15 Ways to Pay Less for Car Insurance in Ontario
Before accepting your next renewal, check these 15 ways you may be able to lower your premium.
Before you complain about your insurance rate, check these 15 things
I speak with drivers every day who tell me:
“My insurance is too expensive.”
Sometimes they’re right.
But sometimes there are discounts, coverage changes, or rating factors they simply haven’t reviewed in years.
Here are 15 things worth checking before your next renewal.
“My insurance is too expensive.”
Sometimes they’re right.
But sometimes there are discounts, coverage changes, or rating factors they simply haven’t reviewed in years.
Here are 15 things worth checking before your next renewal.
1. Bundle your policies
Have Auto + Home?
Auto + Condo?
Auto + Tenant?
Putting them with the same insurance company may qualify you for a multi-policy discount.
2. Insure multiple vehicles together
If your household has two or more vehicles, putting them on the same policy may unlock additional savings.
3. Tell your insurer about your winter tires
You bought them anyway.
Make sure you are actually receiving the discount you qualify for.
4. Ask what discounts are available
Do not assume every discount has automatically been applied.
Depending on the company, there may be discounts based on things like your occupation, association, driving habits, mileage, or household.
5. Review your deductible
Increasing a $500 deductible to $1,000 may reduce your premium.
But only choose a deductible you could comfortably afford after a claim.
6. Reconsider coverage on an older vehicle
If your vehicle is worth only a few thousand dollars, ask whether paying for collision and comprehensive still makes sense.
Do not remove coverage blindly.
Compare the cost of the coverage with the value of the vehicle first.
7. Compare annual vs. monthly payments
Some insurers charge more when you choose monthly installments.
If cash flow allows, ask what paying the full annual premium would cost.
8. Protect your driving record
Tickets and at-fault accidents can affect your insurance premium for years.
One bad decision behind the wheel can cost considerably more than the ticket itself.
9. Consider telematics
Some insurers offer an app that monitors driving habits.
Safe drivers may qualify for additional savings.
If you brake smoothly, avoid excessive speeding, and do not drive heavily late at night, it may be worth considering.
10. Update your annual kilometres
Started working from home?
Changed jobs?
Stopped commuting every day?
Tell your broker.
If you genuinely drive less than before, your policy should reflect your actual usage.
11. Check insurance before buying your next car
Two vehicles with similar prices can have completely different insurance premiums.
Theft rates, claims history, repair costs, and the specific model can all matter.
Check the insurance cost first before buying the vehicle.
12. Ask about anti-theft protection
Certain vehicles may qualify for discounts or better pricing when approved tracking or anti-theft devices are installed.
13. New driver? Consider approved driver training
For newer drivers, an approved driving course may help with insurance eligibility or pricing.
14. Review your policy every year
Your life changes.
You move.
You get married.
You start working from home.
You add or remove a driver.
The company that was competitive three years ago may not be the best option today.
15. Compare before renewing
This is probably the easiest one.
Do not assume your renewal price is automatically the best price available to you.
Have someone compare your options before the renewal date.
My advice
You do not need to use all 15 strategies.
Even finding two or three that apply to you could make a meaningful difference.
And remember:
Cheaper insurance should never mean removing important coverage just to save a few dollars.
The goal is to find the right coverage at the most competitive price available for your situation.