Saturday, November 7, 2009, 2:20PM ET - Canadian Markets Closed.

Cheap tricks

by Sandra E. Martin, Moneysense
Thursday, June 12, 2008
provided by

This shocking statistic is brought to you by the MoneySense department of overspending: at least 65% of homeowners pay more than they have to for insurance. What's shocking about it is the fact that with one phone call apiece, Canadians could reduce that number to zero. By asking your insurance company or broker to make small adjustments to your policy, you can chop tens and even hundreds of dollars a year off your premiums. Here's how:

Raise your deductible. If you're among the 65% of homeowners who stick with their policy's standard $500 deductible, raise it to $1,000 and you'll enjoy an instant 10% discount. One MoneySense editor is considering a $5,000 deductible after discovering that it will knock a whopping 41% off her premiums.

More at Canadian Business Online:

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Install alarms. Homeowners with centrally-monitored alarm systems reap significant savings. At The Dominion of Canada General Insurance Company, you'll pay 5% less with a centrally monitored fire alarm, 10% less with a centrally monitored burglar alarm, and 15% less if you have both.

Pay for small losses yourself. Every time you make a claim, your insurance rates skyrocket. According to Kanetix, an insurance shopping Web site that lets you compare quotes from several companies at once, a single claim will raise your premiums an average of 20%, all else being equal. "After two or three claims, you're looking at non-renewal," says Sally Praskey, editor of Insurance Canada, an online resource centre, as well as co-author of The Insurance Book: What Canadians really need to know before buying insurance. That means your insurance company may simply refuse to provide you with coverage after your current policy expires. Bottom line: to keep your premiums affordable and protect yourself from loss of coverage, stay claims-free.

Rates

Rates provided by Fiscal Agents

  • Mortgages Type Rate
    1-yr Closed 3.59%
    3-yr Closed 4.22%
    5-yr Closed 5.07%
  • GICs Type Rate
    1-yr Annual 0.98%
    3-yr Annual 2.16%
    5-yr Annual 2.80%
  • RRSP Type Rate
    1-yr 0.97%
    3-yr 2.13%
    5-yr 2.78%

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