January is a time where home budgets are often reviewed and many look for opportunities to find savings in their monthly expenses.

As an independent insurance broker, our mandate is to represent you and find sustainable insurance solutions to keep you protected through the entire year.

Here is Staebler Insurance’s annual roundup of potential insurance premium savings to help with your household budget:

1. Increase Deductibles

The easiest way to see premium savings is to increase the deductible on your policy. The deductible is the portion you’re required to pay on a claim before insurance covers the rest of the loss (up to the policy’s limits). Deductibles can range by much as $500 to $2,000 for a standard policy. Generally, the lower the deductible (the less you pay during a claim), the higher the premium will be. But on the flip side if you increase the deductible (the more you pay during a claim), it will lower your premium.

2. Don’t Forget Snow Tires!

Don’t forgot to mention if have snow tires installed during the winter weather months (generally November through March). The benefit is that snow tires save you money year-round. Not only does the second set of tires provide you with premium savings but you also receive added safety and control when driving in cold, icy, and snowy weather.

3. Leverage Telematics (Usage‑Based Insurance or UBI)

Ontario’s telematics programs track driving habits such as speed, braking and distance travelled. Usage-based insurance can offer discounts up to 30 per cent for the safest drivers on the road. However, be aware: insurer rules allow surcharges for risky driving, such as speeding and hard braking.

On the other hand, if you drive infrequently and responsibly, a “pay-as-you-go” or “pay‑per‑kilometre” policy is another option and could deliver you savings.

4. Bundling Your Car and Home Insurance

For drivers, bundling with your home insurance (including condo and tenant’s insurance), can unlock savings up to 25 per cent.

5. Retrofit Your Home for Discounts

Installing security features like security monitored alarms and cameras or smart home detectors (e.g. water-monitoring devices) may qualify you for a discount and lower premiums on your home insurance.

6. Check for Group Rate Discounts

Staebler Insurance is proud to provide a Group Rate Insurance Program for many employers in Ontario. By utilizing group-buying power, employees can save up to 25% off regular home and auto insurance rates. You can see how to get started at Staebler.com/Group

Bonus: Always Use an Independent Insurance Broker

From expertise to independent advice, there are 7 Really Good Reasons to Use an Insurance Broker, including shopping the market for you!

Unlike an insurance agent or a direct insurance company, Staebler Insurance Brokers have access to more than a dozen insurance companies and mutual insurance options. Chances are there will be an insurer that offers a solution that makes sense with the right coverage at the right cost for you.

Get a quote: Give us a shot to quote on your insurance to see if we can help your new year’s budget.

. . .
Staebler Insurance is a general insurance broker specializing in car insurance, home insurance, small business insurance, and commercial insurance. Staebler Insurance Brokers proudly serve Kitchener, Waterloo, Cambridge, Guelph, Stratford, Listowel, Fergus, Elora, Wellington County, Perth County, Waterloo Region, the Greater Toronto Area, Golden Horseshoe, Niagara Region, and all over beautiful Ontario, Canada. Get a Quote to get started today.