How to Save on Insurance During Inflation

Inflation is continuously rising throughout Canada. This is leaving millions of Canadians worried about everyday expenses and living. Although we cannot control how these prices are going up, there are some aspects that we can save on. Consider some of the methods that you can save on your insurance today.

Checking Your Coverage

When did you sign up for the insurance that you have now? Many of us have been with the same insurance company for years. Although this may not seem important, you could be losing out on money every year. Especially if you signed up for your insurance a while ago, you might even have forgotten the amount you are paying. When you check with your provider, you can clearly see how much you are paying. This may be a shock, as the amount can be higher than expected. After you are informed, you can go from there to speak with your provider about lowering these coverages.

Eliminate Unused Coverages

There are some coverages through our insurance that we may even realize are costing the most. The most unfortunate aspect is that we may not even be using all of these types of coverage. To avoid paying for something you will not be using or have not used for years, immediately check with your provider. Make a list of what items you do and do not use. Some things you certainly should keep on, even if you do not use them all the time. This should include medical emergencies and car/house damage coverage, since you never know when a disaster can strike.

Maintaining Your House

This is an area that many Canadians do not consider. Although most of us maintain our houses for cleanliness and well-being, taking care of your house can be important in another crucial aspect. A central part includes the insurance of your home. As previously mentioned above, there are instances that we cannot avoid from happening. This can consist of storms and other extreme weather. Yet other damages can slowly occur to your property without you realizing it. Canada’s most common house damages includes water leaks, vent buildup, and fires. Although most insurance companies will cover house damage such as this, it will certainly raise your insurance, causing you to pay more. Instead of spending more on insurance, learn how to prevent these damages from occurring. You can do so by maintaining your house and doing monthly checks on your property. Make a checklist of all essential items in your home, such as your furnace, air conditioning system, ventilation, house structure, foundation, and fire hazards.

Inquire about Any Discounts

This is not considered enough, which can rob you on insurance. Although most insurance providers have set amounts for each insurance package, they sometimes can offer lower prices. They will not offer this off the bat, so you will need to be prepared. When contacting your insurance provider, double-check first what you know you want to be covered on. If you know that you do not need every item in their package, let them know and ask if you can have the price reduced. Most times, they will accommodate your wishes since you are not using everything they are offering. Depending on what insurance you try to get a discount on, it may not be as easy as others. Yet it never hurts to give it a try since you could save hundreds every year by speaking up.

These are simple methods for learning about your current insurance and how you can lower them in each area of life. Although this may seem like a small area to save, putting in the effort with your insurance will surely help you save now and in the future.

Sources

-Cournoyer, Heather (2022). Inflation & Insurance – How to Save Money on Your Insurance. Retrieved from https://heathercournoyer.ca/2022/04/13/inflation-insurance-how-to-save-money-on-your-insurance/

-Rosanes, Mark (2022). Inflation in Canada – How Is it Impacting Insurance Rates? Insurance Business Canada. Retrieved from https://www.insurancebusinessmag.com/ca/news/breaking-news/inflation-in-canada–how-is-it-impacting-insurance-rates-416828.aspx