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Monday, 17 March 2014

How To Find Insurance Policies To Save Money

By John McDougal


Shopping for insurance policies to save money requires time, research and the right approach. Canadians can secure better rates for their home and auto coverage by getting serious about their insurance and knowing a little about how the industry works.

Making changes to your existing home or automobile policies could save money and avoids the delays and stress of switching insurers. Familiarize yourself with the details of your current policy and decide whether or not each aspect is necessary. You may discover that your paperwork includes unnecessary coverage that, when deleted, significantly reduces the cost of renewal.

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.

Save money and make your life easier by sticking with one insurer or agency for all of your insurance needs. Many insurers offer a bundled rate and provide discounts when a policy is added to an existing one. Insure your cottage with the same company that insures your home or tack the motorcycle coverage onto your existing auto policy to realize discounts on all of the included policies. Life insurance companies or group insurance broker that also provide home and auto coverage may offer multiple product discounts.

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.

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.

Updating your personal and financial data with your existing broker or agency may also result in savings now or at renewal. Paying off a car loan or mortgage often lowers the premiums due, and changing jobs or adding drivers often has an effect on your automobile policy. Remember to update your information at renewal or any time during the year to be eligible for savings on your premiums.

Use your research skills and a keen eye for detail to spend less on insurance in Canada. Look over your existing policy and update the insurer on any major life changes to obtain the best rates. Raise your home and automobile coverage deductible, bundle policies together and compare rates to save money. Remember to ask about group discounts based on membership to professional associations and community groups and you can realize significant savings on your renewal.




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