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Insurance | 05.05.2014 - 21:00

How to Get the Most out of Your Auto Insurance

Everyone has to buy auto insurance, but not everyone makes the most of it. Read on the learn how to maximize your auto insurance.

Auto insurance is a must on highways. Without it, you’re opening yourself up to a variety of legal and civil liabilities in the event you become involved in any auto accident. That doesn’t mean you have to be stuck with an insurance plan that doesn’t offer a great value overall. The following tips can help you maximize your auto insurance policy without spending a fortune.

 

Shop Around and Compare

 

Overall insurance rates often vary among providers, so it’s no surprise to see different quotes from different providers. This makes shopping around absolutely important if you want to get the most out of your auto insurance. If you’re looking for your first insurance policy or if your current policy is up for renewal, online quotes are the best way to shop around and compare several different providers. The more companies you get quotes from online, the better your chances of finding an affordable plan.

 

Take Stock of Your Coverage

 

Here’s a question to ask yourself: how much coverage do you need? If you own an older vehicle with a relatively low value, the costs of having comprehensive and/or collision coverage may exceed the amount it would cost to repair or replace the vehicle out of pocket. Cutting comprehensive and collision in favor of liability-only coverage can help you save hundreds per year. Keep in mind that most Canadian provinces require a minimum financial responsibility limit of C$200,000, according to the AAA/CAA.

 

Consider a Higher Deductible

 

Increasing your policy’s deductible (the amount of money you must pay upfront before your insurer steps in to cover the remaining amount) may save you money over the long run. However, one must be careful when doing so – if you feel as though you can’t swing the higher deductible, then you’re better off keeping a lower deductible with higher premiums as a trade-off.

 

Take Advantage of Discounts

 

From student discounts to reduced rates for seniors and long-term customers, there are plenty of deals to be had from many insurance providers. For instance, Meyer’s Insurance Ltd. notes that many auto insurance providers offer up multi-vehicle discounts for those who insure multiple vehicles under the same policy. These discounts often range from 10 to 15 percent off each vehicle.

 

When you get the most out of your auto insurance coverage, you’ll end up saving hundreds of dollars per year on your premium. You’ll also have a plan that works perfectly for your auto insurance needs.

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