How to Lower the Cost of Insurance in Alberta

One of the questions we often get asked at Millennium Insurance Corporation is “How do I lower my insurance costs?” Whether you’re seeking coverage for your home, auto or business, we’re experts on insurance in Alberta and we’ve assembled some tips here for you on how to lower your premiums. Perhaps the best advice we have to give is to never be afraid to ask your insurance provider questions. You’d be surprised at how many people never communicate with their insurance company and miss out on the discounts available to groups, to good drivers and to people with a good credit history. Hey, you never know until you ask!

Insurance Calgary Alberta

Shop Around

If you were buying a new car, you’d shop around to find the best prices first, wouldn’t you? Well, insurance premiums will also vary from company to company, so it’s always a good idea to ask reputable insurance companies for quotes before making a final decision. Be sure you look at insurance companies that are financially stable and have good ratings among consumers so you don’t get burned.

Shopping around for the best quote before your coverage begins should allow you to save money from the get-go. However, there are plenty of other ways to save! You can also lower your insurance costs by switching insurance providers mid-policy or by combining multiple insurance policies under the same provider. Having an established history of good credit can also help you reduce your premiums because research has indicated that people who pay their bills on time and are responsible with their money also tend to file fewer insurance claims.

Lower Your Auto Insurance Costs in Edmonton

If the costs of auto insurance in Edmonton have you anxious, have you considered asking for a higher deductible? A deductible is the amount you pay before insurance kicks in. On average, switching to a $1,000 deductible could save you as much as 40% or more on your auto insurance. However, you must be sure that you’ll have this money set aside to pay the deductible in the event of a claim. Some other strategies for reducing your auto insurance premium are:

  • Buy an older car; insuring an older car whose value has depreciated is less costly than insuring a new car.
  • Maintain a good driving record. Many insurance companies reward good drivers with special discounts.
  • Take a defensive driving course. Ask if your insurance provider offers discounts for graduates of such courses.
  • If you carpool to work, be sure to also ask about discounts for having low mileage!

Lower Your Home Insurance Costs in Calgary

When it comes to home insurance in Calgary, there are several things you should know to reduce your premiums. Just like increasing your deductible could help you save on your auto insurance, raising your deductible on your homeowner’s insurance policy could also help you save money. The standard deductible on most home insurance policies is $500 but if you could manage to raise that to $1,000, you could save as much as 25% on your premiums. You may also be able to save on your home insurance by:

  • Improving your home’s security and resistance to natural disasters (i.e. add storm shutters, a reinforced roof, etc.),
  • Combining your home and auto insurance policies
  • Asking about the availability of discounts for being a loyal customer with the same insurer for several years or for being retired or working from home (you’re less likely to get burglarized).

Lower Your Business Insurance Costs in Edmonton

If you’re looking for ways to cut costs on your business insurance in Calgary or Edmonton, you’ve come to the right place. Again, the most obvious way to lower your premium is to raise your deductible. Other ways to lower your insurance costs are to look for ways to cut unnecessary coverages from your existing policies – review each policy’s coverage terms thoroughly and be sure to look for any overlaps – and to look for any package deals suitable for your business’ needs. For example, a Business Owner Policy (BOP) usually pairs liability and property insurance into one convenient policy that could be cheaper for you than purchasing separate policies. Just adding a theft-prevention program, a disaster preparation policy and/or increased security measures to help reduce your risks in the workplace can also help you lower your premiums.

Always Finding Ways to Save You Money!

Millennium Insurance Corporation is always on the lookout for the best ways to save you money on your insurance. Alberta residents shopping around for the best quote on auto, home or business insurance should give us a call and request a free estimate. Our dedicated representatives provide prompt, personal service to help you find the best insurance coverages for your specific needs. We also accept a variety of payment options for your convenience, including cash, cheques, Visa, MasterCard, Interac and pre-approved EFT payments. Contact us today to discuss your options!

Need help? Speak to one of our agents
1-866-467-1245  or  780-467-1500