Money

Budgeting, saving and investing for a brighter financial future

“Young male seeks wife to lower car insurance rates”

By Bryon Russell, BrighterLife.ca

Comments (1)

Young male seeks wife to lower car insurance ratesAs a young man, I pay a lot for car insurance. But I’ve found ways to pay less that can work for you no matter how old you are.

Young men pay some of the highest car insurance premiums in the country. In fact, males under 25 can pay anywhere from $500 to $2,500 more per year than their female counterparts. When my dad jokingly suggested I get married to help lower my premiums, I didn’t take him too seriously. But I did start looking for ways to spend less on car insurance.

Before you go popping the question, here are some less nerve-racking questions to “propose”’ to your insurer:

  1. Does your insurer offer a winter tire discount? Many insurers offer a discount for installing winter tires on your vehicle each year. This can save you up to 5% on your premiums.
  2. Does your insurer offer a multi-product discount? Your parents have probably bundled their home phone, cable and Internet for years. While you likely don’t have a home phone and may do most of your TV watching on Netflix, you, too, can benefit from bundling. Ask your insurer about bundling your car and home insurance together. Still renting? Combine your car insurance with your tenant’s insurance to save.
  3. Does your insurer offer a discount for additional security systems? If you’ve already installed an after-market anti-theft device or other security system in your car, you may be eligible for additional savings. Do the math before running out and buying one, to make sure the annual savings will offset the up-front costs. But at premium savings of up to 10% annually, a security system could pay for itself in a year or two.
  4. Does your insurer offer a roadside assistance discount? That CAA membership that your parents may have been generous enough to buy for you every year is good for more than just ticket discounts and the occasional boost or tire change. While it’s not as common as the discounts mentioned above, some insurers do offer an additional five to 10% off premiums for belonging to a roadside assistance program.
  5. Does your insurer offer a group rate? Insurers often negotiate discounted rates with employers and other organizations in exchange for the employer promoting the insurer to their employers. Check with your HR department to see if you are eligible for discounts as part of a group plan through your employer.

Stay connected

Get more FREE tips and tools on money, health and family

Sign up for the monthly Brighter Life newsletter.

Enter your email address:

Learn more

Will your choices help you reach your financial goals?

Try our Financial habits quiz.

Take action

Are you paying too much for car and home insurance?

Find out now with a FREE online quote.

TCI on

One of the other discounts generally offered is for paying the full premium at the start. You are likely to get 5 – 10% savings with many insurers. Also, you avoid paying the credit interest for spreading the premium payments. There are a few other ways of saving money on auto insurance as you nicely put above.

Add a new comment:

Note: Please be sure to read our commenting policy and terms and conditions for this site. We reserve the right to delete any comments that we view to be in violation of our policy. The name you provide will appear next to your comment. Thank you!

Your email address will not be published. Required fields are marked *

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Car and home insurance
Free newsletter subscription

Connect to your Brighter Life