A single unfortunate event like an accident, injury, death, fire, can wipe out our entire savings and leave us exposed to huge financial losses.

Did you know that with smart planning, you can save money on insurance premiums?

What insurance products do you really need?

Auto insurance

The Quebec Automobile Insurance Act makes it mandatory for all vehicle owners to have auto insurance.  Montreal abides by the mixed public-private insurance policy of the province whereby the public insurance is issued by the SAAQ (for bodily injuries sustained in a vehicular accident) and civil liability issued by a private insurer.

Because of its no-fault policy, a driver involved in a car accident cannot be sued for bodily injuries by another party but is compensated by the SAAQ. However, a driver can be held liable for bodily injuries (if outside Quebec) and for property damage (when the driver is at fault). Hence, drivers are required to have at least $50,000 civil liability with a private insurer.

Types of coverage for damage

You have a choice when it comes to coverage.  Damage to another vehicle is standard but you can choose to insure damage to your own vehicle.  You will find many options from insurers that can be tailored to your needs.

If you are a vehicle owner in the North Shore of Montreal, you definitely need auto insurance.

Whether you need it for the first time or you want to shop for the best premiums, use our short online form on this page to get free quotes!

Homeowners insurance

Home insurance is not mandatory by law but every homeowner is advised to have one.

It can protect your home, condo, seasonal home, rental property, and even apartment. The most important function of home insurance is to help you rebuild your home in case of partial or total damage (i.e. fire, water damage, smoke).

It can also cover expensive repairs to your home. If you have a mortgage, you are required to have home insurance.

Homeowners’ insurance also covers the contents of your home that belong to you and other family members. It also has a liability portion that protects you from claims if someone is injured on your property. Lastly, it can also cover living expenses such as accommodations in case your home becomes uninhabitable for a period of time.

It is important to note that homeowners’ insurance does not cover all types of damage. Your policy will specify the risks you are covered for. Thus, you should carefully read the coverage of multiple policies before you choose one.

What does homeowner insurance cover? This answer will depend on the type of coverage you select. You have several choices – all-risk coverage, broad, standard, and no-frills coverage. The amount of compensation you will receive also depends on your type of coverage.

All-risk or comprehensive home insurance

An all-risk or comprehensive policy gives the widest coverage.  But don’t be fooled into thinking that it covers all perils to your home. There are still some exclusions and they vary from one insurer to the next. Nonetheless, this type of coverage gives you the widest protection for your property.

Life insurance

Nobody enjoys talking about life insurance; this topic can quickly clear out a roomful of people. However, life insurance is a very essential component of responsible financial planning.

Life insurance is designed to protect the people we leave behind in case we die. Thus, we purchase life insurance to provide funds to cover a mortgage, credit card debts, car loans, personal loans, family living expenses, taxes, and even final expenses when we die.

Life insurance is a gift of love we give to our loved ones because we want them to have financial freedom when we are no longer around to provide support.

With that said, the amount of life insurance we buy will depend on how much we need to give as a legacy. This can be estimated by taking into account all existing debt, living expenses, and projected expenses such as children’s education, etc.

It is important to get sufficient coverage but not too much as the insured amount affects the cost of the premiums we pay.

Types of life insurance

When buying life insurance, you need to choose between term life insurance and permanent life insurance.

Term life insurance offers coverage for a specified time (i.e. 5 years, 10 years, 15 years, 20 years). It is the most affordable insurance policy available and allows you to get insurance coverage only for a time you most need it. For example, if you are 32 years old with a family, a mortgage, and a start-up business, you would want to have term life insurance for 15 to 20 years.

If you are 50 years old with grown and independent children, a paid mortgage, but a wife as a dependent, you may want term life insurance for 10 to 15 years to cover you until retirement. It all depends on your financial situation and your needs.

For term life insurance, it is important to understand that death benefits are only paid to your beneficiaries if you die within the term of the policy. If your policy expires, you have the choice of renewing it but the premiums will be more expensive.

Term life insurance does not build cash value; hence, you will not get anything from premiums paid if you cancel at any time.

Permanent life insurance, on the other hand, provides lifetime coverage. This means insurance benefits are paid to your beneficiaries regardless of when you die. Your coverage cannot be revoked, once issued, even if your health deteriorates. Your premiums also stay level throughout your lifetime.

At first glance, permanent life insurance seems to be the best choice, hands-down. However, the premiums are significantly more expensive than term life insurance.  Make sure you can keep up with the payments to keep your insurance coverage active.

Who needs life insurance?

Only very few lucky people don’t need life insurance. Individuals with enough cash in the bank to pay off all their debts and some extra to leave their loved ones at death would belong to this category.

Even wealthy people buy life insurance to protect their estate and the legacy that will be left to their heirs.

The average person, single or married, will need life insurance at least to pay for final expenses. Funeral expenses can go as high as $25,000 in Montreal. Thus, if you don’t want to burden your relatives with this obligation, life insurance is the answer.

Married couples or those with a mortgage have the option to get term life insurance for couples.

Joint-first -to-die term insurance, as the name implies, covers both spouses under a single policy. Benefits are paid out when the first spouse dies. It is much cheaper than getting two separate policies. Take note, however, that death benefits are paid only one time.  Even if the spouses die at the same time, beneficiaries will only get death benefits once.

If unsure about planning your insurance, comparing free quotes from insurers will give you a better picture of your options.

Find the best prices for life insurance in Montreal using our short online form!
Receive free and no commitment quotes to get the protection you need for the right price.

Key Factors that Affect Insurance Premiums in Montreal-North Shore

Individuals residing in Montreal-North Shore need a variety of insurance products including life insurance, home insurance, auto insurance, mortgage insurance, or business insurance.

While the cost of these insurance products may  seem excessive, even unnecessary, it is just too risky not to have adequate protection.

What drives insurance premiums up and how can we save money on premiums?

There are various factors that drive up the cost of insurance premiums. While each type of insurance has inherent risk factors that affect the cost of premiums, there are some common underlying factors for home, car, mortgage, and life insurance.

✓ Lifestyle

Whether you are obtaining car, home, or life insurance, your lifestyle factors in heavily on the cost of your premiums. For instance, if you smoke, have a poor driving record, engage in dangerous or extreme sports or activities, your insurance premiums will be higher because of higher risks.

✓ Credit Rating

Your credit rating also affects your insurance premiums. By keeping your credit clean, you can save on insurance costs.

✓ Claims History

Insurers take into account all incidents, especially when a claim is made, that could increase your future premiums. If you have made a claim on your auto or home insurance, your risk factors increase and so does the cost of your insurance.

✓ Type of Coverage

The type of insurance product you choose also affects cost. For example, term life is more affordable than whole life.  For home insurance, basic cover costs less than all risks insurance. Your level of coverage also dictates the cost of your premium.

✓ Your Insurance Company

While insurance products may be standard, insurance companies offer different prices. If you have most of your insurance under one insurer, you can benefit from lower premiums through loyalty discounts.  Your choice of insurer can have a huge impact on the cost of your premiums.

Lower your Life Insurance Premiums in Montreal-North Shore

Are you wondering why your life insurance costs more than your friend who is the same age as you?  Life insurance rates are calculated based on risk factors that when combined determine the price of your premium.

Your answers to the following questions when you apply for life insurance will greatly influence the price of your premiums.

What is your current Age?

All things equal, your premiums are higher the older you are.

What is your health status?

The healthier you are, the lower your life insurance premiums.  If you have a history of medical conditions, your premiums could go up.

How much do you weigh?

Unfortunately, your weight also affects your premium.  Overweight people pay higher premiums.

What is your occupation?

Insurers look negatively on risky occupations such as race car driver and other professional sports. Other dangerous occupations can increase rates or even result in denial of insurance if they come with high risks for accidental death.

Do you smoke?

Smokers pay higher life insurance premiums than non-smokers.

Do you drink?

Heavy or excessive drinking is known to have negative health effects as well and can also increase your insurance costs.

What is your family history?

If your family has a history of heart disease, cancer, diabetes, etc., you’ll find yourself paying higher premiums.

What is your Gender?

Women have lower risk factors and live longer than men. Consequently, they pay lower life insurance rates.

What type of policy do you have?

When you have longer coverage and larger death benefits, your premiums increase.  Long term policies such as 20-year term or lifetime cover are more expensive than 5-year or 10-year term life insurance.

Every insurance policy is considered on a case-to-case basis. Life insurance companies are not equal.

For this reason, it is best to compare life insurances online by requesting for multiple quotes using our online request form.

Reduce your Homeowners’ Insurance Premiums with 6 Easy Tips

Are you shopping for lower premiums for homeowner’s insurance in Montreal-North Shore?

The best way to reduce premiums and save money is to get discounted insurance rates.  You can follow these tips to save on home insurance premiums.

1. Protect your home and keep it safe.

Homes with monitored alarm systems qualify for lower insurance premiums.

2. Increase your deductible.

A higher deductible will lower your insurance premium.  You may have to pay more out of pocket if something does happen. However, your insurance broker can advise you on finding the right balance.

3. Get multiple insurance products from one insurer.

If you find an insurer that satisfies your requirements, you can qualify for lower premiums by bundling your insurance needs under one roof. You may obtain home insurance, life insurance, and auto insurance from a single insurance company.

4. Maintain your property with good electrical and heating systems.

Do you use oil or gas for heating? Your insurance company may inspect facilities before assigning your premium. Certain risks could increase your premiums.

5. Compare free insurance quotes to get the best insurance prices.

A really good way to shop for the lowest insurance premiums is to compare free insurance quotes online. Our insurance partners in Montreal-North Shore can provide you with the most competitive home insurance rates.

Frequently asked questions about insurance in North Shore Montreal

Shopping for insurance can be time-consuming but don’t take it lightly. Your choice of insurance is critical because it will provide the funds you need during a time of crisis.  It will also dictate how much you will pay for years to come.

To lighten your task, we have gathered some of the most important questions that customers frequently ask our insurance partners.

What is the best type of life insurance?

Every individual will have different needs and budget. Thus, there is no one-size-solution for everyone. Rather, consider what you need from life insurance and find the right match. Term life insurance is ideal if you can’t afford permanent life insurance. If you need lifetime coverage, it is better to get permanent life insurance as long as you can afford the premiums. To save on premiums, get only the insured amount you need.

Do I need personal life insurance if I have group insurance from my employer?

Group life insurance provided by your employer is great protection for you and your family but it may not be enough. Further, this benefit is lost once you retire or quit your job. Hence, it is advisable to get personal life insurance to augment your benefits and protect your insurability.

Can I use life insurance for my mortgage?

Yes, life insurance is better for mortgage protection than mortgage insurance sold by banks. This is because life insurance will have the same insured amount for the entire term.  If you should die, the insurer will pay your lender the balance of your loan and remit any excess funds to your beneficiaries. This means that as your mortgage goes down, the insurance benefits your beneficiaries can get increases. Most importantly, with life insurance, you are the owner of the policy, not the lender.

Do I need to have life insurance at age 60?

It depends on your needs, your financial health, and your goals. Many retirees use permanent life insurance to build wealth as it has cash value and can earn dividends. Others keep term life insurance in place for final expenses. The best way to know is to assess your current situation. If you don’t have sufficient savings, life insurance can help you build a legacy for your heirs or to pay for funeral and other expenses at death.

How much coverage do I need for my home insurance?

The most important consideration when determining the amount of coverage for your home insurance is your home value. You need to ask yourself, “How much will it cost to rebuild my home in case of a total loss?” You see, your home insurance will come in most handy when the worst happens. If you don’t have sufficient coverage, you will need to shoulder the cost of replacing your home. Of course, you only need coverage to replace your building, not the land. You will also need to get coverage for its contents as losing your belongings will also be a huge financial loss.

What is the average cost of home insurance in Montreal?

Home insurance data for prices in Montreal is difficult to obtain because insurers are free to offer their own rates and don’t disclose them. The price of your home insurance will depend on factors like property value, location, age of the building, condition, etc.  In 2016, according to data from Statista, the average home insurance premium for homes valued from CAD$1.5 to $2.0 Million in the province of Quebec had an average cost of CAD$191.

You can get free quotes from multiple insurers using our short online form to get a good idea of the prices.

What insurance company offers the best home insurance in Montreal?

There are many big insurance companies offering home insurance in Montreal. Your choice will be affected by price, coverage, and service.  You can check our list of the top 12 home insurers in Canada to guide you. We also recommend using our free online form to obtain free and no commitment quotes for you to compare price and level of coverage.

Ideal insurance solutions in Montreal-North Shore with Compare Insurances Online

Compare Insurances Online makes it easy for you to find the best insurance prices in Montreal-North Shore.

Our partners provide reliable and efficient coverage for auto, home, and life insurance in the following areas:

Fill-out our short online form to tell us about your insurance needs.  Best of all, our quotes are free and no obligation!