Are you paying too much for insurance? Don’t be surprised if you are because about two-thirds of adults pay more than they need to for life, auto, health and home coverage. How does that happen? In most cases, as people age and establish better credit scores, they have access to all sorts of discounts and fee reductions that weren’t available to them when they were younger. How can you know whether you’re over-paying for your current policies? Here’s a quick review of each major kind of protection and how to discover if your current rates are higher than they need to be:

Auto

Speak with your agent and see about price reductions you might qualify for. This is the most efficient way to avoid paying too much. If you’re in one of the retired persons associations, have an excellent driving history, own a car that includes some of the newer, high-tech safety features or simply drive very few miles per year, there’s probably a rate discount waiting for you. Be proactive because you’ll need to ask about these price breaks if you want them.

Home

Making sure you’re covered for damage to your home is not only a wise move but is required in situations where your asset is financed by a bank. Financial institutions want to make sure that a fire, storm or other catastrophe doesn’t destroy a home they still, technically, own. That’s why it’s important to check with your agent every year, at least, to make sure you’re getting all the discounts and rate reductions available to you based on your age, credit score, veteran status and more. Remember, a Canadian house insurance quote is free, so there’s no reason just assume your current premium level is as low as it could be.

If you’ve lived in your home for a few years or are now looking to purchase a new one, inquire with at least four different companies about rates available to you. There’s no set formula for calculating premiums, so expect to hear a pretty wide range of dollar amounts. And don’t assume that cheapest is best because the financial integrity of the carrier is an important factor to consider.

Life

Whether you opt for whole life or term policies, it pays to shop around. Prices vary considerably based on carriers, your health, your age, and many other factors. Whether you’re currently without any life insurance or want to investigate lower rates, keep in mind that you can usually get discounts if you are in excellent health and don’t participate in risky activities like hang gliding or rock climbing.

Identity Theft Protection

When it comes to Identity Theft, most people aren’t even aware that major insurance coverage exists. But more and more carriers are offering this essential type of policy. When you are able to buy it, the premiums you pay are quite low but the advantage is that a certified ID theft counselor will work with you to restore your identity after someone steals it. In 2017, about 15 million people suffered monetary damage to the tune of more than $16 billion dollars as a result of identity theft.

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