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Your insurance bill shouldn’t scare you this Halloween – here’s how to lower your insurance cost

With Halloween just around the corner and the ‘spooky season’ in full swing, there are many frights to behold. But your insurance bill shouldn’t be one of them.

While you need enough coverage to ensure you, your loved ones and your belongings are protected, there are ways to lower your insurance cost without reducing your coverage. We’ve put together a list of savings and discount options you may be eligible for in order to save on your home and auto insurance.

Contact a broker to help you get the best value
An insurance broker represents your best interests and ensures you receive the coverage you need for a fair price. They will assess your personal insurance needs and find the best value for coverage that’s right for you.

Ask for higher deductibles
Your deductible is the lump sum amount you are prepared to pay when making a claim on your policy. Generally, the higher your deductible, the lower your insurance rate will be. While a higher deductible means a higher upfront payment in the event of a claim, it could be more cost-effective in the long run.

Bundle your policies
Using the same insurance provider for multiple policies, commonly referred to as bundling, can result in significant savings. With OTIP you can save up to 50 percent on your home insurance premiums when you bundle a new home insurance policy with your auto insurance policy for the first year. Plus, having the same provider for multiple policies comes with the added bonus of always knowing whom to contact in the event of a claim.

Make safety improvements
Making safety improvements to your home and/or vehicle could qualify you for reduced insurance premiums. Let your insurance provider know of any safety improvements you’ve made, such as installing a centrally-monitored security system in your home or purchasing winter tires, so they can review your eligibility for savings on your home and vehicle policies.

Ask for a quote
There are a number of factors, known as rating variables,) that your insurer will consider when calculating your car insurance premium. These variables include information such as your age, location, driving history and the make and model of the vehicle you are insuring. When comparing vehicles to purchase or lease, get an insurance quote first for the best savings opportunity.

Take advantage of telematics
Telematics, also known as usage-based insurance, offers you more control over your car insurance rates by providing your insurer with important information about your driving behaviour. This information can be shared by a wireless telematics device or a usage-based insurance app on your smartphone (depending on the program). Your insurer then uses this information when calculating your insurance rate, rewarding less time on the road and good driving habits with lower costs on your next insurance bill.

If you are currently an OTIP client and want to review your coverage or discuss your eligibility for any of these insurance savings, contact us at 1-800-267-6847. If you are shopping for home or auto insurance, call 1-866-561-5559 today for a free quote.

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