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18 Auto insurance discounts you may not know about

December 13th, 2021  |  Auto Insurance

Everybody likes to save. But have you explored some of these possible auto insurance discounts with your broker? You may not even know they exist. It doesn’t hurt to ask!

Many insurance companies in Canada offer drivers ways to save, although it may differ between provinces. And the discounts are not only for experienced drivers but there’s also a few for young people too. Some of these you might know about, but others may surprise you.

Good student discount:Students that are focusing on school and getting good grades are rewarded by many insurance companies.

Driver’s Ed discount: When your child is learning to drive and has taken an approved driver’s training course, they can qualify for additional savings.

Graduated drivers’ licence: In Ontario, the graduated licence system requires new drivers to go through different levels to get their licence. They will go through the G1, G2, and G levels. Some insurers are now offering different rates depending on the level. For each level achieved, insurance costs may decrease.

Away at school discount: Some students are insured to drive but are away at college or university. As a result, they are driving less. Most insurers will offer a discount for a child you have listed on your policy as an occasional driver.

Winter tire discount: If your car doesn’t have the proper tires, driving in the winter can be treacherous and the risk of collision is higher. This discount encourages driving safer in adverse conditions.

Private parking discount: Insurers do care about where you park because it can help prevent comprehensive damage or theft. To encourage safe parking some will offer this discount.

Anti-theft discount: There are many ways that drivers can now protect their vehicles from theft. New vehicles have built-in alarms and there are other devices that can be used.

New vehicle discount: Many new cars have some proven safety features built right into them which appeals to insurers.

Professional/Group discount: Insurers like to offer certain groups, companies, professions, or even graduates incentives to gain their business.

Retired discount: Retirees may not drive as much or are taking fewer long-distance trips. An insurance company may offer a discount as a result.

Loyalty: If you remain with the same insurer for many years, they will likely reward you as a long-time client. They do this by offering a renewal discount.

Good driving discount: Many drivers strive to keep their driving records clean. Not only does this help them get lower insurance premiums, but it may even earn a discount.

Farmers’ discount: A lot of farmers use their vehicles for pleasure but remain on their property. A discount may be offered for this.

Telematics discount: Telematics is a new technology solution designed to save good drivers money on their insurance. A telematics device – provided at no charge by insurers - will reward good driving behavior by recording how safely your vehicle is operated and decreasing your auto insurance premiums.

Ticket forgiveness: Many drivers are cautious but occasionally a mistake can be made, and they end up getting a ticket. Ticket forgiveness does not hold that first ticket against them when it comes time to renew their policy.

Multi-vehicle discounts: There are some drivers who own more than one car and have them both insured at the same time. Insurers recognize this and offer a better rate for multiple vehicles.

Bundling discount:If both your auto and home insurance are with the same insurer, you will save on premiums. The discounts can range from 10 to 15 per cent.

Hybrid vehicle discount: Some drivers who have purchased more eco-friendly vehicles may be rewarded for doing so.

Bottom line? When shopping for insurance, the first step should always be to comparison shop. Make sure to explore what discounts you qualify for with your broker – they can make a difference to premiums!

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