Who doesn't love saving money? We drive across town to save a few dollars on gas, bundle our phone and cable services, use loyalty cards to earn points and comb through flyers to find the best deals. However, when it comes to saving on home and auto insurance, many people don't take action. They allow their policies to renew automatically, fail to compare options and miss out on potential savings. If you want to save more on your home and auto insurance, we have some tips to help lower your costs.

Bundle up
Do you rent or own a home? Do you drive? If so, you could benefit from bundling your home and auto insurance. Consider purchasing all your coverage from one insurance provider to take advantage of the discounts they offer for combining policies.

Pay off your mortgage
Once your home is fully paid off and free from any mortgages or liens, you may qualify for a discounted home insurance rate.

Stay claims-free
Maintaining a claims-free status is a great way to save money. Be strategic about making smaller claims, and always keep your deductible amount in mind. Consider adding a Claims Protector endorsement to your policy. This endorsement protects your claims-free discount after your first claim within a five-year period. Although there are eligibility requirements, including an upfront fee, this option could save you thousands of dollars in the long run.

Sign up for usage-based insurance
Usage-based insurance (UBI), also known as telematics or pay-as-you-drive, gives drivers more control over how their premiums are determined. UBI's dynamic pricing is based on your unique driving behaviour and vehicle usage patterns. To participate, you install a wireless device in your vehicle or download an app onto your smartphone. This technology tracks your distance, braking, speed, and acceleration. The collected data is then sent to your insurance provider, who can use it to reward safe driving habits by customizing your insurance costs.

Increase your deductible
A deductible is the amount of money you agree to pay out of pocket when you make a claim before your insurance provider covers the rest. Generally, the higher your deductible, the lower your insurance premium will be. Increasing your deductible by just a few hundred dollars could save you a significant amount of money. However, make sure the new deductible amount fits within your budget.

Secure your home
Consider installing a monitored alarm system to deter burglars from entering your home. A home security system not only protects you and your loved ones but can also reduce your insurance premium.

Safeguard your vehicle
Consider installing a Tag Tracking and Recovery System to make your vehicle less likely to be targeted by thieves. Tag is a leader in stolen vehicle recovery, and unlike GPS trackers, Tag technology can't be interrupted or blocked. Additionally, equipping your vehicle with winter tires during the colder months is an effective way to improve your safety while driving in severe weather conditions.

Be a loyal customer
Insurance providers value loyal customers. When you stay with the same insurer for three or more years, you not only build a relationship of trust but may also unlock various benefits, such as discounted insurance rates.

Save if you're retired
Have you recently retired? Congratulations! Now that you're no longer commuting to work each day, you may qualify for a discounted auto insurance rate.

Review your policy annually
Take some time each year to check that your insurance policy is accurate. If you've updated your home’s electrical system, furnace, plumbing, or roof, it's important to reflect those changes in your policy. It's also an excellent opportunity to compare options and find a better insurance rate. While automatic renewals are convenient, you might be missing out on savings.

Get professional advice from a licensed broker
Working with an experienced insurance broker can help you save on home and auto insurance. Brokers aren't limited to one insurance carrier, allowing them to advocate for your best interests and find the right coverage to meet your needs. They offer personalized support and provide informed recommendations on essential coverage options.

If you're a current OTIP policyholder, contact us at 1-833-494-0090 to review your existing home or auto insurance policy and discuss your eligibility for these savings. If you're not insured with OTIP and are shopping for home or auto insurance, call us at 1-888-892-4935 to get a quote and receive a $20 gift card of your choice!