I saved $ 500 by shopping for my insurance

I saved $ 500 by shopping </my insurance > MISE & Agrave; DAY

One winter evening, stopping at nothing, my insurance renewal letter in hand, I made calls to see if there was anything better elsewhere. Result: A decrease of $ 500 on my annual auto and home insurance bill! Why shop for insurance regularly, and especially how to do it? We explore everything with insurance experts.

When you need to insure for the first time, you often hear the phrase “don't forget to shop around for your insurance for the best deal!” But once that's done, it's easy to stay in your old slippers and keep the same insurance for a long time. & Nbsp;

The recipe for saving money is simple: renegotiate, or even re-shop your insurance frequently. You will see, it is possible to gain a lot from it.

Two experts give us their best advice when it comes to shopping for our insurance. & Nbsp;

Take the time to do it & nbsp; & nbsp;

“You can shop for insurance when you renew your insurance. this one, once a year, mentions Pauline Triplet, Senior Communications Advisor at the Insurance Bureau of Canada. A renewal notice is sent 30 days before the contract end date. “& Nbsp;

And that's not frowned upon, says Pauline Triplet, it's good practice, on the contrary. This is especially important to do this, because for the same protection and the same conditions, the price of insurance can vary from one insurer to another. & Nbsp;

Why? we asked Valérie Sauvé, financial education analyst at the Autorité des marchés financiers. “Because each insurer has its own system of rules for classifying risk and it uses the data it has accumulated over the years to estimate the amount it will charge for coverage. “& Nbsp;

The differences between insurers are therefore normal and demonstrate healthy competition, according to the 2020 annual report of the Autorité des marchés financiers.

Compare different solutions & nbsp;

To know what we can offer you, no choice: you have to collect bids based on the same comparison – comparing apples to apples is very important. To do this, you can pick up the phone, request quotes on the insurer's website or even use an online comparator as mentioned in this article in the Argent cahier. & Nbsp;

In all cases, However, make sure that the quotes include everything you need in terms of protection to be insured in the event of a claim or accident.

Use different tips to save

< p>Shopping for insurance is the number one way to save money, says Valérie Sauvé. Despite everything, several other tips exist to save a few pennies on his bill. We present three of them to you.

1- Combine your auto and home insurance

Insurers are happy to count you among their customers for these two insurances and can thus offer you a reduction of the premium.

2- Drop protections you don't need

Do you need to insure damage to your car if its current value is less than $ 1000? Or pay for a replacement car in the event of an accident if you could do without it during the repair time? Asking yourself the right questions can save you considerably. & Nbsp;

3- Negotiate your premium with your insurer

Do not hesitate to ask your insurer what you could save by increasing your insurance deductible or installing an anti-theft system at home. It's even possible – and of course – to ask the question directly: “What can I do to lower my insurance premium?”

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