Without insurance, the cost of these unexpected incidents from repairs to loss of income can be catastrophic. The peace of mind that insurance gives you cannot be underestimated. But the good news is there are ways to save on your monthly premiums so that you’re protected in times of need while not paying for things you don’t need.

Firstly, understand what your insurance policy includes and does not include. Insurance contracts can seem complicated and full of legalese so we can be tempted to gloss over them and not read the fine print. However, it’s important to understand not only what your policy covers but also what the terms and conditions of the policy are should you ever need to make a claim.

Understanding your policy details will give you peace of mind in knowing that you’re protected should the unexpected occur. This is where your insurance broker comes in. They can explain the details of your policy in plain language to ensure you have the right protection for your needs and that you’re not paying for things you don’t need. Ask your broker lots of questions and have them review all your policies as they may find other opportunities for you to save.

Secondly, look for flexibility in your coverage. Not all policies are one size fits all. An insurance broker works closely with you to understand your situation and needs and can tailor a plan to suit your requirements and budget.

Finally, you may qualify for discounts that could save you even more on your premiums. There are multi-policy discounts, family discounts, association discounts and more. Be sure to discuss what options are available with your insurance broker to maximize your savings.

Knowing that you have the right protection for your needs not only brings peace of mind but turns what was once an intangible expense into a valuable investment.

In addition to driving habits, where you live and the type of car you drive are also factors that can affect your premiums. Here is a list of the other major factors:

Location

Live in a safe, low traffic neighbourhood? You’re likely paying less than your downtown neighbours. Where you live affects your rates, sometimes right down to the postal code. For example, rates in metropolitan areas are typically higher due to the increased likelihood of accidents and theft.

Type of vehicle

Do you like to drive souped up, fast cars or are you the minivan type? SUVs are typically cheaper to insure than sports cars, as are new cars versus older. A luxury car will cost you more, as will a rare or custom vehicle.

Age & Gender

With age comes wisdom…and also lower premiums. Young drivers (under 25) pay more for their insurance as they tend to have more accidents than older drivers. Your gender and marital status will also have an impact on your premiums. (Yes, males tend to pay more due to their higher risk profile.)

Vehicle use

If you can work from home more and drive less, you can save as well. How far you drive to work, your average kilometres per year and whether you drive primarily for business or pleasure, all affect the premium you pay. Essentially, the more you drive, the more you pay.

And while you can’t control all of these factors, there are other things you can do to save on your premiums. For example, you can earn discounts by installing winter tires and an anti-theft device, taking a drivers training or defensive driving course, and even by parking in a garage or driveway.

If buying auto insurance sounds complicated, it doesn’t have to be. And while there are many sites that will compare rates and give you online quotes, nothing beats the ability of an insurance broker to assess your unique situation and find the right options and best premium for you.

So what happens if you do get into an accident? Depending on the severity of the accident and if there are any injuries, what you do immediately is important. The Financial Services Regulatory Authority (FSRA) outlines how to handle the immediate aftermath of an accident.

From a claims perspective, your insurance broker will need details of the accident, so make sure to get the following:

• Name and driver’s licence number of all drivers involved
• Policy details – insurer and policy numbers – for all drivers
• Details of the vehicles involved – make, model, year, registration and licence plate number
• Details of the accident, including date, time and location, number of passengers involved, extent of damage and any injuries
• If reported to the police, get the name and badge number of the officer on scene

It can be a bit hectic at the time of an accident, so grab your phone and take pictures of all of the above to both document and help you remember the details. The FSRA also provides this handy accident worksheet  to help you capture all the necessary information at the scene. We recommend you keep a printed copy in your glove box.

Finally, call your insurance broker as soon as possible after the accident.

Your contractor should have public liability and property damage insurance, as well as workers’ compensation protection in case any of their tradespeople get injured on your property. And for specialist trades, likeelectrical, make sure they have the appropriate licensing.

Even if the job is small, this protection is important for your peace of mind. Accidents happen and if your contractor is not covered, any damages or injuries become your responsibility. As always, talk to your insurance broker for the best protection advice on your specific renovation project.

Now that you have assessed the risk involved in the scope of work, you have to establish a solid insurance foundation. This means providing the basic coverage for your contractors, which is general liability coverage.

Also known as the Commercial General Liability (CGL), this coverage ensures protection against bodily injury and property damage. Injuries and property damages are common in the construction industry. So, when your workers get injured or accidentally burst a pipeline, the CGL will step in to cover the costs and damages.

Worker compensation targets your workers while they’re carrying out their job in case of any injury that occurs.

Often, when your workers get hurt, you’ll have to cover their medical expenses if you do not have worker compensation as part of the package. Seeing as you work as an electrician, the risk for injury is quite high. Worker’s comp is one aspect of an insurance plan that you should not miss.

Individuals with a high net worth often deal with continual fluxes in their high-value assets. In these cases, bespoke service is the ideal solution. Groupe Cyr & Lyras Insurance offers tailor-made services that provide financial covering from all angles. Bespoke clients have an insurance plan that caters to their specific needs.

One of the most common mistakes a person makes when applying for insurance is not reading the terms in their insurance claim and contract. Often, people are surprised when they receive some items, as stated by the insurance claim. They didn’t read the contract, so they didn’t expect what’s actually included in their package.