Can’t Afford Car Insurance?
In Canada, it’s illegal to drive a car without insurance. So what happens if you can’t afford your monthly insurance payments? One option is to cancel your insurance and let your car rust in the garage. We don’t recommend that, so we’ve got some alternative options for you to try first.
There’s nothing worse than looking at your bank account and thinking, “I can’t afford car insurance this month.” Missing an insurance payment can raise your monthly rates. It can even affect your ability to get insurance later on. If the situation is temporary, consider borrowing money until you can get back on your feet.
Some Options When You Can’t Afford Auto Insurance
If your situation is going to last for longer than a month, your first step should be to contact your insurance company. Most companies are willing to work with you to reduce your rates. They may offer to reduce your coverage, raise your deductible, or find other ways to save you money. All you need is the bare minimum coverage to be able to drive legally.
You should also look at what discounts your insurance offers. Many insurance companies offer discounts for safety features and reduced mileage. You may not have paid attention to them before, but they can make a big difference to your overall rate.