Why should you pay so much premium on your car insurance when you can pay less?
For a new immigrant, insurance is a new territory. The amount of insurance money one has to pay for home and vehicles, and in some cases health as well, in Canada is overwhelming. In this episode of ILP we bring to you some practical tips on how you can lower the premium on car insurance and make your immigrant life less strained financially.
- Get re-trained as a driver even if you’re an experienced driver in your country of origin. It is best advised that you attend a driving school approved by the Ministry of Transport in your province. This guarantees your expertise to the insurance company.
- Be street smart! Not all insurance companies will give a discount even if you attend a driving school. So, call them up (as many insurance companies as you can) to ask for what they offer and their criteria.
- Take defensive driving courses. An added advantage of this is that it shows you are an informed driver.
- Check with insurance companies what they recognize from your country of origin. You can provide your personal driving history and license which could help lower those premiums.
- Add someone who has a good insurance driving record to your insurance policy. You will be a secondary occasional driver on the individual’s history. This helps greatly!
- Get an app or telematics to help track your driving. This may not be for you if you’re a bad driver or if you’re not comfortable with being monitored. But this helps greatly improve your own skills thus benefiting your insurance policy.
- Get the right car. Cars that are trusted by insurance companies and help you.
- Go for a third party insurance rather than a comprehensive insurance.
- Leverage the assistance of a broker. This doesn’t directly reduce your premium but brokers are experienced. They know the policies and can advise you better.
Listen to the podcast for more tips on the insurance industry and how it works.
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