Introduction to Insurance Savings
The typical advice for saving on insurance includes shopping around, bundling with other types of insurance, and increasing your deductible to reduce premium payments. However, there are other ways to save that are less well-known.
Saving on Home and Auto Insurance
According to the Insurance Bureau of Canada, you can request discounts if you are mortgage-free, have improved your home against fire and floods, or have a good credit score. For drivers, installing a theft-deterrent device or a usage-based insurance app that tracks your driving habits can reduce your car insurance premiums. A clean driving record is also key to saving on auto insurance. Your broker or insurer can help you find savings within your policy.
The Importance of Life Insurance
Younger Canadians are often underinsured when it comes to health and disability insurance. Your health, ability to work, and life are valuable assets that need to be protected. However, many young people do not think about insurance until a life-changing event occurs, such as buying a house, getting married, or having children.
Why Young People Are Underinsured
"It’s like many things in life – there has to be a trigger," says Kenneth Doll, a financial planner based in Calgary. "There must be an event that takes place that prompts someone to think about insurance." Sometimes, a tragic event, such as the death of a friend or family member, can spur someone to think about their own insurance needs. "Most people need pressure to get insurance," says Rob Tétrault, head of the Tetrault WEALTH Advisory Group at CG WEALTH Management, in Winnipeg. "And then you will say: ‘What happens to my children if something happens to me?’ Insurance doesn’t feel urgent, right?"
Comparing Life Insurance Quotes
Comparing life insurance quotes and saving on premiums is an important step in finding the right policy for your needs. You can request a personalized offer and contact an expert about your coverage requirements to get the protection you need at the right price.
Conclusion
In conclusion, saving on insurance requires more than just shopping around and bundling policies. It’s also important to consider other factors, such as improving your home and driving habits, and thinking about your health and disability insurance needs. By taking the time to understand your insurance options and needs, you can find the right policy for your needs and budget, and ensure that you and your loved ones are protected in case of an unexpected event.