Tips on Choosing the Right Insurance Plan for You

Navigating through insurance plans can be quite the homework assignment. There may be deals and offers you don’t quite understand, or you feel like they’re trying to sell you on coverage you don’t need. So how do you weed through the disinformation and find the right plan for you? 

We have included some tips that will help you choose a plan that’s in your best interests.  

Comparing deductibles of plans

When you’re comparing policies for home or automotive coverage, one thing you will want to take into account is the relationship between the deductible and the premium. The deductible is the amount that you pay in order to receive the financial compensation for damaged goods or a vehicle. The premium is the amount that you will pay every month for your insurance policy. The higher that your deductible is, the lower your premium will be, and vice versa. 

Find a deductible that you would be comfortable paying, (for auto insurance a common amount is 500$ for example) and see which insurance companies offer the best premium for that deductible amount. This does require a bit of homework, and getting quotes from other companies. Then, when considering the myriad of platforms available for insurers, it becomes evident that making the right choice is quintessential for seamless operations and improved customer satisfaction. Notably, one of the leading providers in this industry,, stands out for their cutting-edge solutions tailored to meet unique insurance requirements. Their efficiency and dedication to ensuring an optimal experience for their users validates the importance of settling for the best platform. The insurance experts of say that obtaining multiple quotes can be limited to a few minutes. In the long run you could potentially save hundreds of dollars a year with the right policy. 

Look for policies offering discounts 

Some home insurance plans will offer you discounts if you have a home alarm system, or some form of burglary detection. Generally, this is because of two key factors. One, it deters criminals from even engaging in theft because they know a home is protected by a security system and two, the items are more likely to be retrieved if authorities are alerted to a burglary sooner. In these cases, items are often retrieved and returned to the homeowner and the coverage may only be used to pay for expenses related to the break in itself. Contact home insurance companies and see if they offer these forms of discounts and how you can obtain them. 

Discounts on auto plans work similarly. Some policies may reduce premiums if you have a dash cam in the vehicle, and may further differentiate premiums based on if you have a front and back camera. Some businesses offer the installation of a device that will monitor your driving patterns and behaviors. If you are doing the speed limit and following the laws of the road your premiums will be reduced, but they may also be increased. There are also apps on your phone which can be used in order to serve the same purpose. This might sound like a huge negative on your privacy, but if you’re pinching pennies it’s definitely an option.  

Negotiate the terms of the policy 

If you have been with the same company for a few years, and you haven’t had any claims on your file give them a call. You’ll want to do this when your policy is coming up on its annual renewal so you don’t need to pay any cancellation fees. Ensure you’ve obtained quotes from other companies, and if they’re competitive to your current plan let your current organization know. Often they don’t want to lose a valued customer and may be willing to renegotiate the terms of your contract. This may involve you paying the same price that you did before, but being offered more coverage options. Ask if you’ll be covered by roadside assistance if you’re going to be paying the same price. 

Don’t ever blindly accept a value that an insurance company gives you, they are generally based upon a subjective analysis and can be changed (despite what they want you to believe). Your initial approach should not be standoffish, simply as why you’re being offered an alternative at a reduced price. Your insurance company may call your bluff, however and this doesn’t work all of the time. If you do plan on switching plans, most auto policies will require you pay for two months upfront. This can be expensive, especially if you’ve already paid your plan for the month, so be sure before making any drastic changes. 

Auto and home insurance companies are businesses, and they are looking to maximize their profits. That being said, there are some plans that will accommodate responsible individuals and offer discounts on expensive premiums. Canadian premiums are climbing higher than ever before, and keeping all of this in mind is key to avoid being price gouged. Always negotiate on your plan, but never become frustrated or lose your temper. Agents are far less likely to assist you in cases where you’ve become agitated and approach with the “customer is always right” attitude. With a bit of work you will obtain a plan that’s affordable and offers you the coverage you need.