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:
- 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.
- Get the coverage you need – no more, no less.
- Consider increasing your deductible. The higher the deductible, the lower the premium.
- Ask about discounts. Many companies offer discounts, sometimes as high as 50%.
- Ask about special reward programs. Some companies have programs to reward claims-free clients.
- 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.
- Consider insurance costs when buying a vehicle.
- 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.
- 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.
- Don’t change companies in mid-policy. Wait until the policy expires, because penalties may apply if you switch insurance carriers before then.