Personal Insurance Tips
Saving on Home Insurance
1. Raise your Deductible – A deductible is a portion of a covered loss that you must pay. By increasing your deductible you could save up to 20% off your premium.
2. Place your Home and Auto coverage with the same Company – Most insurance companies will give an additional discount when both home and auto policies are insured with the same company.
3. Stop Smoking – Smoking accidents account for a large number of residential fires every year. Some companies will offer a discount if no-one in your household smokes.
4. Improve Security and Safety – Most insurance companies offer discounts of up to 15% if you install a monitored fire and/or security system. Check with your insurance broker to see which systems will qualify for a discount.
5. Stay with your Insurance Company – Staying with the same insurance company for 3 or more years will offer stability and savings. Most companies offer a loyalty discount of up to 5 or 10% if you have been insured with them for more than three years.
Saving on Car Insurance
1. Raise your Collision and Comprehensive Deductibles– By raising your collision and/or comprehensive deductibles you could save up to 5% off your collision or comprehensive coverage premium.
2. Place your Automobile and Home insurance coverage with the same company – Most insurance companies will give an additional discount when both home and auto policies are insured with the same company.
3. Choose your car wisely – Automobile insurers have a premium rating system for every car model which is based on previous claims data collected by each insurance company. Before buying a new or used car contact your insurance broker and find out the cost of insurance before you buy or lease.
4. You will have to pay for a friend’s bad driving – If you lend your car to a relative or friend and that person gets into an accident, you will have to file a claim with your own insurance company. That means you may have to pay your deductible and your rates will go up if the accident was the fault of your friend or relative. Our advice is to not loan your car to anyone.
5. Build a good driving record – A combination of at-fault accidents and/or convictions can drastically increase your insurance premium for a number of years. By making every effort to drive safely you will build a good driving record and therefore give yourself the best opportunity to get the most competitive possible rate for your auto insurance.