Money Saving Tips for Ontario Drivers

Monday January 7, 2019

Category: Finance


Looking for ways to save on the road? Here are our top 10 money saving tips for Ontario Drivers.

1. Take Advantage of Technology

Taking advantage of the benefits of technology can be a huge money saver when it comes driving. Smartphone applications can save you time, gas money and wear and tear on your vehicle. Check out the following applications:

But, don’t forget to go hands-free when using these apps. A distracted driving charge can cost you a licence suspension, fines or, worse – you could cause an accident.

2. Consider Downsizing

Do you drive a truck or SUV? The average truck costs approximately $3,000 in gas money every year. Downsizing to a smaller compact SUV or sedan can help save a significant amount of money at the pump. Switching to a hybrid or electric vehicle will save you even more. Also, hybrid and electric vehicles tend to be cheaper to purchase and repair vs. gas powered vehicles.

The type of vehicle you drive also affects your insurance rate. In general, a truck tends to be more expensive to insure than a smaller sedan or compact vehicle. To find out more, read about vehicle rate groups here.

3. Don’t Ignore Preventative Maintenance

Every vehicle requires regular maintenance to ensure it keeps running smoothly and safely. Keeping up your vehicle’s regular maintenance can help you save more in the long term. Ignoring schedule maintenance can lead to bigger problems with your vehicle. Remember, a vehicle operates as one complete system. When one thing is out of order, other aspects of the system can be negatively affected.

If your engine light pops on or you hear a strange sound, be sure to get it checked immediately. You may wind up saving yourself thousands of dollars on what would have otherwise been a simple fix.

4. Practice Good Driving Habits

Violating traffic laws can wind you up with tickets, or worse. Not only do you have to pay fines associated with your violation, you may face increased insurance rates as a result. If you’ve been convicted of a serious offence or multiple offences, your provider may cancel your insurance. With a bad driving record, you will require high risk insurance. On average, high risk drivers can expect to pay up to 25% more for their insurance.

Additionally, erratic drivers tend to burn far more gas than drivers with more moderate driving habits. So, avoid sudden increases and decreases in speed to help save more than just your driving record.

5. Request an Insurance Policy Review

Have your coverage needs changed? Added winter tires to your vehicle? Call your broker for a policy review. Your broker will ensure your information is up to date to get you the best rate.

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