This year, it’s worth to take a few moments to shop around for your home and/or vehicle insurance. In a recent situation a client was able to save over $750 in home and car policy by shopping with an insurance broker vs the original quote received from the existing insurance provider and I’ve heard of other similar situations recently with savings in annual premiums from $500 to over $900 in those cases (and with a significantly better coverage). The new savings far surpassed any loyalty discounts offered for “bundle” coverage with existing providers.
The best time to shop around for insurance is at the time of purchase of a new home or vehicle, or before your existing policy renews – make sure to check with the existing insurance carrier for their cancellation policy as there could be cancellation fees that need to be taken into consideration if switching during the term.
Remember to carefully compare the quotes for details of the policy as cheaper might not necessarily be better, however in all of the cases above the lower quotes did offer a better coverage.
Working with an insurance broker, rather than insurance company, will allow you to save time and have access to multiple options as brokers do the shopping around on your behalf. Brokers can also provide you with tailored guidance as well as efficient handling and management of claims on your behalf.
According reports, car insurance premiums in Ontario have risen by 12% between 2021-23 and are expected to go up significantly more in 2024 – another reason to shop around this year.