In Ontario, car insurance customers may be eligible for a number of discounts on the cost of their coverage. A customer may qualify for multiple discounts, which can help to keep the cost of this necessary product down.
Some examples of discounts that may be offered by Ontario car insurance companies are:
Driver Training Course Discount: Many car insurance companies will offer reduced rates for drivers who have completed a recognized driver’s education course.
- Multi-policy Discount: Buying car insurance coverage from the same company that sold the customer a homeowner’s policy can mean savings of anywhere between 3 and 15 percent on the cost of coverage.
- Multi-vehicle Discount: Getting coverage for more than one vehicle from the same company means better pricing. Look to the insurance company to offer a discount of between 5-15 percent.
- Renewal Discount: Being a loyal customer can lead to savings on the cost of Ontario car insurance. A person who has been with the same company for several years and has a good driving record with no at-fault accidents can save between 5-20 percent on the cost of insurance, depending on the company.
- Retiree Discount: People who are retired can save on the cost of their car insurance coverage. The accident benefits portion of the car insurance policy is affected when a policyholder is no longer in the workforce. The amount of the price break will vary, depending on the insurer, but can range from 5-15 percent off.