الثلاثاء، 18 مارس 2014

Are You Shopping For Insurance Policies To Save Money?

By John McDougal


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.

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 deductible on your automobile, home or health insurance decreases the cost of your policy. Save money now by increasing the deductibles detailed on your policy. Be sure to opt for a reasonable amount and speak to your broker or agent about the options available. Many insurers provide deductible levels in order to be competitive in the industry, but consumers must ask for the higher deductibles at each renewal.

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.

Comparing costs at different companies can also save you money. Browse the web for quotation tools that provide you with instant rates and policy details. Always provide identical data to each of the insurers, allowing you to compare the policy rates fairly. Research each insurer to understand the value added by the different companies out there.

Did you know that memberships and community involvement may allow you to secure cheaper rates? Many Canadian insurers provide bulk or group rates to members of professional associations, unions, community groups, university and college alumni and cultural organizations. Consider how you can utilize your existing involvement in large groups to obtain lower rates for your home and automobile insurance policies.

Inform your broker or agent about any major changes in your financial situation or personal life. Many companies provide a discount on home and automobile insurance when mortgages or car loans have been paid in full. Job changes, marital status changes, and growing children affect rates for automobile coverage and may provide you with ways to shrink the cost.

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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