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.
Comparing rates can also help you spend less on this regular expense. Use the online tools provided by many Canadian insurers to obtain quick quotes for comparison purposes. Always provide identical information to each company to allow for an accurate assessment. Remember to be truthful and consider the overall value of each coverage quoted.
Some Canadian insurers provide group discounts to professional organizations, social clubs or community groups. Think about any groups that you may belong to, including alumni groups, churches and cultural organizations. These groups may have access to group rates with certain companies, providing their members with opportunities to secure cheaper rates.
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.
Armed with diligence and the correct information, Canadians can spend less on this expense by finding ways to reduce their rates. Once you understand your existing policy and decide on a comfortable deductible, comparing different insurers is just a few clicks away. Consider whether you are eligible for any group discounts and find out how much you can save by bundling your various types of policies together with one company. Always keep your agent or broker up to date on any major changes in your life that may affect rates and take the time to shop for good rates at your annual renewal.
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.
Comparing rates can also help you spend less on this regular expense. Use the online tools provided by many Canadian insurers to obtain quick quotes for comparison purposes. Always provide identical information to each company to allow for an accurate assessment. Remember to be truthful and consider the overall value of each coverage quoted.
Some Canadian insurers provide group discounts to professional organizations, social clubs or community groups. Think about any groups that you may belong to, including alumni groups, churches and cultural organizations. These groups may have access to group rates with certain companies, providing their members with opportunities to secure cheaper rates.
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.
Armed with diligence and the correct information, Canadians can spend less on this expense by finding ways to reduce their rates. Once you understand your existing policy and decide on a comfortable deductible, comparing different insurers is just a few clicks away. Consider whether you are eligible for any group discounts and find out how much you can save by bundling your various types of policies together with one company. Always keep your agent or broker up to date on any major changes in your life that may affect rates and take the time to shop for good rates at your annual renewal.
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