When it comes to auto insurance and motorcycle insurance, the expectation among many consumers is that their rates will go down if they make it through the year without filing a claim, getting in an accident, or being involved in a traffic incident. However, many drivers find that their Calgary auto insurance rates do not automatically adjust downward; this is especially true among younger drivers. This is because insurance companies may charge higher rates when there is a higher statistical probability of a given driver accumulating demerit points. Because younger drivers tend to accumulate more points on the whole, they pay higher rates on the whole. In many cases, it will take several years of good driving behaviour before a young driver will start to see rate decreases.
Even older drivers may not automatically qualify for reduced rates on a year-over-year basis. Many other factors influence the cost of auto insurance in Calgary, including across-the-board rate increases which insurance companies sometimes levy to account for economic factors like inflation. However, if you feel like you’re in line for a break on your insurance rates, take matters into your own hands by doing what is known as an auto insurance review.
Auto and Motorcycle Insurance Reviews in Calgary
You can perform auto and motorcycle insurance reviews on your own, or with the assistance of a qualified insurance professional. The ideal time to perform a review is when you receive your policy renewal paperwork. If you posted a clean driving record all year and didn’t have to file any insurance claims but you still weren’t offered a rate reduction, you should take a close look at the information your insurance company has on file to ensure it’s 100 per cent accurate, and that they are not missing an opportunity to offer you a discount.
A motorcycle or auto insurance review only takes a couple of minutes to do, yet it holds the potential to save you hundreds of dollars per year. Here are the things you should look for when performing your review:
- Rates. Did your rate go up, stay the same, or come down? If it’s gone up and you are not offered an explanation, contact the insurance company to find out why they raised your premium. If you are not satisfied with the explanation, you are free to look for a better rate with a different company and terminate your current coverage.
- Vehicles and drivers. Check the list of vehicles you have insured, and make certain it’s accurate. Also, if you have a multi-person policy, look carefully at which drivers are covered on which vehicles. If there are inconsistencies or inaccuracies, be sure to report them, as they could affect your rates.
- Vehicle usage designations. Do you have a car that you hardly ever drive? If so, make sure it is properly classified as being for “pleasure use,” and not for “commuting use” or “regular use.”
- Discounts. If you qualify for discounted rates, make sure these discounts are itemized and correct. You can also request a list of available discounts from your insurance company, then look over this list on your own to see if you qualify for any that are not currently being applied towards your policy.
Money-Saving Strategies When It Comes to Policy Renewals
If all the information in your file is correct and you’re still not pleased with the rates you’re paying, there may be a couple of other strategies you can use to try to get your premiums adjusted downward. The first thing you should look at is the type of coverage you’ve got on your vehicle. For example, if you are paying for a comprehensive insurance policy and your vehicle is older and declining in value, you can reduce the amount of coverage you have on the vehicle to reduce your monthly premiums. You can also raise your deductible, as this will instantly result in lower premiums.
However, you should always be well aware of the consequences associated with these strategies. Consider worst-case scenarios before making a final commitment to adjusting the terms and conditions of your motorcycle or auto insurance coverage.
Insurance Savings With Lane’s Insurance
At Lane’s Insurance, we are committed to helping drivers enjoy the lowest possible rates on motorcycle and auto insurance in Calgary and throughout Alberta. If you’re tired of high premiums and insurance companies who don’t listen to your needs, we invite you to discover the difference we can make. As a service-oriented company with multiple industry partnerships, we are able to provide highly competitive rates and value-added customer service. For a free, no-obligation quote on your motorcycle or auto insurance, or if you have any other questions, please don’t hesitate to contact a Lane’s Insurance customer service representative.