If you’re like most people, you are still recovering from December’s holiday spending spree. In January and February, people start reviewing their bills, looking for ways to save. The good news is that there are a number of ways you can save on your insurance without compromising your coverage.
Below are some quick tips, but you can also always give one of our friendly expert insurance brokers a call at any time to discuss ways to reduce your costs and/or be more effective with your insurance. Call any one of our Alpine Insurance locations in Edmonton, Calgary, Red Deer, Lethbridge, Canmore and Faust.
Tip #1: Combine!
The best way to save money on your insurance is to make sure you have all your insurance under one roof. Insurers often offer multi-policy discounts, usually at least a 10% discount. So make sure your home, car, RV, seasonal property or boat are all be under the same policy. Do you need business insurance, cyber insurance, tenant insurance or travel insurance? Use the same insurance company for those as well.
Tip #2: Raise Your Deductible
The deductible is the amount you pay in an insurance claim, with your coverage taking care of the rest. For example, if you have a $500 deductible and you have an accident where there is $1,000 in damage, you pay the first $500 and your insurer pays the remaining $500. The lower the deductible you choose, the more you pay in premiums. If your risk is lower – for example, if you haven’t been in an accident in years – you may be better off raising your deductible and paying less each year for insurance.
Tip #3: See If You Qualify for Any Discounts
Insurance companies often offer special rates for different groups. Do you belong to a union? Does your company have a deal with a particular insurance company? You can even apply for discounts if you are a Costco member!
You might also qualify for further discounts if your car or home has special safety features. Make sure you tell your insurance broker if you have any anti-theft or safety devices in your car or a security system or sump pump in your home. Some companies offer discounts as much as 15 or 20 percent if you install a sophisticated sprinkler system or a fire and burglar alarm that calls a security company if there is an issue. Our expert insurance brokers at Alpine Insurance are familiar with all the available discounts and can help you make sure you’re taking advantage of all the available discounts.
Tip #4: Drop Unnecessary Coverages
Sometimes it is worth considering whether you really need insurance on your items. Do you have sporting equipment, electronics or other valuables that aren’t worth as much as when you first filled out your home inventory? If so, it might be worth re-doing the inventory with your insurance broker to see if you can get a better rate.
Maybe you have an old car that isn’t worth more than a few thousand dollars – you’ll want liability insurance in case you are at fault in an accident, but you might not want collision insurance to cover any damage to your vehicle. After you pay the deductible, you might find that having insurance wasn’t worth it. There are internet sites that will break down the value of your car, and if you want more specific on what it is worth in Edmonton, Calgary or your home city, the best bet is to talk to your local car dealer.
Tip #5: Talk to An Expert Insurance Broker
Brokers are trained and highly knowledgeable about the ins and outs of insurance. At Alpine Insurance, our Alberta-based brokers take the time to understand your lifestyle, possessions and need so that we can explore other ways to reduce your insurance costs. Give one of our Alpine Insurance experts a phone call today!
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