AXION-WALKER INSURANCE SERVICES

A Division of Axion Insurance Services Inc.

Ways to Save on Your Insurance

Ways to save on your insurance

Many of our clients ask us about the ever increasing cost of home and auto insurance. The truth is there are many reasons behind the recent increase in prices, some of which are outside of our control.

For home insurance, old or decaying infrastructure due to natural ageing which cause sewers to overflow into people’s home and weather-related disasters have had a significant impact on costs.

When it comes to auto, collisions caused by distracted driving and higher repair costs of newer vehicles packed with technological features are driving up premiums.

There are, however, a few ways to reduce your premiums that some home and automobile owners are unaware of:

1. Bundling Auto and Home

This is definitely one of the best ways to save on your overall costs. By combining all of your coverage plans with the same insurer, multi-line discounts will apply to both policies.

2. Bundling Vehicles

If you have more than one vehicle in the household, consider bundling all under one policy to take advantage of multi-vehicle discounts.

3. Raise Your Deductible

Another way to reduce your policy premiums is to increase your deductible, meaning the minimum amount you would have to pay in the unfortunate event that damages are incurred on your property or involved in a car accident. A higher deductible could potentially reduce your monthly cost just enough to justify paying more if you ever have to file an insurance claim.

4. Perform a Credit Check (for Property Insurance)

If you allow your insurance company to perform a soft credit check, this may potentially save you a significant amount on your premium. You may have read or heard that performing too many credit checks is detrimental to your credit score, however this only applies to more thorough "hard" credit checks. A soft check will not have any impact on your credit score.

5. Install an Alarm System (for Property Insurance)

An alarm system offers multiple benefits, most notably safety and security against vandalism and break-ins. But there can be benefits in terms of your premium costs as well, with potential savings as high as 25% per year. If you've been considering an alarm system for peace of mind, the added cost savings may help you in your decision-making.

6. Pay Annually

Rather than paying monthly and incurring additional administrative charges and fees, consider paying your entire bill in one go. If you have sufficient funds saved or set aside, this can be an added way of saving even more on your overall premium costs.

7. Review Your Coverage

While this may seem obvious, be sure to be fully aware of what you are being covered for and ensure that it meets your needs in the event that you must file a claim. This not only means that you are sufficiently covered in case of extensive damage, but that you are also not paying for coverage that you simply do not need. It's also important to never let your coverage expire. If your policy has lapsed, your premium will most likely increase.