Can Car Insurance Rates Be Negotiated?

Can Car Insurance Rates Be Negotiated

In some markets, such as buying a new vehicle, bartering over the price tag is an expected part of the purchasing process. But what about insurance policies? Can car insurance rates be negotiated? While haggling in the traditional sense over the cost of insurance isn’t possible, there are a number of ways that you can typically find a lower rate.

In the article below, we will explain how instead of negotiating, how you can save money on your car insurance.

#1 Compare Providers

Each insurance company has their own price for their policies as well as their own approval criteria. A policy that you are approved for at one company may cost more than an identical policy that you are approved for at another. While the more expensive insurance company will not price match, as the consumer you can get a lower rate by choosing a different provider.

#2 Type of Insurance

There are different types of auto insurance coverage available. In Alberta, the mandatory coverage is a baseline and additional coverage (such as collision and comprehensive) can be added to increase the amount of protection you have. While more protection is typically a good thing, there may be types of coverage that may not be necessary for your personal situation. Talk to one of our insurance specialist and he or she will give go over all the options.

#3 Deductible

While the amount and type of coverage you choose will influence your rate, so will your deductible. Opting for a higher deductible amount will typically lower your premium. The deductible amount that you choose will be the amount of money that you are responsible for paying towards a claim before your insurance company will start covering the balance of the claimed amount.

#4 Discounts

It may sound surprising, however, there are a number of discounts you may be eligible for which may lower your rate. There can be a wide variety of discounts types available, such as for being a loyal customer, having a good driving record, bundling policies, occupation, or belonging to a professional association to just name a few. In order to make sure that you do not miss out on any type of discount that you may be eligible for, be sure to always ask exactly what discounts are offered.

#5 Use a Broker

To get the lowest rate possible, it is important to shop around. The best way to do this is by choosing a trusted insurance broker, like Bow Valley Insurance. With access to multiple insurance companies, we can find you the best protection for the lowest rate. We know the ins and outs of how premiums are calculated including discounts, deductibles, and coverage factors to help you make an informed decision on which policy is right for you.

So, while your car insurance rate cannot be negotiated, the combination of many components and variables that can make up a policy can give you the features and protection that you need at the right price. To get a free, no-obligation quote on auto insurance today, contact a knowledgeable member of the Bow Valley Insurance team.