Auto insurance discounts you should know about You probably know that if you want to drive a car in Canada, you need a valid licence and car insurance. What you may not know is the large number and variety of discounts that are available when you purchase auto insurance that can result in some significant savings. Before you purchase your car insurance, be sure to ask about discounts. Chances are the insurance broker or agent you speak with will ask you a variety of questions to help determine what discounts you might be eligible to receive. Below is a list of some of the most common discounts that, if eligible, you can take advantage of to save money.

  • Multi-car discount
    If you have more than one vehicle and list them all under the same policy, your insurance company may be able to give you a price break on your policy’s total premium.
  • Multi-line discount
    Insure both your car and your home with the same insurance company to get a reduced premium on one or both of the policies.
  • New business discount
    Some companies, in an effort to earn your business, will offer a discount simply because you’re a new client.
  • Anti-theft devices
    If your car does not already come with an approved, factory-installed anti-theft device and you choose to install one, thereby reducing the likelihood of theft or vandalism, you may qualify for a discount. Check with your insurance provider first for the list of approved anti-theft devices that will qualify you for this discount.
  • Low mileage discount
    If you don’t drive your vehicle very often, you may be eligible for a low mileage discount.
  • Auto club discount
    If you belong to an auto club or roadside assistance program you may be eligible for a discount.
  • Driver education
    If you’re a new driver under the age of 25, taking an approved driver training course often means a discount intended to recognize the safe driving skills you’ve learned.
  • Student (away at school) discount
    If you have a son or daughter going away for school and living away from home, you could be eligible for a discount on your insurance premium since they’ll have less access to driving your car.
  • Good student discount
    If you are, or your son or daughter is, a full-time student with great grades some companies offer a discount rewarding scholastic performance.
  • Occupational discount
    If you work in a certain field or hold a certain degree some insurers may offer an occupational discount.
  • Group discount
    If your company, trade union, alumni or professional association belongs to a group program you may be eligible to get a discount.
  • Age discount
    There are discounts available when you pass certain age milestones. The qualifying age differs between insurers, if they offer this particular discount.
  • Retiree discount
    This discount may be available to those aged 55 or over. If available, the exact age for eligibility may vary depending on the company.

Good Driver?
Many insurance companies offer discounts if you prove that you have a good track record. If you have a clean driving record without any accidents or tickets, and always pay your premium on time, you may be eligible for discounts such as:

  • Good driver discount
  • Accident-free discount
  • Claims-free discount

There are many discounts out there that can help you lower your auto insurance rate. Getting them just depends on the insurer, where you live, whether you meet the eligibility requirements, and finally, asking about the availability of discounts. It never hurts to ask. Just one question could potentially lead you to many valuable savings.

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