We’re all looking for ways to be savvier about how we are spending our money these days. Whether it’s cutting back on eating out or looking at what household expenses could be shaved back a little, everyone is trying to keep some extra dollars in their wallet. If you’re trying to save money in different areas of your budget, it’s a good idea to also look over your insurance policies.
Increase your deductible. You can save money by choosing a higher deductible. WARNING: Carefully consider this option and make sure you can afford to pay your deductible amount out-of-pocket if you need to make an insurance claim.
Bundle and save. Whether you have home and auto insurance or more than one vehicle to insure, you’ll likely receive a multi-policy discount if you keep them together. BrokerLink has a bundle + save program.
Take advantage of insurance discounts. Always check with your advisor if you might be eligible for insurance discounts. Having winter tires, for example, may allow you to qualify in some provinces.
Keep claims to a minimum. Did you know most insurers give discounts to customers who are claims-free? When considering making a claim, assess whether it’s worth it, or if it’s better to pay for low-value damage yourself and keep your claims-free status.
Home improvements to reduce damage. Installing a sump pump or a backwater valve, for example, could reduce your chances of having to make a water damage claim – it also usually reduces the premium on your home insurance.
Watch your driving. The way you drive can affect your insurance. Tickets and convictions can increase your premiums due to the increased risk you pose to yourself and others. Always ensure you are driving the speed limit, obeying traffic rules, and taking care on the roads. If your insurer uses usage-based insurance (UBI) technology to track your driving habits, make sure you’re enrolled. If you’re a safe driver, it can have a positive impact on your premium.
Safety measures to protect your car and home. Install a home security system. Add an anti-theft device or dashcam to your vehicle. This can reduce the risk of theft and damage to your property. Don’t forget to mention to your advisor that you have these safety measures in place as you may be eligible for discounts.
Shop your insurance with a broker and review your coverage needs. A broker takes the time to review and compare your coverage options with different insurance companies. Getting an insurance review by a broker is free and always a good idea to ensure you’re not paying more than you need to, but still have adequate coverage in place for your unique situation.
There are plenty of options that can reduce the stress of paying for insurance coverage. Talk to a group insurance advisor today about bundling your policies, increasing deductibles, and reevaluating your coverage needs.