These days everyone is looking for ways to reduce their spending and protect their savings. Cutting back on streaming services or purchasing fewer pre-packaged foods and cooking at home instead of going out can have a substantial impact on your wallet. Inevitably, many people will look at their insurance premiums and wonder if there any savings to be found by reducing their coverage or changing their payment options. Â
Whatever your method for saving money, be sure to talk your insurance broker to see if you have leveraged all the potential savings available to you.
Ideas for maximizing savings on your insurance.
Bundle your insurance policies for a better rate.
Insurance companies reward clients with multi-policy discounts for being loyal clients. In some cases, bundling two or more policies can mean extending your coverage for the same or a slightly higher premium. For example, one of our clients recently discovered that if he bundled his auto insurance with a tenant’s policy, the resulting discount on the auto policy covered the additional cost of the tenant’s policy.
Consider increasing your deductible.
Choosing a higher deductible will mean a lower premium and if you don’t make a claim for several years, you can save a substantial amount in the long term. However, this should be weighed against the size of your emergency fund. If you do have to make a claim, make sure that you’ll be able to cover the cost of a higher deductible.
Leverage any discounts that might be available to you.
Speak to your broker to see if there are any additional savings available to you on your insurance policies. For example, if you’ve retired recently you might benefit from an additional discount on your auto insurance policy because you aren’t likely to be driving the same kind of distances. Installing a sump pump in your basement could reduce your home insurance premiums. Discounts available to you are dependent on a number of factors including where you live and your claims history.
WE know insurance. talk to us about the best way to save.
Discuss your insurance policies with your broker to see if any changes need to be made. If your circumstances have changed (as in the aforementioned retirement), you might be paying for coverage you no longer need, or you may be missing out on a potential discount. Our brokers are experts in making sure that you have the right coverage for your needs so reach out to us for help.
Reducing your spending doesn’t mean losing out on the necessary coverage to make sure you and your assets are protected. Our brokers can help you leverage discounts, tap into potential savings and discuss different payment options so that you don’t have to sacrifice your coverage or your-peace-of-mind.
