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Marie Alcober
Updated May 25, 2026
When was the last time you checked your car insurance rate?
If it’s been a while, you are likely losing money every month.
Car insurance costs have surged by 38% between 2020 and 2024, according to the Bureau of Labor Statistics.
This significant increase suggests that many people are overpaying for car insurance simply because they don't compare rates regularly.
Fortunately, you don't just have to sit back and accept these rising costs. Here are three ways that could help lower your premium.
1. Stop paying a 'loyalty tax' and compare rates
Many drivers stick with the same insurance company for years, assuming their loyalty will be rewarded. In reality, insurers often use a practice called "price optimization" — raising rates on long-term customers who they assume are unlikely to shop around.
By using a comparison platform like Insurify, you can instantly view quotes from top-rated providers to ensure you aren't paying a hidden ‘loyalty tax’ to your current insurer.
With Insurify, you can securely compare accurate, real-time quotes from 100+ top insurance companies in one place.
Just answer a few basic questions, and the platform will show you the most affordable deals in your area in as little as 5 minutes.
The process is 100% free, and there is zero obligation to switch unless you find a better rate.
2. Bundle your policies for a massive discount
If you insure your vehicle with one company and your home or apartment with another, you may be leaving money on the table.
Insurance providers love it when you bring them more business, and they will often offer substantial discounts to win both accounts.
With Insurify, for example, you could also save up to 15% by bundling your car insurance and home insurance together.
It takes just a few minutes to check, and it is one of the easiest ways to strip hundreds of dollars off your annual fixed costs.
3. Adjust your deductibles and drop unnecessary coverage
If you have an older vehicle that’s already paid off, you might be carrying more insurance than you actually need. Take a close look at your policy details:
- Raise your deductible: Bumping your deductible from $500 to $1,000 can reduce your comprehensive and collision coverage premiums by up to 30%. Just ensure you have enough cash set aside in an emergency fund to cover the higher deductible if you ever need to file a claim.
- Drop collision on older cars: If your car's total market value is less than 10 times what you pay annually for collision and comprehensive coverage, it might be time to drop those options.
Once you know exactly what coverage you need, Insurify makes it easy to customize your plan.
You can shop around for a brand new policy and buy it online without having to talk to anyone — but you can also easily schedule a call with a licensed agent if you prefer.
Start saving today
Every dollar spent overpaying on a monthly bill is a dollar not compounding in your retirement account or going toward your financial freedom.
Take a few minutes to shop around for a better rate today and see exactly how much you could be saving.
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Marie Alcober
Commercial Content Manager
Marie Alcober is a commercial content manager at Moneywise. She has worked as an editor, writer and producer for various media outlets, including MSN Canada, BNN Bloomberg, News UK, CBC Arts and Corus Entertainment.
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