It seems that everything is costing more these days. With rising interest rates and higher grocery bills, we’re all looking for ways to stretch our dollars further. Cutting back on unnecessary expenses is one of the best ways to do that.
But what expenses are unnecessary? When we look at all the things we spend money on each month, it can be hard to evaluate what is really a ‘need’ versus a ‘want’ versus a ‘must have’. One of the ways we use to determine this is by asking ourselves, “what value do I get from this expense?”
Insurance
Insurance – whether it’s life, home, auto or business – is one of those monthly expenses that can be hard to measure the value of. We pay it every month but what tangible benefit are we getting from it? Yes, we’re insuring ourselves or our business should something unexpected happen, but what if nothing happens? When weighed against expenses for things that are more tangible – like food and clothing – it can be tempting to consider an insurance premium expendable.
But life is unpredictable and the cost of doing nothing (i.e. not having insurance) can far outweigh the cost of your monthly premium. Even the safest drivers can get into car accidents. A pipe can burst and cause your basement to flood. Someone at work gets injured. Or worst of all, death – a certainty for all of us – can come unexpectedly.
Factors that Affect Premiums
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.
Let us help you protect what matters most. At Groupe Cyr & Lyras Insurance, we tailor your policy to your specific needs. Contact us today for home, auto, life or business insurance advice, to review your existing policies or for a quote.