Money-Saving Insurance Tips for Families

February 20, 2013

Cut insurance costsSaving money on insurance can mean some extra money to spend on yourself and your family. These easy tips can help lower insurance bills and put more money aside for all of the fun activities Canadian families enjoy. It’s possible to save a lot of money on car, home, and even on life insurance quickly and easily just by trying one or more of these simple tips.

Saving on Car Insurance

There are a lot of ways Canadian families can lower car insurance bills, but perhaps one of the simplest is to take the time to shop around. Busy families often simply let their insurance policies renew and don’t get around to comparing rates. This could be an expensive mistake; since rates change all the time, there could be a much better rate out there for most families. With online quoting systems that allow drivers to compare multiple car insurance quotes quickly, it doesn’t require much time.

There are other ways families can lower their car insurance bills as well. Take a look at the deductible, which is one of the quickest options for lowering bills. Higher deductibles mean lower premiums, and the risk is generally low. Another option is to consider carpooling – taking one car to work in the morning means only one car rated for a commute and therefore a lower rate on other cars.

Take Advantage of Discounts

Families who have their cars insured in one place, their home in another, and hold life insurance policies in yet a third are missing out on one of the best ways to save on insurance. Multi-policy discounts offered by insurance companies for taking our more than one type of policy are a great way to reduce premiums and one of the largest discounts available.

There are many other discounts out there that can benefit Canadian families as well, and it’s vital to make sure that everything the family qualifies for is being applied to the policies. Among the discounts families can qualify for:

  • Good student
  • Security system
  • Winter tires
  • Driver education

Insurance companies may not always catch every discount that is applicable, so drivers should take the time to review policies and check on discounts.

Review Those Policies

Reviewing insurance policies isn’t only about checking for missing discounts. It can also help to catch things like tickets or accidents that have fallen off a driver’s record, change to car usage that can affect rates, and remodeling on a home that can change the way it is insured.

Reviewing policies on a yearly basis helps families stay on top of their insurance needs and policies, and ensure that premiums are always accurate. Combine a policy review with the opportunity to shop around for rates, that way you can compare insurance quotes accurately.


The difference between $500 deductible and $1000 deductible is nominal. I believe the only reason insurance companies stress this is so they have less to pay out of their pockets. I will always get the lowest deductible I can . When you request an insurance quote, ask for a quote with different deductibles. You will be amazed at how little the difference is in your premiums but if and when the time comes to pay , you will save lots.

Sharon Williams says: