How to save money on your insurance premiums
We always get calls from clients looking for ways to save money on their insurance premiums. You can certainly save some money on insurance in a few ways. Here are a few tips that we have:
Increase Your Deductible
Increasing your deductible will save some premium on that portion of your insurance policy. The reason you can 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 review your annual insurance, ask your broker about all available discounts. During this conversation, you may realize that you qualify for a discount, which can save money on your insurance.
Combine Your Insurance Policies With One Company And Broker
You can qualify for a multi-policy discount if you have both your home and automobile insurance with the same company. This discount can be anywhere from 10-15%, depending on the company you are insured with. You can sometimes 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 premiums in one lump sum. The reason is that 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 percent.
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 help you save on parking and gas but will help lower your insurance premiums, too.
Another essential thing to remember is that shopping for insurance can save you some premium dollars. Before leaving your broker to save a few dollars, ensure you know the track record of the insurance provider you are moving to. Some companies do not offer the best claims service or advice. This will cause you more issues when you do have a claim.
Insurance brokers work on your behalf and will assist you throughout your insurance experience.