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A Five Minute Review Could Save You On Your Car Insurance -

August 14, 2013

Five minutes spent focusing on the fine print in your auto policy may reveal changes that can save you hundreds of dollars. By reviewing your policy you may find coverage that you no longer need, and within minutes discover potential savings. Instead of automatically renewing your policy, use this opportunity to examine the charges that may seem excessive.

Making Your Review Count

The motivation to review your policy is greater at renewal than at any other time. Your car insurance agent/broker is an expert and an ally who is willing to share professional advice that helps you identify inaccuracies, changes or car insurance discounts. A review assures you that you have the coverage that you need at a price that is fair.

For more information on auto insurance coverage in Ontario & Alberta, please read:



Examining the Premium

Noticing an increase in your premium is the best place to start your review. Your policy shows dollar amounts for claim limits as well as other limitations, each one having a significant impact on your premium.

Describing Drivers and Car Usage

Commuting usage indicates how you use each car, and pleasure use indicates those that are not used for work purposes (business use). Your rate may be affected by the designation of commuting use as opposed to pleasure use, so it is a good place to look for potential savings. The number of miles that you use for commuting is an important factor as well.

Counting the Discounts

Insurance companies offer significant discounts for a variety of reasons in addition to good driver status. Check your policy to see that your discounts are properly indicated, and review discounts so that you can search for other ways to save.

For more information on car insurance discounts, please read:

Using Good Judgement

Making changes to your policy requires a sound knowledge base in addition to good judgment. You want to verify that you have the insurance coverage that you need but not more than is necessary. Work with your agent to put into effect savings that do not diminish your ability to make a claim in case of an accident.

Some Money-Saving Techniques

A realistic goal for your review of auto insurance coverage is to find areas where you can save money. An older car may not need full coverage as its value lessens with age, and eliminating extra coverage on it may produce savings. Take note of how often you drive it to confirm your decision to reduce the coverage that you carry on it. Make sure to ask your agent to point out the consequences of making a change on any aspect of your auto policy.


Raising your deductible can immediately lower your premium, but the decision to do so is one that you need to make with the advice of your agent. Saving in the short term may satisfy your requirements, but remember that you may experience a larger cost should a claim occur.

Insurance companies usually do not start to charge you for violations until you renew for the first time after you have an accident.

Related: After An Accident: The Right Interactions With The Other Driver

Comparing Rates

One of the best reasons to review your policy is to get a clear understanding of the terms. As a result, you are able to make comparisons of your policy to those offered by competing companies. Online auto insurance quotes give you a quick way to see if your company's rates are fair or out of line in comparison to other coverage and premium rates.