Are you shopping for car insurance in Alberta? Your insurance premium (how much you need to pay for your insurance) depends on several factors for both you and your car. To save money on car insurance it is important to find the best policy to fit your needs, including coverages, limits of insurance and discounts; all of which can make a difference on the cost of your insurance.
What information about the driver or vehicle owner affects insurance rates?
The cost of a car insurance policy is not only determined by the type of vehicle but also information regarding the driver. Driving experience and claims history can significantly affect the cost of insurance. Where you live and drive can also make a difference on your insurance cost. For example, some cities or communities have a higher rate of collisions or vandalism claims which can increase the risk of a claim. Other factors that can influence the cost of car insurance are what you are using the vehicle for and the annual or monthly mileage driven. Driving your vehicle only occasionally and for pleasure purposes only can save you money on your car insurance!
Types of car insurance discounts
Not all policies are created equal! Insurance Companies each offer different car insurance discounts. Sometimes bundling your home insurance and car insurance together with one provider can offer you a Multi-Policy discount. You may also be able to save money on your car insurance based on your age or your driving training.
What is a deductible? Does changing my deductible make a difference on the cost of my car insurance?
A deductible is the amount you pay towards your claim if a loss occurs. For example, if your car was vandalized and your policy deductible was $500 for that coverage, you would pay $500 towards the claim. Increasing your deductible can sometimes save you money on your car insurance.
Do the year, make and model of my car affect my insurance rates?
The cost of collision and comprehensive car insurance coverage does vary by vehicle. More expensive vehicles, or vehicles with a high cost for parts, often cost more to repair or replace which can affect the cost of insurance.
Contact one of our insurance brokers to find the policy that best fits your need and save your money on your car insurance.