How many times do I get asked the same age old question, “How can I save on my insurance?”  If I had a nickel for every time I heard a variation of that question, I wouldn’t need to work.

When I get asked the question, I always spout off a few ideas, but after being asked the question the other night, I figured it was the time to put pen to paper to offer some insights.

Insurance Saving Suggestions

Lets face it, times are tough.  The Provincial Budget is going to put a dent in everyone’s pocket.  If you want to save on your insurance costs, here are some suggestions:

  1. Having multiple policies from the same insurer – not only does this allow for larger discounts, it also can help to potentially eliminate in gaps in coverage.  It is a great idea to have all your insurance with the same company or at the very least with the same broker …. Crosbie Job
  2. Installing security devices in your car or your home – You used to see this as a discount on homeowners policies, but it is slowly becoming a common thing on auto policies as well.  Some Insurance companies recognize the value of adding theft deterrents to you valued items.
  3. Having a safe driving or claim-free home insurance record.  This is a no brainer.  No Tickets, No accidents, No Claims will get you a better record and quite often more discounts.  Your driving record has a direct impact on the cost of your automobile insurance. At-fault accidents and tickets can quickly add up and end up costing you hundreds, if not thousands of dollars, over the years it takes for them to fall off your record.
  4. Agreeing to pay a higher deductible (the amount you pay before the insurance kicks in).  I guess this more like self insurance.  What it says to the insurer is I am not putting in small claims.  A good question to ask yourself is, “What dollar value would I file a claim.”
  5. Changing your insurance policy so certain risks are no longer covered.  While I personally don’t recommend this, you can choose to not have coverage and save a few dollars.
  6. Being a low-mileage driver (typically less than 10000 KM per year).  Less time on the road generally equates to a lower chance of an accident.
  7. Driving certain car models (yes, some are at greater risk of being stolen and cost more to repair).  No doubt we all would like to have shiny new car, but sometimes asking a few questions before hand can save you some serious dollars in future.  Color does not matter.
  8. Paying premiums as an annual lump sum rather than monthly.  Typically most insurance companies add a financing fee (for example 3%) to pay monthly.  Pay you premium up front eliminates that financing cost.
  9. Ask your broker for a list of discounts, there may be discounts that you are entitled to that he/she does not realise you qualify for.

The Sales Pitch!

Obviously I need to add a sales pitch.   At Crosbie Job we have protected the residents and businesses of Newfoundland & Labrador since 1984. We know the area. We know the residents. We know how to protect you.  Its time to put our expertise to the test. Don’t delay, go ahead contact one of our professionals  so that we can forge a protective shield for you. We’ve Got You Covered.