The holiday season has come and gone, and you’ve probably been looking for ways to cut back on your spending after seeing your latest credit card statement! Here are some ways that you can save money on car and home insurance premiums this winter.
- Reduce your premiums by minimizing the amount of liability insurance if you have vehicles that you do not use during the winter months, like motorcycles and campers.
- Remove collision coverage on summer vehicles that you don’t use during the winter.
- If you drive less or go away during the winter, indicate this on your insurance policy. Less driving means a smaller the risk to your insurer and a smaller insurance premium.
- Install winter tires at the beginning of winter. Drivers in Ontario are eligible for a discount if winter tires are installed from November 1st – April 30th.
- Drive extra carefully during the winter months to avoid an accident – and higher insurance rates as a result.
- Insulate the water pipes at your home. If you travel during the winter, set the thermostat to no lower than 12c to prevent frozen pipes and potential claims.
- Install smoke and carbon dioxide detectors to minimize the damage to your home in event of a gas leak or fire.
- Conduct regular maintenance on the roof, doors and windows to reduce potential wind, hail and water damage. You may be rewarded with lower premiums for roof bracing and retrofitted doors!
- Install a home security system. Depending on the type of protection the system provides, you could save between 10% to 20% on your annual premiums.
- Quitting smoking is a great new year’s resolution, and it can help you save money on home insurance premiums. House fires caused by careless smoking are more common than you would think, so eliminating the problem entirely will help you save on home and health insurance.
Interested in making revisions to your insurance policies? Let’s get in touch.