Here’s how to get the cheapest car insurance in Quebec

Let’s start by saying we don’t like the word “cheap.” Cheap implies that something is cutting corners, or that it’s low quality. Instead, we prefer to use terms like “affordable” or “cost-friendly.” Cheap is only a buzzword. When it comes to insurance, you want the best bang for your buck. “Cheap” auto insurance in Quebec shouldn’t mean you go ahead and purchase the lowest price policy you find during your Internet search for quotes. Rather, the experts here at Panda7 recommend enlisting the help of a knowledgeable broker during this crucial process to help you shop around for affordable quotes that don’t skimp on valuable coverage.  

Quebec already has the lowest cost car insurance in any other province in Canada, but that is largely due to its unique usage of both private and public car insurance systems. As you may already well know, the private sector covers property damage, and the public side covers personal injury. For those whose budgets might be tighter, here’s how to get the cheapest car insurance in Quebec.

Step #1: Enlist the help of a broker

A broker is someone who is experienced in the world of insurance and has the resources you need to make informed decisions about your insurance. Your top brokers know everything about what goes into your premiums, can break down your coverage for you, and understand even the most complex “insurance speak” that, to you, just sounds like gibberish.

TLDR; brokers are insurance experts who can answer any questions you may have about your coverage.

When you choose to work with a broker, you do pay them a certain commission. However, the overall money you save by choosing to work with a broker will pay off in the end as it can cut some serious expenses off your total yearly premiums. Brokers do you the honour of helping you shop around for affordable car insurance quotes in Quebec and may even have access to competitive opportunities that are not available on the general market.

Step #2: Familiarize yourself with how rates are calculated

You don’t need to become an expert in car insurance to better understand how your rates are calculated. You can ask your broker for help on this one. Each insurance company has different statistics they may use to gauge how likely you are to make a claim. This boils down to your risk factor. The higher your risk, the higher your insurance premiums. In Quebec, there are several major components which may influence the cost of your car insurance – for better or for worse:

• Your car and how expensive it is to replace, how likely it is to be stolen, and how easy it is to find replacement parts for repairs and restoration. Newer, flashier vehicles tend to be more expensive to insure than older, sturdier variations.
• Your personal demographics, such as your age and gender, your marital status, and your age. Each company may have different stats for this, but typically young, unmarried men will see the highest influence on their rates.
• Your driving history, including the number of tickets/accidents you’ve been involved with. Severe infractions, such as DUIs, may label you a high-risk driver, which can result in you paying significantly increased premiums or make you difficult to insure altogether.
• How often you use your vehicle and why. Business usage is an entirely separate matter, which may require you to purchase an additional commercial policy, but the distance you drive your vehicle per year is also an important factor. The more you’re on the road, the likelier you are to be involved in an accident.

Familiarizing yourself with how your rates are determined can help you to better understand why you may be paying the premiums you are. If you are confused about anything listed above or your rates have changed and you do not understand why, discuss with a Panda7 broker.

Step #3: Ask about discounts and ways to reduce your rates

Obviously, many of the factors listed in the previous point are difficult to change, especially your gender, where you live, and your driving record. Some things you can wait out, such as if you are under the age of 25 and paying higher rates due to your age. Certain marks on your driving record may no longer be acknowledged by insurance companies after 3-5 years, depending on severity.

Not all of us can wait. For cheaper car insurance in Quebec, consult with your broker first and ask about discounts. You may be eligible for discounts such as discounts for good grades, loyal customer discounts, green vehicle discounts, low mileage, paperless discount and more. Every insurance company has different offerings. Your broker can run you through them, or you can discuss ways to reduce your rates.

Some ways to reduce your rates may include:

• Driving less. You can carpool, bike, walk, etc. in order to reduce your overall mileage.
• Take a defensive driving course. This is especially helpful if you’ve been involved in an accident or had multiple speeding tickets over the last few years.
• Invest in a car alarm or theft deterrent device. Be sure to ask your broker if the system you use will qualify for a discount so that it isn’t a lost cost.
• Purchase multiple insurance policies through the same provider as some providers will provide you with a discount.
• Increase your deductible, as higher deductibles translate to lower rates. You will have to pay out more in the event of a claim, however.
• Improve your credit score. Some companies use credit score when calculating your rates, but not all. It’s worth asking about, especially as credit score can help in other walks of life.

There’s a number of ways to reduce your rates without changing your coverage. For more options or options particular to your situation, discuss with your broker.

Conclusion

Never settle for the “cheapest” option – and we won’t encourage you to do so either. In the end, you may very well be losing out on your hard-earned money by opting for a policy that skimps out on essential protection just to save a few extra bucks each month. Car insurance in Quebec is the most affordable between the provinces, but for ways to reduce your overall costs you can always consult in your broker. They’ll be happy to give you some insight.