The Co-operators has developed a series of educational materials entitled Insurance 101 to help Canadians understand the fundamentals of insurance.

To help promote the program, Co-operators has released its top 10 tips for managing insurance costs:

  1. Compare apples with apples. One company may offer a lower price than a competitor, but if it’s based on less coverage or a higher deductible, it may not be the best deal.
  2. Get the coverage you need – no more, no less.
  3. Consider increasing your deductible. The higher the deductible, the lower the premium.
  4. Ask about discounts. Many companies offer discounts, sometimes as high as 50%.
  5. Ask about special reward programs. Some companies have programs to reward claims-free clients.
  6. Be vigilant about safety. Your driving record is one of the main factors that determines the cost of your auto insurance. You can control your home insurance costs by preventing a claim in the first place.
  7. Consider insurance costs when buying a vehicle.
  8. Adjust your driving habits. The more you drive, the more likely you are to be in an accident, and the higher your premiums will be.
  9. If you drive an older vehicle, think about collision coverage. It may not be a worthwhile investment if the car you’re insuring is worth less than $3,000, because the cost of repairing it may be more than the vehicle’s book value.
  10. Don’t change companies in mid-policy. Wait until the policy expires, because penalties may apply if you switch insurance carriers before then.