Have you ever heard the phrase, “There’s strength in numbers”? That saying is particularly true when it comes to groups of people in the same work environment or professional association. Large numbers result in buying power that makes insurance companies sit up, take notice, and most importantly, offer discounts.
Get with the program
A lot of workplaces partner with insurance companies to offer access to their members in return for discounted pricing. It’s really a win-win situation; the insurance company can offer services (namely car and home insurance) to an exclusive audience it might not ordinarily have access to. And since the likelihood of multiple members purchasing policies is high, the insurance company can offer volume savings to members.
Who can get group insurance?
Group insurance is typically available to members of organizations or companies that fall under the following categories:
- Employees working for the same employer
- Members of a skilled labour union
- Professional, occupational, or alumni associations
- Non-profit organizations that have existed for at least two years
When in doubt, you can always check with your HR department, a member of your organization’s management team, or your broker.
But what about personal, non-group insurance?
While group discounts are a fantastic perk while they are available, some customers might not have access to a group policy. That doesn’t mean discounts are out of reach for them. Insurers often make other incentives available to their valued customers. One such discount is commonly known as bundling (having more than one policy with the same insurance company). With bundling, the insurance company benefits from an additional purchase and the customer can take advantage of an additional discount.
Let's get specific
Besides bundling, other factors can help you pay less for your policies. For example, many insurers provide price reductions to home insurance customers if they:
- Use a security system or monitored fire alarms in their home
- Own a newer home or more than one home
- Are a mature homeowner
- Are mortgage-free or claims-free
Similarly, those with car insurance might see additional discounts if they:
- Use an anti-theft device
- Are a conviction-free driver
- Own more than one vehicle
- Are an occasional driver
- Are a student with an average grade of 80% or higher
Brokers — the ultimate perk
Whatever your situation, if you find yourself in need of home or car insurance, the very best savings tip we can offer is to speak with an insurance broker. Your broker could even help you find out if you’re part of a group insurance plan or discover that you’re eligible for discounts you didn’t know about. Best of all, brokers will do the shopping around for you and will present you with a list of options at great prices. And saving you time while saving you money is a pretty big perk.