7 Ways to Lower Auto Insurance Premiums

7 Ways to Lower Auto Insurance Premiums
With the Insurance Industry bunkering down in this current hard market, rising premiums are affecting everyone involved. However, as previously discussed with home insurance, all hope is not lost. As your Insurance Brokerage, our job is to advocate for you regardless of how difficult the market may be. With that said, here are 7 ways to help lower... your auto insurance premium. 1) Multiple-Driver Policies Insurance companies offer incentives in the form of discounts for multiple drivers and vehicles.  Talk to your broker about the number of drivers and vehicles that may be included on one policy. Spouses and children are the most common additional drivers; however, two non-related people are able to take advantage of these discounts as well if they have joint-ownership of the vehicle. 2) Utilize Public Transport Someone who drives a couple hours to-and-from work every day will very often pay a higher rate than someone who drives 20 minutes; or doesn’t commute at all. Just because you have a car doesn’t mean it’s always necessary to use it. More miles mean higher premiums. Using public transport once or twice a week for your daily work commute can knock miles off of your vehicles annual use – and that will allow for a decrease in premiums. Moreover, you’ll be helping save the environment so it is a double-whammy. 3) Avoid Massive Gas Guzzlers As much as we may love the thunderous roar of a V8 engine or the shriek of a supercharger coming to life, insurance companies don’t. Despite being safer because of the technologies that come with high-end vehicles, repair costs can be absurdly high. This will almost always translate to a higher premium. A less- expensive car that comes with a reasonable safety features is the golden ticket in this situation – bringing with it a much lower premium. Furthermore, insurance companies will often offer discounts if a car runs on an alternative fuel source – such as electricity. This way, you save your wallet and the environment. 4) Drive Safer If your method of driving includes regularly breaking the speed limit, swerving in and out of lane, checking your phone while driving you may accumulate violations and claims quite quickly. These violations cause immense spikes in premiums due to their effect on your driving record. Being a safe driver is imperative to a lower insurance premium. Don’t text and drive, don’t speed, and obey the laws of the road. The longer you stay out of trouble, the better your premiums will be. 5) Install Anti-Theft Devices Making your car harder to steal can lead to a reduction in your premiums – especially if you reside in an area that is considered to be higher-risk. However, make sure to contact your broker first. Not all anti-theft devices are the same – some cost more, some are less efficient. Before making a decision on which device to get, make sure that the insurance company is aware and has agreed to offer a discount for the installation the device. 6) Increase Your Deductible The deductible is what you have to pay out-of-pocket before your insurance kicks in and takes care of the rest. Being willing to pay more yourself will result in a lower premium. If you have confidence in your driving and know yourself to be at a lower-risk of any kind of accident or violation, it may make sense to increase your deductible for a lower premium. No decision of this nature should be made without consulting your broker first. 7) Speak to Your Broker Who better to help you find the sweet spot than your broker? Keeping an open line of communication with the person who handles your insurance is imperative. By updating your broker on your situation (drivers, vehicles, address, commute to work, anti-theft devices and more) can impact your coverage as well as potential cost savings. Your broker helps guide you through your policy, keeping you protected at affordable costs. Your broker is also aware of discounts that are specific to your situation and may not be general knowledge. Contact your broker today and find out how they can help you. In fact, why not do that now? Contact one of our licensed experts now at This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloakbf42420aa6e7c1579c1172aaed46ed09').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addybf42420aa6e7c1579c1172aaed46ed09 = 'better' + '@'; addybf42420aa6e7c1579c1172aaed46ed09 = addybf42420aa6e7c1579c1172aaed46ed09 + 'hubbardinsurance' + '.' + 'com'; var addy_textbf42420aa6e7c1579c1172aaed46ed09 = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloakbf42420aa6e7c1579c1172aaed46ed09').innerHTML += ''+addy_textbf42420aa6e7c1579c1172aaed46ed09+''; or call at 905-696-9090 to find out how we can help you save on your premiums today!   Source: Investopedia.     More
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Is The Hard Market Here To Stay?

Is The Hard Market Here To Stay?
The basis of all business can be condensed down into the concept of supply and demand. It’s quite simple, really; you have what I want, and I have what you want. Both parties engage in an exchange and, voila, there is business. There has been a lot of talk in the insurance industry lately, though, that there is currently a hard market in place. In... fact, we have weighed in on this ourselves – with our market outlook of 2019 and the subsequent mid-year follow up. So, what is a hard market? In short, it is when supply and demand are in a state of dissonance. There is a high demand yet the supply just isn’t there. That is what is currently happening in the insurance industry – a high demand for coverage with a shockingly low amount of insurers willing to provide said coverage. Why, then, is this? There are a couple of reasons. Firstly, insurance agencies are paying out a record number in claims which has led to the lowest levels of profitability in the last 20 odd years. Moreover, this situation has created fears regarding an elevated insolvency risk; all in all, it is a dire situation at its surface. Yet, the insurance industry has gone through hard markets before and come out on the other end even stronger. So is there really anything to worry about? Is this just another temporary setback? It turns out the answer to that question may be scarier than we’d like to think. The second reason for this hard market, and perhaps the most important one, is that there has been a technological shift – and it may be one that stays prevalent for time to come. In short, the biggest contributor to the state of the current market is data. Insurance has always been a data-based industry; except data has never been this readily available with this level of access before. Technological advancements – as well as the rise of AI – has meant that insurers now have an abundance of data at their fingertips almost instantly. Using this data, agencies have become more hard-lined and impatient. Whenever a pattern of losses seems to emerge, these agencies switch themselves out immediately. In turn, this causes issues for brokers and the people they are trying to help get coverage. One of the biggest concerns at present is the cancellation of contracts. More than half the brokers across the nation, according to a poll that will be published in August by Canadian Underwriter, have experienced contract cancellations due to the nature of this market. Taking a client who has had a contract cancelled to another carrier, though, can be even more challenging because of the apprehension around loss rations. As it turns out, some insurers don’t believe this is a hard-market at all. Monica Ningen, the CEO of Swiss Re Canada, stated that “I don’t personally know if I would call it a hard market … what I would call it is pricing coming back up to something that is a long-term sustainable level.” That, then, seems to be the reality of the market. It’s a game of insurance chess between brokers and insurers – with the right balance being struck the ultimate goal as each keep the other in check. Rest assured, at Hubbard, we will continue the good fight in the name of the client. To learn more about how you can navigate these murky waters, contact one of our licensed brokers now at This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloakc5220b454fff35b8222717dcd2827a21').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addyc5220b454fff35b8222717dcd2827a21 = 'better' + '@'; addyc5220b454fff35b8222717dcd2827a21 = addyc5220b454fff35b8222717dcd2827a21 + 'hubbardinsurance' + '.' + 'com'; var addy_textc5220b454fff35b8222717dcd2827a21 = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloakc5220b454fff35b8222717dcd2827a21').innerHTML += ''+addy_textc5220b454fff35b8222717dcd2827a21+''; or simply call us at 905-696-9090.   Source: Canadian Underwriter More
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The One Big Reason You Need Personal Umbrella Coverage

The One Big Reason You Need Personal Umbrella Coverage
When insurance is mandatory and straightforward, it’s pretty easy to buy into. This is why auto, home, and health insurance are as popular as they are. They all make sense – if something happens to your car, home, or body and mind, then you will be covered. Yet, there is another kind of insurance that makes just as much sense – if not more – than ...the aforementioned three; but it seems to be lacking in popularity. Is this an awareness issue? Is it just too complicated? The type of insurance we’re talking about is called Personal Umbrella Coverage. Long story short, this type of policy offers more coverage for less money. Sounds pretty awesome, right? So, what is personal umbrella coverage? Essentially, it is a type of extra liability insurance that goes above and beyond the limits of a typical home and/or auto policy. This policy offers protection against lost income and legal fees associated with claims – in some cases, even for incidents outside of Canada. It is, at its core, a way to protect your savings and assets – it acts as a failsafe when everything else goes wrong. And something is bound to go wrong. Why, then, is it not as popular amongst people? One major reason is that there is a prevalent attitude of “oh, it wouldn’t happen to me” in modern society. Except, it is more likely to happen to you than you may realise. Take auto insurance as an example. It would be unthinkable to drive around without insurance – even if it wasn’t mandatory. As discussed in a previous blog, the roads are getting more dangerous and premiums are definitely on the rise for a multitude of reasons. In fact, there are over 160,000 accidents that occur on a yearly basis in Canada. Now, what if instead of 160,000 accidents occurring, over 625,000 occurred? That is the number of active lawsuits in Canada since 2017/2018. Yes, you read that right – there are, as recent figures suggest, 625,181 active lawsuits currently in Canada. That’s 1,713 lawsuits every day – 71 every hour. Immediately, it becomes clear that coverage against losses incurred from a lawsuit might be more necessary than first thought. The even bigger worry is that trends point towards increasing lawsuits being filed as the years go on. 2014 saw 596,000 lawsuits – and there has since been an increase every year until the latest figures were released. Five straight years of increased lawsuits puts into numbers what many have already noticed – society is becoming more sue-happy by the day. One of the major contributors for this is social media. It has never been easier to accuse someone of libel, slander, or breach of privacy and these are no longer just idle threats. Whether someone is going after you with malicious intent, or if you made a mistake, or even if it was all a misunderstanding – the bottom line is that you are at risk. Another contributing factor has been hosting events. Whilst throwing a party seems like a fun, harmless act, the reality is that there is an increase in lawsuits arising from such situations. Alcohol is often at the centre of these events and once pets, children, or even strangers get involved – it can be a recipe for disaster. Lastly, personal umbrella coverage is also incredibly useful as an add-on to auto insurance. A lot of the time, base policy limits are low and are insufficient to cover long-term care and loss of future income. Claim payouts get eaten up quickly and then things become desperate. On the other hand, being the liable party in this scenario is just as destructive – the losses incurred are often astronomical. Having personal umbrella coverage, though, can offer a great deal of protection against any such situation. Don’t wait, contact one of our licensed brokers to find out how you can benefit from personal umbrella coverage. Email us at This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak48be6b9a1eec6d4611adaa30f8ff837d').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy48be6b9a1eec6d4611adaa30f8ff837d = 'better' + '@'; addy48be6b9a1eec6d4611adaa30f8ff837d = addy48be6b9a1eec6d4611adaa30f8ff837d + 'hubbardinsurance' + '.' + 'com'; var addy_text48be6b9a1eec6d4611adaa30f8ff837d = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloak48be6b9a1eec6d4611adaa30f8ff837d').innerHTML += ''+addy_text48be6b9a1eec6d4611adaa30f8ff837d+''; or simply call us at 905-696-9090. Why not obtain more coverage for less money?     Source: Canadian Underwriter. More
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Why Car Insurance Premiums Are Rising

Why Car Insurance Premiums Are Rising
After the First World War, cars began inundating urban areas. More often than not, these cars were relatively fast and quite dangerous – with almost no mind being paid to safety features. With the auto industry barely in its adolescence, it is no wonder that regulations were nonexistent. A lot of the time, this meant that those who were the victim...s of auto accidents didn’t receive any compensation. It wasn’t until 1930 when the United Kingdom became the first country to implement a compulsory car insurance policy that things started to change. In the beginning, vehicle owners only had to be insured for their liability for death or injury to third parties. As time went on, though, other countries began following suit with Germany the next place to implement such a policy. With time, coverages became more comprehensive and regulations became more nuanced. From a purely logical standpoint, one would expect insurance premiums to be going down because of all these regulatory changes. After all, these regulations have had an immense impact on the auto industry. Cars today are far more sophisticated than their older counterparts; with science and technology intertwining to bring about some marvelous progress. Whereas cars before were essentially metal coffins with wheels, barely functioning brakes, and an engine; the modern age has brought with it a refined sense of purpose. Nowadays, a car without airbags and seatbelts cannot be bought. Moreover, new features seem to be implemented on a consistent basis to make sure that the driving experience is a safe and enjoyable one. Everything from crumple zones (which make sure a person can be extracted from a car after an accident) to lane-changing sensors to automatic brakes – driving is becoming increasingly automated and that means cars are safer today than ever before. Yet, in 2017, the insurance industry paid out over $12 billion in claims – a number just shy of 2016’s record high. Worryingly, this was not a one-off. In fact, claim payments went up for six straight years from 2011 to 2016. Even worse, these figures are just for private passenger vehicles – when auto insurance for business and commercial use is taken into account, the numbers are even higher. The increase in claim pay outs (in both volume and price) results in higher premiums – that is the very basic concept of insurance. If you have an accident, your premium increases. The issue now seems to be that claims are increasing despite the fact that cars are safer. This is for a couple reasons. First, technology comes at a price. The fact that cars today come packed with all these safety features also means that they are more expensive to repair. Fixing a headlight is no longer just about taking off the cover and replacing a bulb – some of the costs for replacing a headlight can be over $1,000 because of the kind of light-source that is used. Similarly, the technology infused into the bodywork of a car – along with the multitude of sensors on and in it – means that there really is no such thing as a simple repair anymore. Bumpers and fenders tend to be the parts most frequently changed on a car in relation to an accident. Whereas these repairs would’ve cost a couple hundred bucks a decade ago, they can now run up costs in the thousands of dollars. The second reason for increasing premiums, and perhaps more worryingly, seems to be that we are just becoming worse drivers as a result of all this technology. Distracted driving has become a real issue in Canada with an extremely large portion of all accidents being attributed to people either texting and driving or using their phones in some manner. The problem with technology making cars so much safer seems to be that an increasing number of drivers feel like they can slack behind the wheel. There is an over-reliance on technology and automation to prevent accidents when that is not currently their job. The current level of technology in a modern car is enough to help avoid accidents and aid in safety if an accident occurs. This still requires a fully attentive driver. No amount of lane-changing sensors and automatic braking will reduce accidents if those behind the wheel continue to be distracted. Perhaps when car automation has been fully fleshed out, we will be able to relax behind the wheel. However, until then, premiums will continue to rise if we don’t all become better drivers. Yes, car parts are more expensive – technology in general tends to be expensive. It may seem that this push towards further technological advancement is not cost-effective – and, in the current environment, it isn’t. But it is up to us to change that environment. It is up to us to educate those around us and to make sure we are driving smartly following the rules of the road and not placing anyone at risk. Once these things become the norm and accident rates decrease, your insurance premiums will too. To discuss your car insurance further, contact one of our licensed brokers today at This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak4e9b1ef2eb1dfa505e41165b652d9749').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy4e9b1ef2eb1dfa505e41165b652d9749 = 'better' + '@'; addy4e9b1ef2eb1dfa505e41165b652d9749 = addy4e9b1ef2eb1dfa505e41165b652d9749 + 'hubbardinsurance' + '.' + 'com'; var addy_text4e9b1ef2eb1dfa505e41165b652d9749 = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloak4e9b1ef2eb1dfa505e41165b652d9749').innerHTML += ''+addy_text4e9b1ef2eb1dfa505e41165b652d9749+''; or call us at 905-696-9090.     Source: CBC. More
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Car Crashes Into House

  Yes. That is a picture of a car stuck sideways in a house. This happened on July 7th in Mississauga when a driver crashed his car into a house in the area of Tenth Line West and Rose Ridge Crescent near Tacc Drive. Luckily, no one was hurt in this incident – but it is a representation of the increasing amount of car accidents in recent year...s. According to investigators, one car cut another one off sending it flying into the side of the house. If that wasn’t surprising enough, it wasn’t even the only time a car hit a house that day. Earlier in the day, a Toyota Corolla struck a house in Etobicoke. On the surface, this may seem like an anomaly. However, upon further consideration, it does seem as if the roads are becoming increasingly dangerous. According to a recent report, over 160,000 car accidents occur every single year – of which 2,900 lead to deaths. To put this into perspective, that means 438 accidents happen on a daily basis and almost 56 people lose their lives every week. Why are there so many accidents? There are a few reasons. Firstly, it is extremely unfortunate, but Canada remains the leading developed country in terms of drunk driving deaths. The agonizing thing about this statistic is that most people not only are aware that driving while impaired is dangerous, but they also hold the same point of view. Yet a lot of people still do it. Secondly, technology is on the rise and therefore distracted driving-related incidents are following suit. Accidents relating to drivers being distracted by their phones, for example, have risen significantly in the past 5 years. With technology becoming more addictive and prevalent in every-day life, there is nothing to suggest that these accidents will decrease. Perhaps the most surprising thing, though, is the timing of these accidents. According to preliminary statistics provided by the Ministry of Transportation, accidents and accident-related deaths see a massive spike from the months of May to October. Despite the largely accepted notion that more accidents happen in the winter, statistics tell an entirely different story. In fact, according to this report, the month with the least number of accidents and deaths was December. What this means, then, is that the summer time has become an increasingly dangerous time for driving. It might be that, since the roads are clear, people are driving with overconfidence; or it could be that impaired driving increases in the summer months. Whatever it may be, the numbers don’t lie. With this data, we now know that this time period is the one to be most wary in. Make sure you are protected and have the right coverage by speaking to one of our licensed brokers at This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak3111031b85848d0546083b5b1a214305').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy3111031b85848d0546083b5b1a214305 = 'better' + '@'; addy3111031b85848d0546083b5b1a214305 = addy3111031b85848d0546083b5b1a214305 + 'hubbardinsurance' + '.' + 'com'; var addy_text3111031b85848d0546083b5b1a214305 = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloak3111031b85848d0546083b5b1a214305').innerHTML += ''+addy_text3111031b85848d0546083b5b1a214305+''; or simply call 905-696-9090. More
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