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Unless you want to risk a hefty ticket, car insurance, either one-way or two-way, is a necessity. Given the fact that insurance is mandatory in Canada, it needs to be properly incorporated into your finances. This way you can avoid not being able to make your monthly insurance payments. Although insurance is mandatory, there are still many ways in which you can minimize its cost.
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For a monthly or annual premium, your car insurance provider will protect you from financial loss if you’re ever involved in a car accident or if your car is stolen. In general, car insurance provides you with coverage for:
Car insurance is determined by many variables. While some may be obvious, others are not. Here are some factors that can affect your car insurance rates:
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Whether on the internet, radio, or emails you receive, always keep an eye out for potential deals and promotions. Approach your insurance agent with questions regarding new discounts advertised, you just may be able to find a better deal.
Statistics have shown that twenty-five percent of drivers have not shopped around for new coverage in sixteen years or more. When shopping for insurance rates, you should not just go through your own insurance agent. This is because of your own agent will likely be acting with his (and his company’s) best interests in mind.
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As such it is important to obtain quotes from multiple insurance companies to get the best rate. Online comparison platforms like Insurancehotline.com and The Co-operators provide quotes based on your needs from multiple lenders with a single application. Through online tools such as these, you’re sure to find the best rate.
Read this article to learn about what your insurance provider doesn’t want you to know.
A lot of insurance providers provide insurance for more than just cars. They often offer home, travel, and life insurance as well. In an effort to gain more business, these insurance providers offer discounts if your bundle two or more insurance policies with them.
Check to see if your province allows insurance companies to use credit-based insurance scores. If this is the case, this should be a strong motivator for improving your credit score. With a healthy credit score, your likelihood of having lower premiums will go up. If credit-based insurance scores are an option to you, the best plan of action would be to take six months and commit to improving your credit score; once your credit history is considerably cleaner; it’s time to shop around for better rates.
Something you can do to avoid losing money through insurance that has nothing to do with how you manage your finances is driving carefully. The better driving record you, have the less you will end up paying for insurance in the long run. When purchasing a car, try not to get carried away and simply focus on the excitement of a new car and how much the car itself will cost you initially. You also need to factor in increases in insurance coverage.
When purchasing a car, it is important to keep in mind that safer cars will ensure lower insurance costs. On the other hand, a sports car will have much higher insurance costs. Fortunately, the belief that car insurance varies according to the paint job is a myth.
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Make sure your type of coverage is aligned with the type of car you have. Having full comprehensive coverage would not make much sense if you are driving around in a ten-year-old car. A ten-year-old car would usually call for one-way insurance. It is best to speak with your insurance agent to assure that your coverage is aligned with the kind of car you are driving.
Deductibles are the amount of money you have to pay before your insurance kicks in. For example, if you have a car accident with damages totalling $3,000, and a deductible of $1,000, you’re insurer will only have to cover $2,000 of the damages. However, if you have zero deductibles then your insurer will have to pay for all of the damages. As such when determining how much your deductible should be, you should keep in mind that the lower your deductible is, the higher your premium will be.
While car insurance is expensive, it does provide a lot of financial protection and peace of mind. Just be sure to compare rates and policies so that you’re not paying more than you should. If you follow these general tips and guidelines, you should be able to successfully maximize your savings by minimizing your insurance rates.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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