Canadians spend a significant amount of their income on various types of insurance, and shopping for cheaper insurance policies to save money can be a hassle. However, with minimal effort and even a limited understanding of the industry, Canadians of any income bracket can spend less this year.
Consider what type of coverage you currently have and what changes you are willing to make in order to reduce the premium. Many people pay for coverage they do not need. Read through your existing policies to better understand the details of your policy and make note of the aspects covered and not covered. You may discover ways to save money on your existing coverage, skipping the hassle of switching insurers.
Increasing the deductibles on your home and auto coverage should result in savings on annual basis. Your agent or broker can go over the various deductibles available and calculate the savings to your policy. Make sure to opt for deductibles that remain affordable in case of accident and deliver the maximum savings on your premiums. Adjust deductibles as required at your renewal date.
Many Canadian insurers provide a small discount to customers with multiple policies. Group your policies to realize this discount and streamline your monthly payments. It makes sense to obtain both home and automobile coverage from the same company, but think about bundling your home and cottage policies together or securing motorcycle coverage with your automobile insurer to realize optimum savings. Find out whether your group insurance broker offers other products and bundled discounts for additional policies.
Shop around to different companies to obtain the cheapest rate. Use websites to research various providers and calculate accurate quotes for your home and auto coverage. Provide each company with the same data in order to properly compare rates, always provide accurate information and consider the value offered by each insurer.
Did you know that memberships and community involvement may allow you to secure cheaper rates? Many Canadian insurers provide bulk or group rates to members of professional associations, unions, community groups, university and college alumni and cultural organizations. Consider how you can utilize your existing involvement in large groups to obtain lower rates for your home and automobile insurance policies.
Keep your personal information up to date in order to realize any discounts at your renewal. Paying off your mortgage, switching jobs, change in marital status and adding drivers will increase or decrease your premiums, depending on the coverage and situation. Talk to your agent or broker about how changes to your financial or personal life may help you to reduce your expenses.
With a little foot work and some knowledge of your needs it can be possible to find ways to spend less on this significant expense. Read over your current policy and decide if cost saving changes like increasing your deductible will work. Consider bundling separate policies together for a discount or utilize your group memberships to qualify for savings. Comparing different insurers allows you to gauge the best value and keeping all personal data current helps to shave dollars off your automobile and home insurance policies.
Consider what type of coverage you currently have and what changes you are willing to make in order to reduce the premium. Many people pay for coverage they do not need. Read through your existing policies to better understand the details of your policy and make note of the aspects covered and not covered. You may discover ways to save money on your existing coverage, skipping the hassle of switching insurers.
Increasing the deductibles on your home and auto coverage should result in savings on annual basis. Your agent or broker can go over the various deductibles available and calculate the savings to your policy. Make sure to opt for deductibles that remain affordable in case of accident and deliver the maximum savings on your premiums. Adjust deductibles as required at your renewal date.
Many Canadian insurers provide a small discount to customers with multiple policies. Group your policies to realize this discount and streamline your monthly payments. It makes sense to obtain both home and automobile coverage from the same company, but think about bundling your home and cottage policies together or securing motorcycle coverage with your automobile insurer to realize optimum savings. Find out whether your group insurance broker offers other products and bundled discounts for additional policies.
Shop around to different companies to obtain the cheapest rate. Use websites to research various providers and calculate accurate quotes for your home and auto coverage. Provide each company with the same data in order to properly compare rates, always provide accurate information and consider the value offered by each insurer.
Did you know that memberships and community involvement may allow you to secure cheaper rates? Many Canadian insurers provide bulk or group rates to members of professional associations, unions, community groups, university and college alumni and cultural organizations. Consider how you can utilize your existing involvement in large groups to obtain lower rates for your home and automobile insurance policies.
Keep your personal information up to date in order to realize any discounts at your renewal. Paying off your mortgage, switching jobs, change in marital status and adding drivers will increase or decrease your premiums, depending on the coverage and situation. Talk to your agent or broker about how changes to your financial or personal life may help you to reduce your expenses.
With a little foot work and some knowledge of your needs it can be possible to find ways to spend less on this significant expense. Read over your current policy and decide if cost saving changes like increasing your deductible will work. Consider bundling separate policies together for a discount or utilize your group memberships to qualify for savings. Comparing different insurers allows you to gauge the best value and keeping all personal data current helps to shave dollars off your automobile and home insurance policies.
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This article collected, selected and written by: Author Van Hoc
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