How to Get the Most for Your Money: 7 Ways to Save Money on Your Car Insurance…

So you’re planning to get auto insurance for the first time or just doing your annual renewal. What do you need to know? Well, there are lots of ways – at least 7 – that you can save money. Many of these money-saving ideas may apply to you.

1. Immobilize your car – depending on the vehicle, MPI will install a free immobilizer in your car – or provide one at a reduced price.  You will also save at least $40 in premium every year – and the thief won’t get your car.  Visit www.mpi.mb.ca or call us to see if your car is on the list.If your car has a factory installed anti-theft device, the premium discount is already built into the premium. 
2. Good Driver – Good Price – It’s no secret that the better your driving record, the less you will pay for your car insurance.  Being a good driver is the best way to save money on your car insurance premium.Your Driver Safety Rating (DSR) is a position on a scale of 36 levels.  Which level you are on depends on your at-fault accidents and traffic convictions.  With a clean record you move up one level per year.  The maximum level can mean a savings up to 33% with more savings possible in the future.* TIP: Make sure you check out your driver rating.  Visit the MPI website at www.mpi.mb.ca or call us.  And remember, be a safe driver.  It will save you money.
3. Pleasure Users – Pleasing Premium – Do you drive to and from work or school?  If you do you are paying a higher premium to do so.  This is called ‘All Purpose” insurance.  If you don’t drive to work or school, or only do so not more than four times a month you can insure as “Pleasure” use and save approximately 15% on insurance.* TIP: By insuring your highest rated vehicles as ‘All Purpose” and all the others as “Pleasure” you’ll save money.  But remember, only one vehicle at a time can be used for school or work. 
4. High Profile – High Cost – The type of car you drive is a major factor in what you pay for insurance.  Is it more expensive to repair than most cars? Is your vehicle a magnet for thieves?  If your answer to these questions is ‘yes’, you’re paying more than the average car owner for insurance.* NOTE: To get detailed information on your vehicle or the vehicles you a thinking of buying, visit the Insurance Bureau of Canada website at www.ibc.ca  You can find out the vehicles with the best rating – and lowest premium.  And remember, don’t forget to check the VIN (Vehicle Identification Number) to make sure you have the correct vehicle for the proper rating.
5. Raise your Deductible – The deductible is the amount you pay before insurance kicks in, if you have a claim.   For example, if you have a$200 deductible and you have an accident in which your car sustains $1,000 in damage, you pay the first $200 and your insurer pays the balance, $800. The lower the deductible you choose, the more you pay in premiums. If you are not worried about money, you can probably afford to absorb at least $250 – $500 if you have a claim. But if you choose a higher deductible of $500 you save 10%-15% in premiums!* TIP.  If it’s been years since you’ve had an accident, you may be better off raising your deductible and paying less each year for insurance. This may be especially true if you don’t drive much as the odds would be stacked in you favour.
6. Drop Unnecessary coverages – Let’s say you own several vehicles, you may not need Auto Loss of Use (coverage for a rental car if one of your cars is in the shop for repairs following an accident). There may be little point in having this coverage if you have other cars you can use. Talk to one of our experienced brokers about your specific situation.
7. Discounts, Discount, Discounts – More favourable ratings for vehicles are allowed through the Canadian Loss Experience Automobile Rating System (CLEAR) for safety related features. If the car has airbags, automatic seat belts, anti-lock brakes and a theft deterrent system, a premium discount is automatically built into the premiums.