Is There a Black Friday for Car Insurance Savings?
As we approach Black Friday, the day of extreme sales leading up to the Christmas holiday season, many wonder if there’s a Black Friday pertaining to extreme car insurance savings. While there isn’t an official Black Friday relating to auto insurance rates, here are five things to consider on Black Friday that can help you save big on your car insurance premiums.
Shop the car insurance market
Since Black Friday is a day dedicated to shopping, let’s talk about shopping the auto insurance market!
There isn’t necessarily a ‘’best time’’ to re-shop your auto policy. All car insurance providers have different fees associated with canceling a car insurance policy early. If you re-shop your policy within 30 days of its renewal, then there, likely, won’t be a fee associated with canceling.
If you could save $800 annually on your car insurance premiums but you still have quite a bit of time remaining on your current policy and it’d cost you $300 to cancel early, what would you do?! Well, you’d make the switch because even though there’s a cost, you still lowered your annual premium amount by $500.
Spend consciously on Black Friday
If your game plan for Black Friday is to max out your credit card(s), because the deals are just too good to pass up, you should think again!
Before heading out on your Black Friday shopping spree, you should budget what you can afford to spend – have a hard limit and don’t exceed it. Anything you can do to keep/attain good credit will help you save big on car insurance.
The largest discount insurance companies offer for car insurance is a good credit discount. Insurers want clients that always pay their bills, it’s that simple. In order to attract drivers that always pay their bills, many insurers will offer a discount north of 20% off your annual auto insurance premiums, if you have a credit score above 650.
Put on your winter tires before your Black Friday shopping
We want you to arrive at your Black Friday destinations safely. A great way to help you accomplish that feat is by having winter tires on your vehicle.
Winter tires are made with a specialized rubber compound that grips the road better when driving in snow or freezing temperatures. All-season tires aren’t made to hack a Canadian winter. The majority of all-season tires struggle gripping the road when temperatures hit about 5C.
If you have winter tires on your vehicle, reach out to your insurance broker and let them know. Many insurance companies will offer a winter tire discount up to 5% off your annual car insurance premium amount for having them on your vehicle from October 1 – March 31. If you’re in Ontario, specifically, this is an easy way to help lower your auto insurance premiums.
Don’t road rage – obey traffic laws
With so many people racing around to get their hands on as many great Black Friday deals as possible, do your best to be a courteous and safe driver.
Aside from a good credit discount, good driving discounts are the next best way to save big on car insurance. Along with wanting clients that always pay their bills, insurance companies look for people that are responsible drivers.
If you’ve been ticket-free for three consecutive years and/or haven’t had an at-fault claim in the last six years, many insurance carriers will deem you eligible for a good driver discount. A good driver discount can save you up to 15% off your total annual car insurance premiums.
Put your cell phone away while you drive
Did you know that many Canadian insurers are now classifying distracted driving as a major conviction?! That’s right – many insurers have rightfully put distracted driving in the same class as a DUI.
RSA Canada, one of the 10 insurance carriers Surex Direct brokers business for, was one of the first major insurers to take this step in the spring of 2017. A large factor in their decision involved the startling number of crashes where distracted driving was the cause. In fact, texting and driving cause six times more accidents than driving while intoxicated.
Aside from Nunavut, every Canadian province and territory has implemented legislation against distracted driving.
If you rely on your phone’s navigation system to help you find your Black Friday shopping destinations, and you haven’t done so already, it’d be wise to shop for an accessory that can hold your phone while you drive or a Bluetooth system.