Northwest Territories car insurance buyers can purchase coverage from the insurance company of their choice. Unlike some other parts of Canada, government car insurance coverage is not available.
Customers who are looking for a way to keep their car insurance costs down may want to consider increasing their deductible. This is the amount that a customer agrees to pay out of pocket before the insurance company will write a check on a claim.
When a customer agrees to pay more toward the cost of their claim themselves, the insurance company rewards them by offering lower premium rates. Before you decide to take this step to save money on the cost of your coverage, consider it very carefully.
You don’t want to set your deductible at a level that would cause financial hardship if you had to pay for it yourself. Going from a $250 deductible to a $500 one will save you some money on the cost of your coverage. If you decide to increase the deductible to $1,000, you will be charged even less for your Northwest Territories car insurance coverage but this decision must be weighed against your budget.
To find out whether increasing your deductible is right for you, ask for quotes for your car insurance at different deductible levels. Many companies will provide this information at no cost or obligation to you. Studying the quotes carefully will help you decide which deductible level is right for you and your budget.