Insurance Tips For Getting The Best Rate

At Jeffery & Spence Insurance, we understand that everyone’s life is different.

You may have multiple vehicles, a century home, a cottage, or highly valuable belongings — all of which can impact your insurance rates. Because everyone’s lifestyle is different, insurance policies and premiums differ as well.

Knowing where you can get deductions and discounts will ensure that you are getting the best possible rate, while getting the coverage you need.

1. Pick An Appropriate Deductible

Opting for a higher deductible on your home insurance and car insurance can have long-term benefits.

Instead of choosing the smallest deductible, consider $1,000 to $2,500 for your vehicle, and $5,000 for your home. This can help you avoid putting in smaller claims, which can cost you your claims-free discount.

2. Tell Your Insurance Provider If You’re Mortgage-Free

Have you paid down your mortgage completely? Tell your insurance provider. If you’re mortgage-free, you could be paying a 15 to 20% lower premium on your home insurance.

3. Combine Your Policies

Having multiple, separate insurance policies could be costing you more than it should.

Combining your auto and home insurance policies can lead to discounts. Having your home and auto insurance bundled isn’t just a good idea for saving money, it also makes it easier for you to manage and update.

4. Make Updates To Your Home

Some homeowners don’t realize that small updates to your home can actually lower your home insurance premiums.

For example, having an alarm system installed can help to reduce your rates because you will be a lower risk for burglaries. Other home improvements, like a new roof, electrical, heating, and plumbing upgrades can help you lower your rates, because they mean you’ll be at a lower risk for fire, flood, and weather damage.

5. Tell Your Insurance Provider If You Are A Non-Smoker

Did you know that having smokers in your household means you could be paying higher insurance premiums?

To insurance companies, being a smoker means that you are putting your home and its contents at a greater risk of fire than a non-smoker. This increased risk means you are more likely to file a claim, so you’ll have to pay more for insurance coverage.

The cost of your home insurance is based on a number of factors, but telling your insurance provider that there are no smokers in your household could get you a discount.

6. Put Winter Tires On Your Car

In Ontario, you can save money on your car insurance rates by having winter tires.

Snow tires are not mandatory in Ontario, but having them is a great idea for staying safe and saving on insurance premiums. The Ontario government introduced insurance discounts for winter tires in 2016, so be sure to ask your insurance provider what discounts are available.

7. Tell Your Insurance Provider If You Are Ride-Sharing Or Delivering

Having regular car insurance will not cover you if you are a driver for a ride-sharing app or delivery service, so it’s essential that you tell your insurance provider if you are using your own vehicle for this type of work.

Ride-sharing and delivery services require additional coverage and your insurance provider will be able to tell you what type of coverage you require, depending on your situation.

No matter your lifestyle or insurance needs, the team at Jeffery & Spence is here to help you choose the best insurance coverage. Contact us to learn more.