Actionable Ideas To Save Up On Car Insurance In Pandemic Times

Save Up On Car Insurance

The pandemic has hit personal finances hard, with job losses and pay cuts being rampant in Canada. Even as things take a turn for the better, you have to be conscious about every dollar you spend. It makes sense to run the house on smaller budgets and save money every way you can. Fortunately, there are plenty of opportunities to lower your expenses, and you only have to be creative enough to pick them. Saving up on your car insurance is one of them. Bargaining sounds complicated when you go insurance shopping, but it is easier than you imagine. Here are some actionable ideas that can help.

Seek premium reduction for decreased driving

The cost of car insurance hinges on the likelihood of having an accident. Since many Canadians will be working remotely for the long haul, the chances of accidents are minimal. You may need not drive to work and outings for the foreseeable future if your employer has decided to embrace the WFH model. It is a good idea to seek low mileage discounts, which can bring a significant drop in your premium. You may even connect with your insurance carrier to explore the refund option. The smarter you are, the better are the chances of saving on your premium.

Bundle your insurance

You may get discounts and refunds for decreased driving only if you work from home. But it does not mean you have to spend a fortune if you drive as usual. You can secure hefty savings by bundling up your car insurance with home insurance. Since you need both, this idea can fetch you a clever deal. Try adding a health cover for additional discounts on the entire package. If you live in the Edmonton area, look around for the Best Insurance Broker in Edmonton who serves diverse offerings. You can couple a few of their products and ask for a deal without much work. Most providers are more than happy to provide bundling facilities to retain clients for the long haul.

Shop around while renewing

The simplest way to save up on car insurance during pandemic times is to shop around while renewing the policy. It is something you will do anyway, but you must go the extra mile with research right now. Find providers in your area, get quotes, and compare them to get the best one. Look for no-frill plans because they are often the cheapest, but make sure you do not skimp on cover for your vehicle. Never sign the dotted line without going through the policy and understanding the features and coverage. You can even seek advice from an expert for finding the best renewal option that fits within your budget without compromising the coverage.

Saving up on car insurance when the money runs tight is the smartest thing to do. But you may be too overwhelmed by the current financial challenges. Follow these pieces of advice, and you can find a deal that works for you. A little creativity and good research can show you the way.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.