With Halloween around the corner and spooky season in full swing, there are many frights to behold. But your insurance bill shouldn't be one of them. While it's essential to have enough coverage to protect yourself, your loved ones, and your belongings, there are ways to lower your insurance costs without compromising your coverage. We've compiled a list of discount options that you may be eligible for to help you save on your home and auto insurance.

Work with a licensed insurance broker
A broker shops the market and works on your behalf to find coverage that suits your lifestyle. They provide personalized support and can advise you on important coverage options. They should always present you with the best-value products available, tailored to your specific needs.

Ask for higher deductibles
Your deductible is the amount you agree to pay out of pocket when making a claim on your policy. Generally, the higher your deductible, the lower your insurance premium will be. While a higher deductible means you'll have to pay more upfront in the event of a claim, it can 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 lead to substantial savings. With OTIP, you can save up to 50% on your home insurance premium when you combine a new home insurance policy with your auto insurance policy for the first year. Plus, having one provider for multiple policies means you'll always know whom to contact in the event of a claim.

Make safety improvements
Improving the safety in your home or vehicle could lead to reduced insurance premiums. Let your insurance provider know about any safety upgrades you've made, such as installing a centrally monitored security system in your home or purchasing winter tires for your vehicle. This will allow them to assess your eligibility for potential savings on your home and auto policies.

Get a quote first
Insurers consider several factors, known as rating variables, to calculate your auto insurance premium. These variables include your age, location, driving history, and the make and model of the vehicle you want to insure. When you're comparing vehicles to purchase or lease, it's a good idea to get an insurance quote beforehand to maximize your savings.

Take advantage of telematics
Telematics, often referred to as usage-based insurance, gives you greater control over your auto insurance rates by providing your insurer with valuable insights into your driving behaviour. This information can be collected through a wireless telematics device or a usage-based insurance app on your smartphone, depending on the program. Your insurance company uses this data to determine your insurance rate, rewarding safe driving habits and less time spent on the road with lower costs on your next insurance bill.

If you're a current OTIP policyholder, contact us at 1-833-494-0090 to review your existing home and auto insurance policies and discuss your eligibility for potential savings. If you're not insured with OTIP and are shopping for home or auto insurance, call us at 1-888-892-4935 to get a quote and receive a $20 gift card of your choice!