Navigating the path to affordable car insurance in BC doesn’t have to be overly complex. With insurance rates climbing, it’s essential for drivers to explore avenues to ensure they are not overpaying. At Goldleaf Insurance, our goal is to be your guide to securing low-cost auto insurance. This blog will focus on the steps British Columbians can take to minimize their premiums without sacrificing coverage quality. Something our team at Goldleaf is very passionate about! With all that said and done, let’s get right into it.
Car Insurance Rates Across Canada: A Comparative Look
The cost of auto insurance coverage varies from province to province. Therefore, depending on where you live and drive, you’ll likely find higher and lower auto insurance quotes. For example, according to Canada Drives, the cheapest car insurance in Canada is in Quebec. With annual car insurance rates of approximately $717, drivers are paying less than half of what BC and Ontario drivers.
Comparatively, British Columbia stands out as one of the provinces with the highest average monthly car insurance premiums in Canada. According to the Insurance Bureau of Canada, BC residents pay an average of around $1,832 annually. This highlights the importance of finding ways to reduce the car insurance cost for residents in the province.
To compare auto insurance rates, here’s a quick rundown of the estimated costs across Canada from highest to lowest auto insurance premiums:
- British Columbia: $1,832
- Ontario: $1,528
- Alberta: $1,316
- Saskatchewan: $1,235
- Newfoundland & Labrador: $1,168
- Manitoba: $1,140
- Nova Scotia: $891
- New Brunswick: $867
- Prince Edward Island: $816
- Quebec: $717
Please note: these figures are simply an estimate. Final prices will vary depending on the specific requirements of each driver.
How is Car Insurance in BC Calculated
Auto insurance rates are determined through a careful analysis of several factors, such as:
- Age: Young drivers often face higher auto insurance rates due to their limited experience and perceived higher risk.
- Gender: Men are statistically more likely to have accidents, sometimes resulting in a higher car insurance premium.
- Postal Code: Premiums vary by location, with safer areas generally commanding lower rates.
- Driving Record: A clean driving history can significantly reduce your car insurance cost.
- Mileage: Lower mileage often equates to lower premiums.
- Vehicle Make and Model: Expensive and powerful cars typically attract higher rates.
- Level of Coverage: Choosing minimum coverage can save money but might offer limited protection.
- Credit Score: A higher credit score may translate to lower premiums, except in Ontario and Newfoundland and Labrador.
10 Ways to Obtain Cheap Auto Insurance in BC
Review Coverage Options
Some auto insurance companies offer cheaper car insurance rates compared to others. Therefore, it is essential you choose the right insurance company that suits your needs without breaking the bank. Our knowledgeable agents at Goldleaf can help you find the auto insurance rate that aligns with your lifestyle and budget. Contact our team in Surrey, BC, to explore different car insurance policy options so you can drive with peace of mind.
Want to benefit from the bundling effect? Combining your auto insurance with other policies, like home insurance, can often lead to discounts. When you bundle your coverage using the same carrier or insurance company, you can save money versus choosing different carriers for each insurance plan. Additionally, if you drive multiple vehicles, you can receive a multi-line discount by insuring them with the same insurance provider.
Regularly comparing car insurance quotes from different companies is a key step in finding the most competitive rates. Depending on your unique driving needs and history, you can scout the cheapest auto insurance rates without sacrificing protection.
Opting for a higher deductible can lower your insurance premium but means you’ll pay more out-of-pocket in the event of a claim. So, while your monthly fees will decrease, it’s important to note you will have to shell out for the higher deductible should you need auto repairs from an accident.
Maintain a Clean Driving Record
Staying accident-free, as outlined on ICBC’s website, is a surefire way to reduce your auto insurance rates. Factors such as who drives your car, your driving history, your level of experience, collision history, driving offences, etc. will all impact your car insurance quote and final cost.
Consider Usage-Based Insurance
Car insurance companies, like ICBC, offer usage-based insurance discounts. Depending on your driving experience, how much distance you drive per year, safety technology installed in your car, and more can lower the cost of your auto insurance policy. Check out IBC’s guide to telematics and consider whether usage-based insurance, which sets premiums based on your driving behaviour, is right for you.
Install Safety Features
Enhanced security measures in your car may lower your insurance costs by reducing theft risk. For example, one safety device that could help you save on insurance is the electronic immobilizer that prevents your car’s engine from starting without a recognized key or device. Vehicles with these immobilizers may qualify for savings on Comprehensive Coverage or Specified Perils. Another example is the anti-theft device that could grant a $100 deductible rebate. Note that motorcycles and trailers are ineligible for these discounts.
Take Defensive Driving Courses
Taking defensive driving courses in BC equips drivers with skills to navigate the roads safely and avoid accidents. These courses teach hazard recognition, accident avoidance techniques, and safe driving strategies. Insurance companies often reward graduates of these programs with lower premiums, as statistically, they pose a lower risk of filing a claim due to a collision, thereby reducing costs for the insurance company.
Maintain Good Credit Score
In BC, maintaining a good credit score can result in cheaper insurance rates as insurers view it as a sign of financial responsibility. Insurance companies may use credit scores as one of several factors when determining premiums, with the rationale that individuals with higher credit scores are statistically less likely to file claims. Consequently, a strong credit score may lead to lower insurance costs, as it suggests the policyholder is a lower risk to the insurer. Learn how you can attain your credit score here.
Ask About Discounts:
Sometimes, all you need to do is ask about cheap car insurance rates. When looking into car insurance policies, always inquire with your insurance company about any additional discounts you might qualify for, such as being a student or a veteran. Additionally, our experts at Goldleaf can help in finding cheap car insurance that best suits your needs.
When is the Best Time to Buy Cheap Car Insurance
Generally, the cheapest months to buy car insurance are December and February. During these months, insurance companies might be more motivated to offer discounts to meet their year-end or quarter-end targets. Additionally, fewer people tend to shop for cars in winter, resulting in less competition and potentially lower prices. However, these are just trends we’ve noticed in the past and could change depending on the driver and the insurance company.
Consult with Goldleaf
Navigating the world of car insurance doesn’t have to be daunting. With knowledge and proactive steps, it is completely possible to secure affordable and reliable car insurance coverage in British Columbia. From comparing quotes to maintaining a clean driving record, these actionable steps can lead to significant savings. Reach out to the dedicated team at Goldleaf Insurance to discuss your options and to find the most affordable solution for your auto insurance needs in British Columbia. Our team is here to guide you every step of the way.