers Burlington Inc. is here to help!
We are an independent insurance broker company that strives to help clients select the right insurance policies for themselves. Our experienced insurance professionals will help you navigate through your insurance alternatives and make you understand your scope of coverage from all perspectives.
Contact us at 1(289) 768-6231 or click here to request a free quote or call for Automobile, Home & Property, or Commercial Insurance.