How you can lower car insurance costs #bank #account

#car insurance costs
#

Here a few things that may help you reduce your bill when your policy comes up for renewal.

Rene Johnston / Toronto Star Order this photo

As usage-based insurance programs are gradually rolled out in Ontario, they will offer one way to reduce the cost of insuring your car.

The average annual saving will likely be in the 10-to-15 per cent range, if you’re prepared to have a GPS tracking device installed in your car, give up some privacy and trust your insurer not to misuse the information it collects about you.

The technology is widely used in Europe and the U.S. and insurers here will gradually unveil products that are tailored to special groups. We may see some this spring when more of these plans become available in Ontario. For example, drivers with good records, who drive infrequently and live in a rural area with low claims rates, could end up with larger discounts. Drivers with terrible records, who may be almost uninsurable, could get a new life by allowing companies to monitor how they drive now.

In the meantime, anyone who drives in the GTA is looking for ways to trim their bill. The provincial Liberals say they are moving closer to meeting their pledge to reduce Ontario insurance rates by 15 per cent. Last Tuesday, they introduced legislation aimed at combating fraud and speeding up dispute settlements.

Finance Minister Charles Sousa said car insurance costs have fallen by an average of 4.66 per cent since August 2013, when the deal was made with the NDP. He said last week’s measures should help him meet his target of a year-over-year drop of 8 per cent by this August with the full 15 per cent coming within a year.





Leave a Comment

Your email address will not be published.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