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Savings Countdown: Kick-Off the New Year with More Money in Your Wallet

December 29, 2016

Savings Countdown: Kick-Off the New Year with More Money in Your Wallet10 Ways to Spend Less and Save More

It’s that time again, to re-evaluate what you’re spending and see where you could be saving. To help you kick-off the new year on the right foot, the InsuranceHotline.com team has compiled the following list of tips to help you spend less on your insurance and save more in 2017.

Let’s start saving…

10. Quit smoking. Did you know that life insurance costs about 40 per cent more, travel insurance costs about five to 15 per cent more and home insurance costs up to 10 per cent more if you’re a smoker?

9. Avoid monthly installments. Whether for car, home or life insurance, try to pay your premiums all at once rather than in installments. Many insurance providers charge a little extra to cover the cost of administering monthly payments. If you can afford to pay the cost of your annual premiums in one lump sum, you’ll spend less on your coverage.

8. Go for an annual travel policy. Frequent flyers can benefit from a multi-trip travel insurance policy, over a single trip policy. An annual, multi-trip travel insurance policy gives you the emergency medical health insurance coverage you need for each trip you take within a 12 month period.

7. Bundle your policies. Do you have your home insurance and car insurance with the same company? If not, you could save a bundle by having all of your insurance policies with one company, usually in the neighbourhood of five to 15 per cent off one, or even sometimes both, policies.

6. Look into your deductibles. Review your home insurance and car insurance deductibles to see if there is room to increase them. Increasing your deductibles means you’ll be decreasing your premiums. Make sure you choose a deductible that you can afford though, because the deductible is the amount you’ll have to pay if you need to submit a claim.

5. Ask about discounts. Ask your provider for a list of discounts as there may be money-saving opportunities that you didn’t know existed. For example, did you know that many home insurers offer a discount if you’re mortgage-free? And, some car insurance providers offer a discount if you change your tires seasonally? Your insurance provider may not know that you recently paid off your mortgage or that you’ve invested in winter tires potentially qualifying for a discount, but if you ask for a list it starts a conversation that could save you money.

4. Moving? Should you insurer move with you? If you’re moving this year, don’t assume your home and car insurance provider will continue to offer you the best rate at your new address. Compare quotes for both home insurance and car insurance when you move.

3. Drive carefully. Your driving record is an important factor in calculating your car insurance rate and tickets and collisions will result in higher premiums. Reality is of course that tickets and collisions happen, and if it happens to you and your insurer increases your rates, shop around to see if another insurer will be more forgiving.

2. Drive a car that costs less to insure. If you’ll be buying a new car this year, don’t forget to factor in the cost of insurance. What you drive is also an important factor in calculating your car insurance rate and your premiums will vary no matter what you’re driving whether it be a Honda Civic, Toyota Corolla, or Volkswagen Jetta.

1. Shop around. Compare insurance quotes—no matter what type of insurance you’re looking to get. Car insurance, home insurance, life insurance and even travel insurance rates vary considerably across providers. What’s more, rates often change and the only way to know you’ve got the best insurance deal is to compare rates before you buy.