What You Can Do to Control the Cost of Insurance

You work hard to build a future for your family and insurance is one of the ways you protect your investments. Here are a few things you can do to help alleviate the amount you pay for your personal insurance.

Automobile

  • Increase your deductible.
  • Remove collision coverage on an older vehicle.
  • Bundle your home and auto insurance with the same company to take advantage of multi policy discounts.
  • Install an approved anti-theft deterrent system in your vehicle.
  • Ensure your vehicle is properly rated for how you use it (e.g. drive to work has changed or you are you on maternity leave)
  • When shopping for a vehicle, call your insurance company for quotes before purchasing, as some vehicles have a lower cost insurance rating than others.
  • Check with your insurance company about excluding high risk drivers on your policy, so if you are a good driver, you are not being penalized for another driver in your household.

Home

  • Increasing your deductible.
  • Install a monitored fire and burglar alarm system.
  • Bundle your home and auto insurance with the same company to take advantage of multi policy discounts.
  • If you no longer have a mortgage on your home be sure to let your insurance company know as there are discounts you may be eligible for.
  • If you don’t have them already, be sure to install a sump pump and backwater valve as they reduce the likelihood of experiencing water damage in the home. Having these installed may also provide additional discounts to your home insurance premium.
  • Re-consider submitting minor claims to the insurance company as they can result in your premium increasing by more than 15% for the next 3-5 years, which may result in more money being paid in premiums than the actual cost of the claim.
  • If you have recently updated your plumbing, heating, electrical or roof you may be eligible for an improved rating.
  • Non-smoker