In most instances, insurance premiums tend to be higher if the person taking out an insurance cover is considered a high-risk individual. This is why health insurance, car insurance or life insurance premiums for older folks tends to be slightly higher than their younger counterparts.
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It is thus natural for many people to worry about rising insurance premiums as they age. However, there are some discounts that you can take advantage of so that you can lower your premiums. Here are some tips on how to take advantage of those benefits or discounts.
Conduct some online research for comparison purposes
You can look up the insurance prices of different insurance companies by visiting their websites while at the comfort of your own home. Thankfully, most, if not all of the insurers in Canada have some online presence. This will allow you to determine which insurance company best fits your preference, as well as your budget.
You can even simplify the processes through an online comparison tool such as InsuranceHotline.com. This will help you compare the different rates offered by insurers in Canada. Using an online comparison tool will allow you to find what you are looking for faster.
Insurers that focus on providing services to retirees and seniors
Some insurance companies do not structure their insurance policies based on age. For example, some may reward customers who have not made claims by reducing their insurance premiums. This is particularly common in automobile insurance where a car owner may receive discounts if they have never been involved in an accident where they made a claim.
Discounts for those that travel short distances
Some Canadian insurers may offer discounted premiums to clients especially for motor vehicle insurance when the client travels short distances or when they do not commute much. This means that you are less likely to be involved in an accident, in which case you might be eligible for discounts on your insurance premiums.
Bundling your insurance packages
If you have more than one insurance package, you can combine them so that you may enjoy some discounts. For example, a person that has a car insurance package and a home insurance package may combine the two, such that the bundled package may provide a discounted price as opposed to what you would have paid if they are separate packages.
Consult the Canadian Association for Retired Persons (CARP) for discounts
CARP should be on your radar if you are a senior or retired person. This is because they may help you secure discounts for your insurance coverage. They will likely have some knowledge of insurance policies that are specially provided to retirees or people above 55-years-old.
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