1. Be a good driver
A good driving record counts for a lot, so try hard to build up a positive driving history by following the rules of the road. Be aware and vigilant wherever you're behind the wheel of a car and never drink and drive.
2. Be smart when it comes to buying a vehicle
If you buy a brand new BMW and you've only had your drivers license for 2 years, it's should come as no surprise that your car insurance will be expensive. An older, cheaper car with added security features will cost less to insure, especially if you have a short driving history.
3. Compare to save
You need to shop around and compare the market to get the best car insurance quote that's right for you. Thanks to sites such as RateSupermarket.ca, it's easy to compare rates offered by different insurance companies so you can be sure you're getting the best deal.
4. Be proactive
Shop around for car insurance quotes at least one mouth prior to your existing policy expiring. This will give you enough time to find the best deal and you won't feel pressured to renew with your current provider.
5. Get a policy that's right for you
You may not need the bells and whistles, so make sure you're not paying for them. When it comes to additional insurance coverage (above and beyond what the government requires you to have), conduct a cost benefit analysis. Is the benefit of the additional coverage worth the cost to you? For example if your car is only worth $1000, it probably doesn't make sense to pay for comprehensive coverage.
6. Pay attention to the deductable
A deductable is the amount of money you will need to pay when a claim is made. If you have a lower deductible, chances are that you'll pay higher premiums. If you increase your deductable, your premiums should go down.
7. Pay on time
It's important that you pay your premiums on time, or you risk tainting your insurance record. If you miss more than 2 payments or there are insufficient funds in your account for 2 automatic withdrawals, your insurance company could cancel your coverage due to non-payment. You may then be classified as 'high-risk' which will result in higher premiums when you go to get coverage through another provider.
8. Keep your insurance company or broker in the loop
If something has changed in your life that may affect your car insurance coverage, make sure you contact your provider to let them know. Some changes can result in cost savings, for example, a different driver on the vehicle, less use for the vehicle, etc.
9. Switch insurance companies at the right time
Always wait until your existing policy expires before switching to a new provider. If you cancel in advance, you may have to pay a penalty fee.
10. Get off on the right foot
If you're a young driver be sure to take a driver-training course that's recognized by your insurance company. Also consider starting off as an occasional driver under the insurance policy of a parent or guardian, instead of becoming a principal driver of your own vehicle. Premiums for young, occasional drivers are lower than premiums for young, principal drivers. It also doesn't hurt to ask about student discounts. It's rare, but some insurers offer discounts to students if they have good grades.