Congratulations! Just don’t forget that you need insurance.
You probably already know that insurance can be expensive for young, inexperienced drivers. Why? Because 16 to 24 year olds make up 9% of the drivers, but account for 25% of accidents with injuries. So we’ve put together some tips that can help you save a lot on your first car insurance bill.
- Avoid the cars that thieves love. Every year, the Insurance Bureau of Canada publishes a list of the top 10 stolen vehicles in Canada. Also, cars with factory-installed security features and some hybrids may be cheaper to insure.
- Take driver training. Some companies give a premium reduction if you’ve completed an accredited driving course. Make sure to take an approved Driver Training Course in your province because each province and territory has its own requirements for driver’s licenses.
- Bundle your policies. Keep in mind that most insurers offer multi-line discounts in some provinces. So, based on your needs, it might be worth having all your policies with the same insurer to reduce your family’s insurance costs.
- Get insured on your parents’ policy. If you’re willing to wait before buying your first car, ask your parents to add you to their policy as an occasional driver. You can save a lot of money, while you gain experience and build a history of coverage. And the better you drive, the more you could save on your premium when you’re ready to buy your own car.
Finally, the best way to save is to maintain a clean driving record, with no convictions or at-fault accidents, and to pay your insurance bill on time. At the end of the day, you’ll be rewarded!
The Personal refers to The Personal General Insurance Inc. in Quebec and The Personal Insurance Company in all other provinces and territories of Canada.
The information provided is meant to be illustrative only and does not constitute or replace the advice of experts. The Personal assumes no liability with regards to how such information is used