fbpx

By reading this post, you are already doing more to save on your auto insurance than most people. Auto insurance discounts are available under a variety of conditions, ranging from life, vehicle, history and more. Today, we’re sharing a full list of the most common auto insurance discounts. Why? Because at isure, we care about our customers. The amount you can save varies greatly, but one thing is for sure – you should contact usfor anauto insurance quoteand see what you might be able to save! 

Policy discounts

Multiple cars on one policy

One of the biggest discounts you can get on car insurance is when you have multiples cars with the same insurance provider. That discount can be even larger if you have more cars than drivers in a household. 

Multiple policies

Much like having multiple cars, having other policies will result in a discount. So, while you’re getting a quote, consider bundling policies for your auto and business, as well. 

Group discount or group rates

Do you belong to an eligible group? Check to see if it offers group rates. An eligible group may include employees of the same employer, members of a union, professional and occupational association, or certain non-profit associations. 

Higher deductibles

Naturally, if you’re willing to take a higher deductible, you’re going to pay a lower insurance rate. The trade-off is that you’ll need to pay more when you need it most, but if you’re a great driver, it could pay off in the long run. 

Loyalty and renewals

Many insurers offer discounts for loyal customers who renew their policies each year. If you have coverage with a company for a long time, the lower your payment will be and the greater the loyalty shown to your insurer translates into premium costs. For example, remaining 1-5 years with a company will net up to a 5% discount. Being loyal for 10+years, however, can save you up to 10%! 

Staying put

Switching insurance companies midway through the policy year is not advised. Wait until renewal time to avoid penalties for cancellation. 

Driving discounts

Telematics

Telematics (or Usage-Based Insurance “UBI”) has combined leading-edge wireless communications and global positioning system (GPS) tracking technology that collects and analyzes data from moving motor vehicles. 

Telematics car insurance puts the power of the best car insurance rates in your control! This amazing technology can help you save money on your auto insurance premiums while also giving you helpful, personalized feedback on how to make you a safer driver.  

Vehicle discounts

Seasonal tires

Did you know that if you purchase winter tires and live in the province of Ontario that you are eligible for a winter tire discount from your insurance company? That’s right – having snow tires can save you money! By law, insurance companies are required to offer you a 2-5% discount once informing them that you have winter tires.

Hybrid cars

For those driving a hybrid or an electric car, you are likely able to find an insurance discount for doing so. Electric car and hybrid owners can enjoy discounts of up to 10% on car insurance. Insurance providers appreciate these cars as low risk, since they tend to be safer and less likely to break down. 

The green impact, along with not having any/much combustible fuel in your vehicle, is directly related to your insurance premium.  

Private parking

In major cities, if you have a safe place to park your car, you could save a little bit on your insurance. Parking your vehicle on the road means it’s unlikely you’ll be able to acquire this discount. 

Alarms

Cars with alarm systems and anti-theft technology may get you a discount. It’s important that the system is active and functioning. 

Make/model

If you’re driving a car that has high marks for safety, you’re going to be saving on your auto insurance. In fact, the savings can be massive!

Individual discounts

Retirees

Did you recently leave the workforce? You may qualify for a discount. The simple fact that you may not need to drive to work daily can be a huge discount alone.

Marital status

Your marital status has an impact on your insurance rates. Being married generally results in a little bit of savings versus being single.

Graduated license discount

Drivers who progress through the graduated licensing system should receive a rate reduction of 10 per cent on all coverages. This is providing that you have no chargeable convictions or at-fault accidents when entering into Level Two (Class G2 license). This reduction is applicable for one year.

Similarly, you should receive a 10 per cent rate reduction on all coverages when you become fully licensed (Class G license), provided that you have no chargeable convictions or at-fault accidents during Level Two. This reduction is also available for one year.   

MTO certificate insurance discount

In Ontario, if you complete a beginner driver education course that’s certified by the Ministry of Transportation, you’ll be able to collect a driver licence history document from any ServiceOntario Centre. This will make you eligible for a potential discount on your auto insurance. 

Your age

Naturally, your age plays a major factor when it comes to what your insurance costs may be. A 17-year-old will pay more than a 35-year-old. One particular age that is generally discussed as a definitive difference maker is 25. Before that age, you’ll typically pay more. 

Conviction-free

Demerit points can be a major factor when it comes to your insurance rate. Having none works in your favour, as well. A conviction-free record means there could be a very large discount available to you. 

Good student

Drivers who are full-time students between the ages of 16 and 25 who have a “B” average or better may qualify for an up to 10% discount. 

Out-of-town student

Parents who have children studying away from home at university or college can save on their coverage for that child. 

Savings come in a variety of ways

What repairs generally cost

A vehicle that is inexpensive to repair may get you a discount on your car insurance. Exotic and premium cars often require specialized skills and parts, making their repairs expensive. As such, discounts are higher on more common cars compared to those cars. 

CAA membership

Having a membership with CAA often will often earn you an insurance discount. Make sure to keep your membership up to date and active, otherwise you may lose that deal.

Where you live

As a resident living in Ontario, you likely pay some of the highest interest rates compared to other provinces. It extends as narrowly as the city you live in. For example, Brampton costs more than other cities. As such, smaller towns will result in insurance savings. 

Close to work

Living close to your place of work may present a discount available to you. Most accidents occur between home and work, so if you’re driving less, that works in your favour.

If you have any insurance questions, don’t hesitate to get in touch with us ! As always, we’ll also happily provide you with a quote on your car insuranceand save you a few bucks in the process! 

Related Articles