Auto Insurance Hacks: Maximize Coverage, Minimize Costs

While car insurance premiums are dependent on a variety of factors, policyholders usually strive to maximize their coverage and pay less, and why shouldn’t they? With insurance premiums, however, it can be hard to find the best bang for your buck as the determination of premium cost is based on risk. Several factors can affect risk calculation, including region, driving history, make and model of vehicles, and more. 

So, if there are factors that go into the premium rates that can’t be changed, what can you do to lower your costs? Here are some tips from Sandbox Mutual Insurance for how you can save when it comes to Auto Insurance:

1. Window shop around.
Compare rates and prices that are specific to your auto needs. Insurance isn’t a one-size-fits-all approach, and we’ve made it our goal to make a policy for you that covers the specific needs of your ride.

2. Possible discounted rates for safe driving.
By being a safe driver, you pose a lower risk than those with an extensive driving record. Often, auto insurance companies across Canada will offer discounted rates to those with clean driving records that can be up to 20%.

3. Luxury vehicles come with luxury rates.
Being the proud owner of a new luxury car is fantastic, but it may come with a higher risk due to the increased likelihood of theft and damage. Be sure to consider the higher costs that come along with these vehicles prior to your purchase, or protect your new car with Sandbox’s Replacement Cost/New Vehicle Protection Insurance.

4. Payment frequency.
Oftentimes, choosing to pay once annually for insurance versus every month can not only save time and energy but a few extra bucks, too, on the interest and other associated fees.

5. Deductible decisions.
Changing your deductible can also have an impact on saving on insurance each year. How does it work? The higher your deductible, the lower the premium that’s associated with that coverage.

Auto insurance premiums may be unavoidable, but they protect your vehicle and anything else that moves from the elements and accidents that you can’t control (and some that you can).

Learn more about Auto Insurance with Sandbox on our page here.

Please note that the information in this article may not accurately reflect your insurance policy from Sandbox Mutual Insurance or another insurance company. Please refer to your policy or talk to your broker about your specific coverages.