Did you know?
If you’re like most people across the globe, then money is probably tight after a record-breaking holiday shopping season.
A recent survey predicted holiday season spending between November and December 2021 would grow 8-10% compared to the year before. More consumers than ever have turned to online shopping: online purchases were expected to shatter new records and hit a historical high of over US$226 billion compared to 2020, when that number was 15% less.
With all that shopping for gifts galore, and perhaps even some vacationing time or traveling to spend the holidays with loved ones, most Canadians find themselves in a struggle to overcome the holiday spending hump.
Thankfully, there are a few ways to save on your insurance as you recover from the holiday period…
5 WAYS TO SAVE ON YOUR INSURANCE
- BUNDLE UP
Most insurance companies offer discounts on insurance premiums for bundling home and auto insurance policies – that way they’re getting more of your business and it’s not only more cost effective for you, but you’ll only have one insurance payment to deal with. If your car is insured with a different insurance carrier than your home insurance, get a quote from your existing home insurer to add your car to that policy – you might receive a discount and additional discounts for each car you add onto the policy.
- MAINTAIN, MAINTAIN, MAINTAIN
By regularly maintaining the condition of your car and home, you’ll help avoid having to make a small insurance claim in the first place, which improves your own safety and helps keep your premiums down. Routinely check whether your car needs more repair or maintenance than the scheduled services, and ensure you stay on top of all your scheduled and preventative home maintenance and repairs, especially during harsher weather conditions. There are plenty of preventative ways to help you avoid making a small claim – talk to your broker for expert advice!
- PAY AS YOU DRIVE
Several insurance companies offer a program called Usage Based Insurance (UBI), that rewards good drivers with discounts – typically a 10% discount as soon as you sign up, and up to about 30% savings when you renew your policy. UBI uses app-based telematics technology that tracks your driving habits, such as speed, hard braking and distance. While the biggest advantage of UBI is saving you money, it’s also intended to help people become better drivers, which ultimately makes the roads safer for everyone.
- RAISE YOUR DEDUCTIBLE
By increasing your deductible (the amount you pay before your insurance company pays the rest of your claim), you can lower your insurance premium. Be sure to check first if you can afford to increase your deductible, because if something happens you’ll need to fork out the amount you agreed to pay out-of-pocket.
- GET THE RIGHT SAVINGS ADVICE
Your insurance broker is an expert in all things insurance and will shop around on your behalf for the right price, comparing quotes from multiple insurance companies. There are plenty more ways to potentially save on your insurance, including things like allowing a credit check, keeping a clean driving record, and understanding what needs coverage and what doesn’t. Your broker will help you identify more ways you can save on your car and home insurance premiums.
*Additional sources: nrf.com; moneysense.ca; ratehub.ca;
Talk to your expert CBN broker about your insurance needs today.