How to Secure a Lower Car Insurance Rate at Any Age

Thursday, March 22, 2018, 6:00 PM | Leave Comment

No matter what your age, it’s a safe bet that you’d like to spend less money on your car insurance.

Whether you’re a teen driver with sky-high rates, a working adult with a mountain of bills, or a retiree with a fixed income, read on to find out how you can lower your premium and save money.

How to Secure a Lower Car Insurance Rate at Any Age

  • Teen Drivers

    • Complete a driver’s education course. Most insurance companies offer a discount for teens who complete a driver’s education course. Do your research and make sure the school you choose is approved by the Ministry of Transportation.

    • Capitalize on your stellar report card. Good grades won’t just make your parents happy – they could also qualify you for an insurance discount. Talk to your provider to find out what marks you’ll need to lower your premium.

    • Track your behaviour. Some insurance companies offer Usage-Based Insurance plans that include a discount on your premium if you’ll let them track your driving behaviour, such as speed, acceleration and braking.

      Studies have shown that young people benefit the most from this type of plan, since the real-time feedback allows them to correct their behaviour and develop better habits – with a lower rate as a reward.

  • Middle-Aged Drivers

    • Get married. Okay, don’t get married just for an insurance discount! But if you do walk down the aisle, tell your insurance provider – your happy news could lower your premium.

    • Buy a house. Buying a house is another major milestone that could lower your premium, so advise your insurance provider if you buy your dream home.

    • Raise your deductible. Your deductible refers to the amount of money you agree to pay if you make a claim to your insurer. Many providers will offer a lower premium if you agree to a higher deductible. Only consider this option if you have an emergency fund with enough money to cover the higher cost of making a claim.

  • Senior Drivers

    • Announce your retirement. After you celebrate your retirement with friends and family, tell your insurer the good news. Cutting out your commute means less miles on your car, and potentially a lower premium.

    • Cash in on your experience. Mature drivers with a history of being responsible behind the wheel could qualify for a discount, so ask your provider if your squeaky-clean record makes you eligible for a lower premium.

    • Refresh your skills. Even if you’re an experienced driver, your insurance provider will appreciate the fact that you’re also a life-long learner. Ask your insurer if you’d qualify for a lower premium if you took a refresher course on defensive driving.

  • Discounts at Any Age

    • Drive safely. A clean driving record is one of the best ways to secure a lower rate on your insurance, so mind the rules of the road and stay out of trouble. If you do get a ticket that you feel is unfair, consider contesting it in court. If you’re ultimately found not-guilty, the ticket won’t impact your insurance rate.

    • Be upfront. By paying your premium in one lump sum at the beginning of the year, rather than in monthly installments, you could save up to 9% on your total cost.

    • Shop around. The number one way to manage your insurance bill is to compare quotes when it’s time to renew your coverage. Insurers change their rates regularly, so the great deal you secured last year might not be the best option this year. It’s easy to compare car insurance quotes online, so it won’t take long to narrow down your options.

No matter what your age, you can pay less for your car insurance. Talk to your provider today about how you can use these tips to lower your rates. And if your insurer doesn’t offer these or other discounts? Do your research and find a new company when it’s time to renew.

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