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Enjoy the ride with the right auto insurance
Get more out of the open road with customized auto coverage options that cater to your needs.
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Car insurance offers protection in the event of accidents, theft or unforeseen circumstances, so that you and your vehicle are covered when you need it most. We can all see the value in it, but car insurance can be a significant expense. This is where discounts come into play. Discounts vary from one insurance provider to another, and eligibility criteria may differ, they all have one thing in common: if you know how to get discounts on car insurance, and you qualify, you can significantly reduce your insurance premiums.
At its core, a car insurance discount is a financial incentive offered by an insurance provider to encourage specific behaviors that correlate with reduced risk – less risk for the insurer should translate to lower costs for you. Discounts are a reward for responsible behavior, not for accepting substandard coverage. Let’s look at what discounts are available and how you can use them to save on your insurance costs.
You likely already qualify for some common discounts, or could with a little bit of time and effort. We'll explore some of the most common car insurance discounts, how to qualify for them and the potential savings of each.
Safe driving discounts are among the most accessible discounts. Insurance companies appreciate drivers who prioritize safety on the road, as they are statistically less likely to file claims.
Modern vehicles are equipped with an array of advanced safety features designed to protect drivers and passengers by reducing the likelihood of accidents and the severity when they do occur. These features include things like anti-lock brakes, airbags, lane departure warnings, adaptive cruise control and blind spot monitoring. Insurance providers recognize the safety benefits of these features and often offer discounts to policyholders who have them installed.
Bundling multiple insurance policies with the same provider, such as combining your car insurance with home or renters insurance, can lead to substantial discounts. This approach not only simplifies your insurance management but also brings financial benefits.
For students, maintaining good academic records can translate into savings on car insurance. Insurers believe that students who excel academically are more likely to exhibit responsible behavior in other areas, including driving. By demonstrating good judgment and discipline in their studies, students are considered lower risks.
Defensive driving courses provide valuable insights and techniques for safe driving. They cover topics like defensive driving strategies, accident avoidance and handling emergencies on the road. Completing a defensive driving course can improve your driving skills and qualify you for a discount on your car insurance. These courses are beneficial for drivers of all ages.
Insurance companies believe that the less you drive, the lower your risk of being involved in an accident. This can translate into savings if you show that you drive less than the average person. Insurance providers often have thresholds that classify drivers as low-mileage drivers, typically around 7,500 to 15,000 miles per year. Reducing the number of miles that you drive can lead to lower insurance premiums. This discount is especially relevant in today's world of remote work and increased public transportation options.
Age can significantly impact car insurance premiums, and age-based discounts are designed to reflect this. Drivers of all ages can benefit from age-specific discounts.
Maximizing car insurance discounts requires a strategic approach. There are some things you can do to make the most of the discount opportunities available.
There are a lot of misconceptions surrounding car insurance discounts, which can be a source of confusion for many policyholders. We’ll look at some of the most common here, but you can always reach out to your agent or the VIU by HUB Advisory Team for more information about these, or any other questions you may have.
One prevailing myth is that accepting car insurance discounts means sacrificing the quality of your coverage. This is simply not the case. Discounts are incentives offered by insurance companies to encourage responsible behavior, not indicators of reduced coverage. For example, a safe driver discount is granted to those who have maintained a clean driving record and shown their commitment to safe driving practices. This discount doesn't diminish the coverage; it simply reduces the cost of that coverage as a reward for lowering the insurance company’s financial risk.
Some may mistakenly believe that discounts are only available for the most basic, bare-bones insurance policies. This leads to people not seeking discounts out of fear of wasting their time on something that they won’t qualify for. However, car insurance discounts are available for a wide range of policies, from basic liability coverage to comprehensive and collision policies.
There's a perception that car insurance discounts are temporary promotions that will go away after a short time. While some discounts may have expiration dates, many are ongoing and can be maintained as long as you continue to meet the eligibility criteria. Safe driving discounts, for instance, are typically available as long as you maintain a clean driving record. Loyalty discounts can also be long-lasting and even get better as time goes on.
Our last myth is that car insurance discounts are insignificant, providing only minor reductions in premiums that aren't worth the effort of pursuing. It’s true that some individual discounts may seem small, but they can add up significantly over time. For example, a 10% discount on an annual premium of $1,200 results in savings of $120 per year. When combined with other discounts, such as bundling or good student discounts, the cumulative savings can be substantial.
We've compiled a list of common questions about car insurance discounts to help you quickly find the answers you’re looking for. These questions are addressed in more detail throughout the post, so if you need more information, scroll through the post or talk to a VIU by HUB Advisor.
In the world of car insurance, discounts are like hidden treasures waiting to be discovered. They offer you the opportunity to reduce your insurance premiums without sacrificing the quality of your coverage. Unfortunately, like hidden treasure, you may have to do some digging to find the ones that work for you. Having someone like a VIU by HUB Advisor on your side makes the process much easier and greatly reduces the chances of you missing out.
The VIU Point is here to help you make sense of it all, so you can confidently compare auto insurance quotes and make the best policy decisions.
