How to save on your insurance

We’re all looking for ways to be savvier about how we are spending our money these days, whether it’s cutting back on eating out or looking at what household expenses could be shaved back a little. One commonly overlooked place to save are insurance policies.

How to save money on your insurance:

Increase your deductible. You can save money by choosing a higher deductible.

WARNING: Carefully consider this option and make sure you can afford to pay your deductible amount out-of-pocket should you need to make an insurance claim. Learn more at insurance premiums and deductibles.
Bundle and save. Whether you have home and auto insurance, or more than one vehicle to insure, you’ll likely receive a multi-policy discount if you keep them together. Did you know BrokerLink has a bundle and save program? Check it out here.
Take advantage of insurance discounts. Always check with your advisor eligible for insurance discounts, such as for having winter tires. Read more on how winter tires increase your safety and whether you need them here.
Keep claims to a minimum. Did you know most insurers give discounts to customers who are claims-free? Before making a claim, assess whether it’s better to pay for low-value damage yourself and keep your claims-free status.
Home improvements to reduce damage. Installing a sump pump or a backwater valve, for example, could reduce your chances of having to make a water damage claim – it also usually reduces the premium on your home insurance.
Watch your driving. The way you drive can affect your insurance. Tickets and convictions can increase your premiums. Always ensure you are driving the speed limit, obeying traffic rules, and taking care on the roads.

If your insurer uses usage-based insurance (UBI) technology to track your driving habits, make sure you’re enrolled. If you’re a safe driver, it can have a positive impact on your premium.
Safety measures to protect your car and home. Install a home security system and add an anti-theft device or dash cam to your vehicle. These can reduce the risk of theft and damage to your property. Don’t forget to ask your advisor whether they qualify for discounts.
Shop your insurance with a broker and review your coverage needs. A broker takes the time to review and compare your coverage options with different insurance companies. Getting an insurance review is free and always a good idea to ensure you’re not paying more than you need to, but still have adequate coverage in place for your unique situation.