Park's Monthly Feature for
APEGBC Connections

How Can I Minimize My Insurance Costs?

Many people find insurance buying complicated and a costly exercise. An insurance broker can help you find ways to control your premiums and still get the coverage you need. These tips can help lower your costs and simplify the process.

Don’t over or under-insure

Under-insure and you might be left carrying the cost of damage, theft or loss of property. Over-insure and you will be paying more than you have to. Your broker can help you find the right balance by examining your assets, your risk profile and your insurance history. They can also alert you to choices that could reduce your insurance costs such as installing an alarm system in your home.

Set appropriate deductible and liability levels

One way to control your premiums is to set a higher deductible, which means you accept more risk for covering small losses. Insurers tend to have deductibles ranging from $200 to $10,000, with $500 as the usual deductible. Ask your broker to explain the cost implications of different deductibles.

If you drive in the US you might want to consider higher liability coverage due to the higher levels of personal injury awards in that country.

Stay claims-free

One of the best ways to reduce your premiums and obtain discounts is to avoid making claims. Therefore, look for ways to reduce the risk factors that drive claims.

Should I make a claim?

If you experience a loss that exceeds your deductible, ask your broker what the impact might be on your premiums if you make a claim. The best advice might be to absorb that cost yourself in exchange for lower premiums long-term.

For your vehicle:

Avoid car accidents by driving defensively and never while impaired
Install an anti-theft system (passive immobilizer)
Never leave valuables in the car
Check with your broker before buying a new car or other big-ticket item. Ask them about the top 10 cars stolen each year, for example.
Keep your driving record clean

For your home:

Install a monitored home security system
Clear the snow and ice off your walk
Install good quality locks on your doors and windows
Combine your home and auto insurance

These are just a few examples of ways in which lowering the risk can mean lowering the cost to you.

Previous Features:

Going on vacation this summer?

You’ve loaded the car and you’re off on vacation! You can relax because your insurance broker has you covered. Personal items, such as cameras, camping equipment, and other items that are covered by your home, condo or tenants insurance are also covered even when you take them with you on vacation. Home-based business items, however, require additional coverage, but at very little extra cost.

Protecting your home while vacationing

Because so many families take their vacations during June, July and August, these months are also the most popular months for burglary offences. In addition, power and freezer failures, as well as broken water heaters and pipes don’t go on vacation. Here are some tips to protect your home and valuables.

Give a key to a trusted friend or neighbour so they can check inside the house every few days, take in the mail, turn on lights and open curtains periodically. In short, the house should be made to look lived-in.
Have your lawn mowed during your absence.
Disconnect the garage door opener. Lock the door between the garage and the house. Check that all other doors and windows are locked.
Never hide a key anywhere outside.

If you will be away from your home for fewer than 30 days you do not need to inform your insurer. However, you should still arrange for a competent person to look in on your home every day or two to make sure that everything is in good order.

For longer absences

If you are away for more than 30 days you should contact your insurance broker to determine whether you will need to inform your insurer. In all cases, you may want to arrange for a competent person to look in on your home every day to make sure that everything is in good order.

Your insurance broker is your partner in protecting your home and your valuables, which makes for a stress-free vacation. It’s also a good idea to talk to them about your vacation needs, such as extended medical insurance when traveling outside the province or country.

Protect Yourself from Identity Theft

Identity theft has become one of the fastest growing crimes in Canada and the United States. However, there are a few simple things that can be done to reduce your risk of becoming a victim to this crime. The following few tips will prove helpful in protecting yourself.

1) Review your credit card and bank statements regularly and thoroughly for any suspicious activity.

2) Regularly review your credit reports; even as often as quarterly. There are credit sites that offer this service without charge.

3) Do not respond to unsolicited e-mails or phone calls asking for your social insurance number, billing information, login or any other personal information.

4) If you suspect any suspicious activity regarding your personal financial information, immediately report it to the appropriate bank, credit card company, credit bureau, law enforcement and PhoneBusters. If it truly is a case of identity theft, the sooner you report it the less damage there will be to your finances and credit rating.

5) Keep in a safe place, a list of your cards, account numbers, expiration dates and toll-free customer service numbers. Photocopy both sides of your cards, driver’s licence, etc. This will save you considerable time should you need to contact the credit card company or other institutions.

6) Buy a paper shredder. Shred all documentation that identifies your personal information; particularly letters and offers of credit card companies that you do not plan to apply for.

7) Keep your computer’s virus detection software current. Install and keep current your spyware software program. Use and become familiar with the security features of your web browser; ideally it should encrypt or scramble information you send over the Internet.

For even further peace of mind the APEGBC Member Insurance Program automatically includes Identity Theft insurance in your home insurance policy! Call us at 604.659.3130, toll-free at 1.800.663.3739 or e-mail info@park.ca for details.