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?
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 be seem excessive, even unnecessary, it is just too risky not to have adequate protection.
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.
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.
Your credit rating also affects your insurance premiums. By keeping your credit clean, you can save on insurance costs.
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.
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.
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.
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.
All things equal, your premiums are higher the older you are.
The healthier you are, the lower your life insurance premiums. If you have a history of medical conditions, your premiums could go up.
Unfortunately, your weight also affects your premium. Overweight people pay higher premiums.
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.
Smokers pay higher life insurance premiums than non-smokers.
Heavy or excessive drinking is known to have negative health effects as well and can also increase your insurance costs.
If your family has a history of heart disease, cancer, diabetes, etc., you’ll find yourself paying higher premiums.
Women have lower risk factors and live longer than men. Consequently, they pay lower life insurance rates.
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.
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.
Homes with monitored alarm systems qualify for lower insurance premiums.
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.
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.
Do you use oil or gas for heating? Your insurance company may inspect facilities before assigning your premium. Certain risks could increase your premiums.
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.
Compare Insurances Online makes it easy for you to find the best insurance prices in Montreal-North Shore.
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Fill-out our short online form to tell us about your insurance needs. Best of all, our quotes are free and no obligation!