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Jeff's
Jeff's
Brampton Driving School
Brampton Driving School
(647) 885 - 1970
(647) 885 - 1970
www.jeffsbramptondrivingschool.com
Insurance Discount
Insurance Discount
There is a number of misconceptions when it comes to the benefit of an insurance discount you may obtain after completing the
approved driving school program.
Just to give you an example:
Typically, a few times a week a young person calls me to ask: "How big of an insurance discount will I get from a driving school?" or
"Can I get 41% of a discount when I finish a program?"
There are two fundamental flaws in both of these questions (not to mention that any number taken out of a hat could be as good as
41%).
1. It is not a guarantee but rather a possibility that you will get the discount.
2. An approved driving school is not the one that grants you the discount. It is up to a particular insurance company to
calculate an incremental benefit of the discount based on the fact that you have successfully completed a Beginner Driver program.
As a potential insurance policy holder, you will be asked to provide personal information that will be used to create your very unique
rate profile. Here is a real example of such a profile and the range of rates calculated by insurance companies:
Your address will also have a significant role in determination of the premium. The chart below contains a real case scenario on how
insurance rates may vary for the exactly same profile :
As you can note from the results above, insurance premiums can vary by as much as 300% for the very same set of information.
Now, consider that there are virtually millions of such rate profiles based on your particular situation.
This is why if somebody asks me an insurance discount related question, my answer is: "You will need to do your homework to
find it out". Not to worry, the process is very straightforward and absolutely free of charge. All you need is 15 minutes of your time,
so just follow the steps below:
Remember that the cost of car insurance is influenced by many factors. As insurance is a pooling concept, the collective claims
costs experienced by an insurance company are used in determining what premiums should be charged. This is why your insurance
premium could increase over time, even though your driving record remains unblemished. It is then a good idea to spend 15 minutes
on annual basis to determine if the premium you pay at the existing insurance company is still a competitive one.
I hope that you will find these tips informative. From my experience, in majority of cases, students were able to save anywhere
between $0 and $100 every month just by shopping around.
Just do not forget that no matter how much you shop around, having a clean driving record will in a long run save you the most
money. It is my belief that taking training from Jeff's Brampton Driving School is the first step to becoming the best driver you can be.
Good Luck!
approved driving school program.
Just to give you an example:
Typically, a few times a week a young person calls me to ask: "How big of an insurance discount will I get from a driving school?" or
"Can I get 41% of a discount when I finish a program?"
There are two fundamental flaws in both of these questions (not to mention that any number taken out of a hat could be as good as
41%).
1. It is not a guarantee but rather a possibility that you will get the discount.
2. An approved driving school is not the one that grants you the discount. It is up to a particular insurance company to
calculate an incremental benefit of the discount based on the fact that you have successfully completed a Beginner Driver program.
As a potential insurance policy holder, you will be asked to provide personal information that will be used to create your very unique
rate profile. Here is a real example of such a profile and the range of rates calculated by insurance companies:
- Female
- Single
- Age 23
- Licensed 6 years
- Class G licence
- No Driver Training
- One chargeable accident in the last year
- One minor conviction in the last three years
- Drives to work 8 km one way; annual mileage less then 16,000 km
- 1 vehicle; 1999 Dodge Neon 2-door
- Collision and Comprehensive Coverage - $300 deductible
Your address will also have a significant role in determination of the premium. The chart below contains a real case scenario on how
insurance rates may vary for the exactly same profile :
As you can note from the results above, insurance premiums can vary by as much as 300% for the very same set of information.
Now, consider that there are virtually millions of such rate profiles based on your particular situation.
This is why if somebody asks me an insurance discount related question, my answer is: "You will need to do your homework to
find it out". Not to worry, the process is very straightforward and absolutely free of charge. All you need is 15 minutes of your time,
so just follow the steps below:
- Go to one of the web sites such as: insurancehotline.com or kanetix.ca
- Create your profile by answering all the required questions; Make sure that you say NO when asked about a driver training
course, - You will receive 3 lowest quotes from among 30 different insurance companies (record the quotes)
- Now modify your profile by changing ONLY one variable.... Just say YES to driver training course completion
- You will get a new set of quotes
- Based on the quotes in points 3 and 5 above, compare and figure out an incremental benefit of insurance discount for your
situation
Remember that the cost of car insurance is influenced by many factors. As insurance is a pooling concept, the collective claims
costs experienced by an insurance company are used in determining what premiums should be charged. This is why your insurance
premium could increase over time, even though your driving record remains unblemished. It is then a good idea to spend 15 minutes
on annual basis to determine if the premium you pay at the existing insurance company is still a competitive one.
I hope that you will find these tips informative. From my experience, in majority of cases, students were able to save anywhere
between $0 and $100 every month just by shopping around.
Just do not forget that no matter how much you shop around, having a clean driving record will in a long run save you the most
money. It is my belief that taking training from Jeff's Brampton Driving School is the first step to becoming the best driver you can be.
Good Luck!
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96 Dumfries Ave. Brampton, Ontario, L6Z 2X7