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Choosing a car to reduce your insurance costs: food for thought

So, you’re shopping for a new car, and you already have a few criteria in mind. You’re concerned about gas mileage. You may want to go electric. You’re thinking about appearance, storage capacity, handling. Have you considered choosing a car that will reduce your insurance costs?

Let’s take a look at all this and see how it benefits you.

Automobile insurance: an obligation

First, it’s important to know that auto insurance is mandatory in Quebec. No two ways about it. It’s better to choose the cheapest insurance possible than to risk getting a hefty ticket. Or to find out the hard way that the cost of repairs can quickly escalate.

In fact, to get a car loan from a financial institution, you will have to provide proof of insurance.

What affects the cost of your auto insurance?

Several things affect the cost of your auto insurance:

  • Your age and gender
  • Your driving record
  • Your location: in urban areas, insurance will be more expensive
  • How you use your car
  • The type of coverage
  • The deductible (the amount you will have to pay in case of a claim)
  • The make and model of your vehicle

This last item leads us to examine how you can choose a car to reduce your insurance costs.

When choosing a vehicle, here are some factors to keep in mind:

  • A used car will cost less to insure because it is worth less.
  • A family-type vehicle will be less expensive to insure: parts are easier to find and repairs are more affordable.
  • Le type de véhicule et sa marque auront une incidence. Voici quelques exemples :
    • Sports cars
    • Large engines
    • Most stolen vehicles
    • SUVs

Also note that the increasing use of technology in cars affects the cost of repairs, which in turn influences the cost of insurance.

What about «green» vehicles?

For this type of vehicle, you’ll need to consider a few things. For insurers, the type of fuel doesn’t increase premiums. It’s parts and repairs that can have an influence.

Therefore, insurers won’t treat a zero-emission car any differently than any other car. The cost of replacing the vehicle or certain parts is what counts. Electric vehicle batteries are expensive to replace in the event of a collision. This may contribute to increasing your premiums slightly.

Some insurance companies will offer discounts for hybrid or electric cars. Generally, this discount is applied automatically when you enter your vehicle’s identification number, and can reach up to 30%.

As with any insurance product, take the time to compare the different options with your broker, who can help you choose a car with lower insurance costs.

Safe and responsible behaviour

Security measures will have a direct impact on the cost of your auto insurance. For example, installing an anti-theft system could get you an instant discount. So can your driving habits.

It’s a good idea to negotiate

Your broker endeavours to get you the most affordable price by negotiating with different insurance companies. Their experience and knowledge of the market will be of great help.

Choosing a car to reduce your insurance costs – what you need to remember:

  1. Les principaux critères qui affecteront votre prime :
    • Type of vehicle
    • Your driving experience
    • Your driving habits
    • Where you live
    • How you use your car
    • The coverage you choose
    • The amount of the deductible
  2. No, a bright red car will not be more expensive to insure!
  3. You could receive a discount of up to 30% with a zero-emission vehicle.
  4. Auto insurance is something to think about and to negotiate. The important thing is to protect yourself according to your real needs and to make an informed decision so you can hit the road with total peace of mind!

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