Ontario drivers may soon have a reason to rejoice. A proposal in the provincial budget could see many drivers receiving up to a 15 per cent reduction in automotive insurance costs.

If you’re an Ontario driver, you’ve likely felt the pinch of ever-increasing insurance rates. After all, from 2004 to 2012, auto insurance rates increased 11.4 per cent in the province.

So while we’re on the topic – and while you have a huge grin on your face from the potential savings – here are some tips to help you save even more money on your car insurance. And if you live outside of Ontario, you might want to pay close attention, as these tips, gleaned from TD Insurance Meloche Monnex, may be able to help you too!

Keep A Clean Driving Record

This point is obvious, but it’s still the most fundamental. The safer you are as a driver, the better your premiums will be.

Be Aware Of Your Vehicle Selection

When shopping for a car, you should be aware that luxury vehicles will likely cost more to insure. Also, take into account factors like theft. Is the model you are considering a frequent target for thieves? Does it have an alarm, or any features that could deter thieves?

Consider How You Will Use Your Vehicle

It’s a simple fact that the more kilometres you put on your car, the more your insurance will cost. So, try to think over some of the options you have. For example, would it make sense to drive to the train station and take public transit to cut down on your commute and reduce daily mileage?

Review Your Coverage

This is an important point. Call your insurance broker and have them break down your collision and comprehensive coverage, along with your deductibles. If you have an older car, does it make sense to continue paying for full coverage on it? Will your financial situation allow you to increase your deductible and thus save on insurance? Your broker will be able to help you make informed decisions about these matters.

Another underrated point is to consider using the same provider for your home and automotive insurance. This could help you save money on loyalty discounts offered by the company.

Stay On The Lookout For Discounts

Take the time every year to review your policy. Have your needs changed over the last 12 months? As well, be sure to ask your provider about new discounts that may have come into effect.

Lastly, see if your employer, or perhaps a professional association or alumni group, can help you receive a discount. Remember it never hurts to ask! Especially when it comes to saving money.

Have we missed any tips? Are you frustrated with your insurance costs? Let us know in the comments below!