Steps You Can Take To Lower Insurance Costs

Insurance is one of those necessary expenses in our lives. The good thing is that you can lower your insurance costs without affecting your coverage negatively. Here are some things to remember.

Determine how much insurance you need – Don’t buy more coverage than you really need. If you don’t have dependents and have enough savings, you may not need to get life insurance. However, if someone you care about depends on your salary, then life insurance is not an option, it is necessary. If you pass away prematurely without this insurance, your family will be left without means to pay the mortgage and buy groceries. When it comes to auto insurance, consider dropping collision coverage if you are driving an older car.

Know your needs and wants – By knowing what you need, it will be easier to home in on the right insurance company for you. Insurance companies differentiate themselves by offering various extras like 24-hour claim service, first accident forgiveness, and claim service guarantees. Determine which insurance extras are must haves and nice-to-haves so that you can pick an insurer wisely.

Buy from one company – When you are buying insurance, consider bundling your policies together. In other words, buy them from the same company. Insurance companies( offer such discounts in order to attract customers to buy several policies from them. If you use the same insurance company for both, you could shave up to 15% of your total bill.

Shop around – There are hundreds of insurance companies in Canada competing for your business. Get three to five quotations, if not more. Shopping for insurance products has become easier to do because of the Internet. However, when buying insurance, you are almost always better off using insurance brokers who deal with a number of insurance companies. Working with one will help you get the best price possible.

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Ask questions – When working with a broker, make sure to ask if he or she is quoting you the insurance company’s lowest price. They are not obligated to do this, so make sure to ask. Remember to inquire about cancellation rules as well as these can vary from one insurer to another.

Be eligible for discounts – Competition among insurance companies is keen so in order to attract customers, they offer various discounts. There are many types of discounts you can qualify for, and insurance brokers can discuss these with you. Installing a theft deterrent system on your car or a burglar or fire alarm at home are just some measures you can take that can give you a break on insurance premiums.