Managing Insurance Costs

understanding insurance premiumsunderstanding insurance premiums

Many aspects of your insurance costs are out of your control, but there are a number of things you should be aware of that may impact, and perhaps lower, your premium.

 

As I discussed in Understanding Insurance Premiums, insurance rates are based on a series of risk factors. Some of these factors are out of your control but there are a number of factors within your control. By understanding how rates are determined, you can better manage your insurance costs while keeping the protection you need.

 

Compare Apples with Apples

compare insurance saskatchewanWith more than 200 insurance companies in Canada, the industry is very competitive. When comparing quotes, be cautious and careful. Do not solely focus on the price; you need to consider the extent of coverage you are getting for the premium. One company may offer a lower price than a competitor, but if it’s based on less coverage or a higher deductible, it might not be the best deal.

 

Here at O’Reilly Insurance Ltd, we encourage people to bring in quotes from other companies. We will do our best to offer similar or better coverage for a cheaper premium but will be honest with you if we cannot achieve this. We ask for the opportunity to see what we can do for you.

Consider Increasing your Deductible

A deductible is the amount you agree to pay toward the total amount of the loss: your “share” of the claim. The higher the deductible, the lower the premium.

 

Ask About Discounts

Insurance discounts saskatchewanThe Co-operators offers a number of discounts. Be sure to ask your advisor about the discounts that are available to you.

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