Sunday, 22 September 2013

How to Save Money on Auto Insurance in Canada


 Save Money on Auto Insurance in Canada

Author: Rachel Schwartz
The moment you buy a car in Canada, the next thing you think about is getting an insurance cover for it. In most cases, the auto policy covers might seem far way expensive. However, this is not usually the case as there are measures you can put in place and you end up saving money in the process. This depends on the security measures you have put in the car, the model of the car you chose and much more. Thus here are tips of saving money on the auto insurance. The model of the car that you purchase determines the amount you will pay on its insurance policy cover. This is because the insurance company will always estimate the amount that would be required to repair your car or fully compensate it with a new one. Therefore, the more expensive your car is the more money you are likely to pay for its insurance cover. Thus when you are choosing the model of the car ensure that you go for the ones with a low profile as they are likely to be cheaper to insure. In addition avoid cars that are deemed to be sport cars as they are expensive to insure due to the risks exposed to them in case you go sporting with them. This consideration helps you to save money on the insurance cover for your car.
Car insurance companies make the policy cover payment based on the safety measures you have put in your car. This includes safety belts that are automatic and the air bags. If you car is well fitted with this security gadgets then the policy cover will be lower compared to when they are missing. Thus in order to save money on the auto insurance in Canada, you need to have these safety gadgets fitted in your car. It is true they will cost you but you will save more during the purchase of the auto insurance cover.
The insurance companies in Canada gives a security discount on auto insurance covers. You can only get a security discount in car policy cover if your car is fitted with the necessary gadgets to enhance security. Thus once you buy a new car before applying for the insurance cover it is vital that you have it fitted with anti theft devices such as an alarm and a track it gadget. This reduces the chances of your car being stolen and easier to recover it in case someone steals it. In this case the premiums of the insurance cover will be much lower due to reduced risks of your car being stolen thus saving cash on it.
In Canada there are many auto insurance companies offering online services. When you pay for the policy cover premiums for your car online, you save a lot of cash. This is because you do an electronic cash transfer from your account to the insurance company's account. This helps to eliminate most of the charges that you might have to pay should you consider paying cash. This method of payment also saves your time as you can do it at the comfort of your house or work place.
Paying for the whole auto loan at once or annually helps in saving your cash compared to when you would pay on monthly or quarterly bases. However, this might be difficult due to lack of funding. Good news is that you can access a loan from a bank of your choice to pay for the policy cover. This helps you to save a lot of money on the insurance as you can clear the loan comfortably. a short term loan can help in this case.
Article Source: http://www.articlesbase.com/personal-finance-articles/how-to-save-money-on-auto-insurance-in-canada-6764931.html
About the Author
Rachel Schwartz is the Marketing Manager of BHM Financial - one of the most trusted names in the credit loan industry. This company may be able to help you reach your financial goals. Please visit our Bad Credit Loan website or our Blog and find out today.