It's Kanetix's 15th anniversary, and over the years and we've learned a few tricks to help you save money. That's why we've rounded up our top 15 tips to help you save on your auto, home and travel insurance.
Home & Auto
1. Bundle policies
Many insurers offer discounts to customers who combine their home insurance and auto insurance policies, usually in the five to 15 per cent range. Customers who have multiple vehicles on the same policy may also see savings.2. Increase your deductibles
Save five to 10 per cent on your auto or home insurance simply by increasing your deductibles. Make sure you're comfortable with this number as it is the amount you would have to pay in the event of a claim.3. Different neighbourhoods = different rates
Part of your home insurance and auto insurance rates are based on where you live. Don't assume your current insurer will give you the best rate at your new address. Use Insuramap to get your neighbourhood's auto insurance average to see if you're getting the best rate.4. Pay upfront
Paying for your car or home insurance policy in full, rather than in monthly installments, will prevent you from having to pay those pesky administrative fees that many insurance companies charge for processing. The total fee for monthly payments could add up to 8 per cent to your premium.5. Don't wait until renewal time
Shopping around mid-policy may help you find a better deal. Even if your current provider charges a policy cancellation fee, the savings you can get from switching to a new home or auto insurance provider may easily offset it.
6. Remain ticket and collision free
A clean driving record will help keep premiums down. However, every insurer will charge you differently, so if you get a ticket or are involved in a collision and your insurer changes their rates to reflect your now less-than-perfect driving record, shop around to see if another insurer will be a little more forgiving.7. Consider cancelling collision coverage
If your car is worth less than your deductible you may want to consider cancelling your collision coverage. This typically leads to lower car insurance premiums.8. Consider a usage-based insurance program
Signing up for a usage-based car insurance (UBI) program can save you five per cent right off the bat, with additional savings of up to 25 per cent for drivers with good driving practices.9. Install winter tires
Many car insurance companies will offer 5 per cent discounts to drivers who swap their all-season tires out for winter wheels.10. Keep policy current
Keep your insurance provider in the know about your life's changes, such as getting married or divorced, or when your child goes away to school. Your auto insurance policy is based on all the drivers in your house, so if you're moving in together or parting ways, a different insurer might offer you a better rate.
11. Install alarm systems
Having a home alarm system that is monitored can result is a discount of 10 per cent off your insurance premium. Dead-bolts make your home more secure, which can reduce the risk of a break in and help you keep your claims free discount.12. Buy a newer home or upgrade an old one
Older homes often have knob and tube wiring, galvanized steel plumbing, 60-amp electrical services and other outdated systems. Upgrading to modern systems found in new homes may not just save you money, but is sometimes necessary just to obtain home insurance.
13. Buy a multi-trip policy
If you're a frequent flyer, obtaining a multi-trip travel insurance policy over single trip policies will save you money overall.14. Quit smoking
There's a reason your insurance company asks if you smoke-it escalates your risk of a fire, decreases your health, and increases your overall liability. If you're travelling, being a non-smoker can save you five to 15 per cent off your travel insurance.
15. Compare rates
It goes without saying that we're all about comparison shopping here at Kanetix, but it truly is the easiest way to save. For example, our customers save an average of $750 on their car insurance when they compare quotes through Kanetix. See if you can too by getting a free car or home insurance quote today. It pays to shop around.