2016 has been off to a rocky start in Alberta, and the future isn’t looking any brighter. With the increase in unemployment, mixed with the dropping price of oil and a Loonie that looks more like a Peso; savings in everyday fixed costs are more important than ever.

While insurance may seem like a fixed cost, this may not always be the case. We have compiled a list of tips to help you keep the Pesos… I mean Loonies back in your pocket.

Boost your deductible

Increase your car and home insurance deductibles if you believe that you are capable of incurring higher payments for damages in the event of a claim.

Drive safe, save more

The better you are as a driver, the more money you stand to save in coverage costs. People with clean driving records who haven’t had any accidents or moving violations for a certain number of years can qualify for safe driver discounts.

Do you have a bad driving record? Every three years previously incurred tickets are removed from your insurance history and your insurance premiums can go down.

Ensure you are receiving all the discounts you are eligible for.

Most discounts get missed due to a lack of communicating pertinent information to your insurance provider. Have you paid your mortgage off? Replaced your roof? Or purchased an alarm system? All these items can result in cost savings!

Maintain a good Credit score

Most companies take your credit score into account when rating your insurance premiums. The insurance company will use an equation to determine your likelihood of making a claim based on your score. The better your credit score, the lower your insurance premium will be. The insurance company must obtain your consent to access your credit score. For more information on credit scores click here

Annual Vs Monthly Payments

While paying your insurance premiums on a monthly basis may be easier to manage, you likely are also paying a finance or service fee for the convenience of monthly payments. The fee is usually determined by a percentage of your annual premium or in some cases will be a flat rate. For example; if you’re Auto insurance is $1500 per year and the monthly fee is 4% (which is common in Alberta), you’re actually paying $1560 for the annual premium.

Loyalty Pricing

Some insurance companies offer discounts on loyalty, the longer you have stayed with them, the better rate you are eligible for. On that note, other companies also may offer new client pricing. It is always best to consult with your Insurance Broker about your options.

Bundle Bundle Bundle!

The biggest mistake consumers make when purchasing insurance is not bundling their insurance policies. Insurance companies want all your insurance policies, not just half! By combining your home and auto insurance you will be rewarded with substantial discounts. Some as high as 37% off the total cost of your insurance premiums!

For more information on how to save on your insurance needs please see our Research Centre.

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