Save Hundreds on Insurance

November 13, 2019
According to Insureye, an online resource for insurance reviews, the average Canadian consumer spends $3100 every year on home, auto and life insurance combined. The website also mentions that this amount represents the average monthly net income in Canada. Thus, it is easy to see why most people find they are paying way too much for this service.
Save Hundreds on Insurance

How about you? How much are you spending on insurance? Here are 5 tips to help you save money in this area:

Shop Around

Believe it or not, insurance pricing can vary by hundreds of dollars, depending on the provider. Therefore, shopping around for your insurance is probably the most important thing you can do if you want to pay less. Compare prices and ask for quotes either by contacting providers directly, with the help of a broker or by using insurance comparing tools on the internet. 

Get Appropriate Coverage

Take the time to analyze your actual needs in terms of insurance coverage. Though it is important to have enough coverage, you don’t want to have more than necessary. Otherwise, you’ll be spending money that could be put to better use elsewhere in your budget. 

Bundle

Often, companies will offer rebates when you have more than one kind of insurance with them. So, when shopping around, be sure to ask if you could get a lower price by grouping, for example, your car and your home policies.

Raise Your Deductible 

The lower your deductible is the higher your premium (the cost of your insurance policy). This means that you could raise your deductible and your premium would be lower. Though this can be advantageous in some instances, you need to weigh the pros and cons. Indeed, although this would make your insurance payments lower, if one day you were to make a claim, you would need to fork over a higher initial amount of money before the insurance pays up.

Re-Negotiate

Finally, when the time comes to renew your policy, it is essential to re-evaluate your needs in terms of insurance, since these may have evolved. Once you’ve figured out what they are, you will want to shop around, yet again, to make sure you are still getting the best possible deal. If you do find a better price or better coverage with another provider, do not hesitate to make this known to your present insurer, who will likely try their best to match the competition’s prices.

So here we’ve seen five basic things you can easily do to save money on insurance. But there are many other practical tips out there. Why not try a few or all of these? No doubt you will be pleasantly surprised to see your insurance costs drastically reduced.