What You Can Do to Control the Cost of Insurance

To lower your premium, ask your insurance representative about the following:

• increasing your deductible (i.e., your share of the cost of a claim) – by increasing the amount you are willing to pay, you will decrease your premium;
• dropping collision coverage on an older car;
• getting package deals for insuring your car and home, or more than one car, with the same insurance company;
• installing an approved theft deterrent system in your vehicle;
• buying a car with a lower-cost insurance rating – you can see different cars’ ratings in the IBC publication How Cars Measure Up

In addition to shopping around and considering the options above, you can:

• build a consistent accident- and conviction-free track record;
• adjust how your car is used – for example, to keep annual kilometres down, take public transit to work if it is available;
• check with your insurance representative about excluding high-risk drivers from your policy so that if you are a good driver, you are not penalized with a higher premium;
• Ensuring that the insurance company has an accurate VIN on record for the car. The VIN is your car’s identity – what insurers use to confirm the kind of car you drive. Some cars are more expensive to insure. You could be paying the premiums for a different – more expensive make or model – car.