Keeping Your Insurance Costs Down

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We are currently experiencing a very challenging market with insurance companies increasing prices, limiting coverages and becoming increasingly strict in what risks they will insurance. You’ve been seeing your premiums continue to climb each year, leaving you feeling like there’s nothing that can be done. Luckily, you’ve come to the right blog! We’re here to give you the strategies to get the most out of your policy, without limiting your coverages, while keeping more money in your pocket.


Having your home and auto on the same policy will not only allow you to have one payment date and renewal date but can also save you up to 10% on BOTH your policies. By bundling these policies, it becomes easier to get concessions when something unexpected comes up.

Credit Consent

Many companies are now introducing discounts that are based on a soft credit score check. This optional credit check cannot increase your premium, so even if you do not have the best credit rating there is no risk in applying it to see. The soft hit will not show up on your credit history report and is the quickest way to get that premium down.


These can be reviewed with your broker. Higher deductible may lower the premium but are not as effective as the other options on this list. Remember, choosing the highest deductible may leave your policy useless if you can’t afford to make that deductible in the event of a claim.


During these unusual times, we are seeing a lot of people driving less than ever before. Take advantage of this and call your broker. Reducing your annual km’s or removing your commute can save hundreds off your premium each year.

Payment Plans

This will depend on your financial situation, but it is always cheapest to pay for the year in full. Companies typically charge 4% finance fee and third-party financing can be even higher. This also comes with the risk of NSF fees which can come both from your bank and your insurance company for a single missed transaction. Paying for the year in full lowers the overall premium and avoids the risk of NSF fees. If you are going to miss a payment, let us know as soon as possible so we can move your payment date and stop those killer NSFs. 5 business days can save you $80 on two NSFs.


Ask your broker to test the market. There are discounts for staying loyal, but it doesn’t hurt to see what’s out there.

Although there are a lot of reasons why insurance rates have increased, like the Fort Mac fires or the Calgary floods, our advisors are here to assist you get the best coverage unique to your needs while keeping your costs down. Contact us today to ensure you have the right fit for you.

Written By: Daniel Newark, Insurance Advisor at Westland Insurance