We get calls from clients all the time looking for ways to save money on their insurance premiums. There are a few ways that you can certainly save some money on insurance. Here are a few tips that we have:
Increase Your Deductible
By increasing your deductible, you will save some premium on that portion of your insurance policy. The reason you are able to save some money here is the insurance company recognizes that you are taking on a little more financial risk if you are to have a claim. This can be done on your Home, Automobile and Business Insurance.
Ask Your Broker To Review All The Discounts On Your Policy
Discounts can get missed sometimes. When you do your annual insurance review, ask your broker about all available discounts. During this conversation, you may realize that you qualify for a discount, which can in turn save money on your insurance.
Combine Your Insurance Policies With One Company And Broker
If you have for instance both your home and automobile insurance with the same company, you can qualify for a multi-policy discount. This discount can be anywhere from 10-15% depending on the company you are insured with. You can sometime also do this with your Commercial Insurance as well.
Pay per year, not per month
If you pay your premiums monthly, chances are you end up paying more than drivers who pay their premium in one lump sum. The reason is because many companies charge a little extra to cover the cost of administering payments every month, so if you can (and want to) pay your premiums in full you’ll avoid these extra fees.
Winter Tires
Winter tires make driving in the winter safer. Having more control of your vehicle during winter is worth the investment and that’s why many insurers offer drivers a winter tire discount (in Ontario this discount is available from all insurers). This discount can be as much as five per cent.
Parking in a garage or private driveway
The safer you keep your car, the cheaper it is to insure. Some insurers offer a discount depending on where you park at night and if your vehicle is less likely to be stolen or vandalized.
Don’t drive to work
The more you are on the road, the higher your chances of getting in an accident. The further you commute to work, the higher the premium, so taking the bus or sharing a ride will not only help you save on parking and gas, but will help lower your insurance premiums too.
Another important thing to remember is that shopping your insurance around can potentially save you some premium dollars. Before you leave your broker to save a few dollars, make sure you know the track record of the insurance provider you are moving to. Some companies do not offer the best claims service, or advice. Which in turn will cause you more issues when you do have a claim.
Your insurance brokers works on your behalf, and will assist you through out your whole insurance experience.
