Car Insurance Premiums made Easy in Alberta
Vehicle Insurance, for a vehicle, is as essential as the oxygen for the purpose of breathing. It is mandatory not just as a precautionary measure (in case of a mishap) but also as per transportation law. Because of this necessity, the prices of car insurances are skyrocketing these days and everybody is looking for an effective cut down. There are a lot of possible solutions and in order to find out the most effective one, we must first understand how these insurance premiums work and what are the factors which determine their functioning.
A lot of various factors determine the monetary value of an insurance premium. A detailed list can be as follows:
- Model of the vehicle.
- Insurance buyer’s driving record.
- The area of residence of the buyer.
- Previous record of insurance claims.
- Age and gender of the buyer.
- Usage of the vehicle.
- Price of the vehicle.
- Type of insurance.
- Fuel type.
- Area of registration.
According to Provincial law, to drive on the roads of Alberta, a driver is required to have least of all, a third-party liability and accident compensation coverage. Insurance policies change as soon as there’s an upgradation of a vehicle or in case of a road accident. After such events, there is a high chance of a huge hike in the premium amount payable. Let’s see what are some of the tricks one can use to keep this in check and within budget.
- Driving Record: The best trick to keep your car premium low while also keeping yourself safe is to drive with as much caution as possible. A clean driving record can keep the insurance premium stable for a long time and can also help reduce its hike in case of vehicle upgradation as some companies offer good discounts to safe drivers. Certain companies even offer customized policies for such customers.
- Environmental Consciousness: Everybody always claims that there is no repayment for good deeds but what if we tell you that there can be? That’ll surely be a cherry on top of a wonderful dessert now, won’t it? Wonderfully enough, if you go eco-friendly, you might be eligible for some discount on insurance premiums offered by some specific companies. Also, hybrid/electric vehicles are in vogue so this could be a real game changer economically as well as ecologically.
- Loyalty: Loyalty is and should rightfully be the most admired quality in a person. Most of the insurance companies compensate their loyal customers time and again by presenting various offers. If you’ve been using the same insurance company or a broker for multiple vehicles in a family or multiple kinds of insurance, you might as well get some discount for sticking with the same broker or service provider. The best part is, most of the companies do give out multiple offers for such loyal customers. All you have to do is ask.
- Professional Training: Skills carry huge value. If one has put in time and money into learning a skill, they should be rewarded for the same. Some insurance companies do offer discounts to drivers with good driving training and skill set. New Drivers even get a discount and a 3-year driving record with a Driver Training Certificate.
- Avoiding Danger: Alberta can get really cold and slippery with all of the snow, for most part of the winter. Snow is extremely dangerous for vehicles. Most of the insurance companies like to reward their customers with discount offers if the customers help reduce the risk of danger. So, if you get snow tires for instance or install new security devices on your vehicle, you might be eligible for a discount on your insurance premium.
- Reducing Driving Time: The more one drives, the more frequently they’re supposed to pay insurance premiums. Too much use of personal vehicles in large numbers is also hard on the environment anyway. Using public modes of transportation can help reduce insurance premiums while protecting mother nature.
- Age Discount: Some insurance companies reward driving experience with a discount. They offer discounts to people who have been driving for a long time and have passed a certain age. Different companies may consider different ages for this kind of discount.
- Cutting down coverage: Some insurance providers offer customized insurance plans. In that case, if somebody chooses to cut down a specific coverage, (for example a collision coverage for an old vehicle) it could reduce a good chunk of the cost of insurance premium.
We at iSmart strive to provide our customers with the best options possible because we understand how challenging it can be to manage finances effectively. We are the answer to all your possible queries related to insurance. Literally all you have to do is ask. So, get a quote now!