Having insurance is a way to protect the things you hold dear, be it your car, your home, motorcycle, RV, or anything else of value. Today, insurance has become more of a necessity rather than a choice, which is why it is natural to try to find the best bargain and get the most out of your coverage for the price. If reducing the costs of your insurance premiums is one of your goals, there are plenty of ways to do that. Today, we’ll talk about the 5 different ways to save on home and auto insurance in Ontario:
Getting home and auto insurance with the same insurer will often grant you various incentives and a discount on your premiums. Insurance brokers, such as Riders Plus Insurance, offer some great rates for bundling home and auto, including multi-vehicle discounts. Insure your vehicles and your home with the same provider for bigger savings.
2. Avoid tickets and claims
Any traffic violation conviction other than a parking ticket can affect your rates and even your insurability. For example, getting a ticket for texting and driving (a major traffic violation) can be really expensive on your insurance, and will disqualify you from even getting insurance with many companies.
Rates vary for different vehicles as well, of course. Insurance companies base their premiums on previous claims history and safety ratings for that particular vehicle. If the car is likely to be stolen, it will likely cost you more in insurance. You are far less likely to be injured in a huge pickup truck than in a small car, and that’s a significant factor in rates.
3. Increase your deductibles
An insurance deductible is the amount of money you will be required to pay in the event of a claim before your insurance provider covers the rest. You pay a deductible after your claim is settled. If you increase your deductibles to an amount you feel comfortable with, you can save on your insurance premium.
4. Look for discounts
Experienced bargain hunters will tell you that there are some nifty discounts that could significantly lower your insurance premium. Here are some of them:
The mortgage free discount – Homeowners who have paid off their mortgage may qualify for an insurance discount.
Alarm system discount – Installing a pre-approved alarm system in your home or vehicle may help lower your premium.
New home discount – Generally, newer condos and homes are less likely to have issues that result in claims, so most insurance companies see them as lower risk.
Claims-free discount – Depending on how many years you have been claims free, you may qualify for a discount.
5. Do your research
Where you live can affect your auto and property insurance rates. When determining the amount of your premium, insurance companies will take different factors into account, such as the location of your home, or how many kilometres you drive in your daily commute (and what it amounts to annually). To make sure you get the best premium, do your research on insurance rates before you even purchase a property or a car.
Nowadays, it is very easy to ask around and get an insurance quote for your home or your car. If there is a property that truly interests you, ask around for insurance rates for that specific property. Your insurance broker will tell you what to look for: age of the house, type of wiring, age of roof, plumbing, furnace… many factors are specific to different types and periods of construction.
Insurance should not be a strain to your budget. It should be an affordable investment that provides a safety net for you and your family. At Riders Plus Insurance, we’re committed to helping our clients get the best protection for their car, motorcycle, home, RV, and other valuables through affordable rates and comprehensive policies. Keep your most prized possessions safe with Riders Plus’ home and auto insurance. Call us at 1-877-251-4504.