If a car is difficult to steal or has lower repair costs than other models, this can help to lower your annual insurance rates. “And despite what you've heard, red cars are not more expensive to insure than other colours,” said Michalko.
Other factors that help determine car insurance rates:
• Cars with higher safety ratings will save you money because they keep occupants safer if you are in an accident;
• Older cars cost less to insure because the cost to replace or repair them is lower;
• If you have a higher deductible on your policy (e.g. your share of the cost of a claim), then you will lower your monthly insurance rate, though you will have to pay more out of pocket if you are in an accident;
• A consistent accident–free and conviction–free driving record will help to keep your rates lower;
• Tell your insurance agent if you are only using the car on weekends and not for driving to work. This can help to reduce rates.
Most insurance companies, like Allstate Canada, will reduce your insurance rates if you have both auto and home insurance policies with the same insurance provider or have multiple vehicles on your policy.
More information about reducing car insurance costs is available online at goodhandsadvice.ca.