Insurance Saving Tips



Tips on how to control your Personal Insurance costs*

Contact Drayden and we will do a complete review of all your insurance policies to make certain you are carrying adequate limits (not too high or too low), as well as ensuring that you are receiving all discounts possible.

  • We will maximize your discounts by placing your home, auto and recreational vehicle insurance with the same company. Only one deductible will apply!
  • Raise your deductible to lower your premiums. We will review your current deductibles.
  • Not all cars are created equal; some cost less to insure because of lower repair costs and risk of theft. Before buying, ask us about which vehicles have a lower cost insurance rating.
  • Install theft deterrents on both your home and automobile.
  • Report insurance fraud to Crime Stoppers. All calls are anonymous and you may be eligible for a cash reward if your tip helps an insurance company successfully investigate a fraud.
  • Avoid tickets. The better your driving record, the lower your insurance premiums.
  • Avoid claims by preventing collisions.
  • Certified driver’s training courses will give new driver’s credit for 3 years driving experience.

Tips on how to control your commercial insurance costs*

  • Examine deductibles for all lines. Balance your ability to assume smaller losses and the need for insurance coverage for more costly incidents. Significant credits may be available for higher deductibles.
  • Ask for detailed breakdowns of fleet automobile premiums. It is possible to segregate physical damage coverage in a number of creative ways, e.g. You could choose not to insure collision on pickups 4 years old or older.
  • Understand how premiums are charged. Property and Equipment is by a rate per $100 of value insured, Liability is most often a rate per $1,000 of gross sales. Check your values and anticipated revenues to ensure that they are correct and that you are not under – or over – insured.
  • Ask for a detailed breakdown and to review the scope of your coverages with your broker (i.e. named perils versus all risk forms). What must you protect?
  • Lower liability risk by ensuring safe visitor and workplace conditions.
  • Ask to see the marketing proposal your insurance broker will submit to underwriters. Ensure that your company information is accurately reflected.
  • Produce an employee orientation manual that includes information on safety and hiring practices as well as outlines your harassment policies.
  • Be aware of the insurance costs associated with doing business in different geographical areas. As you develop expansion plans, consult with your broker.
  • Consider security measures such as automated systems, lighting, guard dogs, patrols, etc.
  • Take steps to prevent company vehicle collisions – conduct vehicle safety inspections, request employees’ driving records, promote safe driving practices.
  • Ask your broker about arranging a complete loss prevention survey to identify possible hazards and offer solutions to reduce exposure on a broad range of issues – from injuries and fire to fraud and theft.

*Tips created by the Independent Insurance brokers Association of Alberta, Straight Talk, (2003), and have been slightly modified for this site.