Five Effective Ways to Lower Your Car Insurance Payment

The economy is currently in a horrible state. Therefore, consumers are trying to cut their bills as much as possible. Automobile insurance is one area that residents can try to cut the costs. The consumers can take several steps to reduce your car insurance quote to a level that works best for the budgets.

The following are five tips that usually work quite well:

Boost the Deductible

A consumer can reduce the monthly payment of car insurance in Ontario by boosting the deductible. The deductible is the amount of money that a consumer has to pay before the insurance company invest any money into fixing the repairs and damages. The larger the deductible is, the smaller the premium is. insurance companies have different caps on their deductibles. Some will allow a person to choose a $2,000 deductible, and others will go higher than that. Changing the deductibles can make a huge difference in the bill.

Remove Comp & Collision

Removing comprehensive and collision coverage can save a person a pretty penny on the insurance, as well. Most finance companies require the borrower to pay for full coverage. However, a consumer can remove comprehensive and collision coverage if that person owns the vehicle.

Clear the Extras

Another step that a person can take to reduce the premium is removing any extras that he or she may find on the policies. Extras such as rental reimbursement and roadside assistance may give the person some relief on the monthly premium. The person can cancel those options if he or she is pressed or facing severe financial problems.

Sign up for Auto Pay

Auto pay is a feature that allows a consumer to pay the monthly premium automatically. The system keeps the credit card number on file and charges it every month for the premium. The consumer receives a small discount for signing up for such a thing, as well.

Notify Insurance Company of Security Features

Finally, the consumer can reduce the cost of the car insurance by notifying the insurance company of any safety feature that he or she did not realize was on the car. Safety features will qualify a customer for huge discounts on the premium. Airbags and alarm systems are two of the most common features that will get a discount for a consumer.

A customer can tweak the insurance policy until it starts working. The person may be able to do it online without having to ask an agent to change anything.

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