Auto insurance is essential for your protection and that of others on the road, but it can put a dent in your wallet. If you’re looking to reduce your car insurance bill in 2025, consider these tips:
1. Bundle Your Coverage
Get discounts by purchasing multiple insurance policies through private insurance. Bundle your auto and homeowners insurance or insure multiple cars to save more!
2. Record Your Odometer Reading
ICBC offers discounts if you drive less than 10,000 km a year. Submit a photo of your odometer reading to your broker annually to potentially get a discount. Save 10-15% on optional ICBC coverage for driving under 10,000 km, and an additional 10% on Basic ICBC coverage for driving under 5,000 km.
3. AEB Discount
Newer vehicles (2017 onward) with Autonomous Emergency Braking (AEB) can qualify for discounts. Check with your broker or consult your owner’s manual to see if you’re eligible for an additional 10% savings.
4. Choose a Higher Deductible
Increase your deductible to lower your premium. ICBC recently announced increased savings when you raise your deductible from $300 to $500. Just ensure you can afford the deductible amount in case of an accident. Keep this amount in an emergency fund for peace of mind.
5. Check Your Coverage
For older cars, consider dropping comprehensive or collision coverage to save money. Avoid duplicate coverage by keeping track of your policies. Let your broker know if you start working from home or move outside the lower mainland, as these typically result in lower costs.
6. Fleet Discount
Insure five or more vehicles for business or commercial use and save up to 63% on your premium. Contact us for more details if you’re a business owner or car enthusiast with multiple vehicles.
7. Disability Discount
Drivers and vehicle owners with disabilities may qualify for the B.C. government Fuel Tax Refund Program, offering a 25% discount on Basic ICBC insurance. Apply for a Fuel Tax Refund number and contact us to apply the discount. Find out how to apply for a Fuel Tax Refund number, then once you’re approved contact Reliance Insurance to apply the disability discount to your vehicle.
8. Reassess Your Limits
Ensure your liability limits are adequate to protect your assets. Lowering your Liability limits can save money, but don’t reduce them too much, as this could be costly in the event of an accident.
