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, post-secondary school alumni association, non-profit organization, or professional association. Large numbers result in buying power that makes insurance companies sit up, take notice, and most importantly, offer discounts.
What is group insurance?
A lot of workplaces and associations partner with insurance companies, giving them access to their members in return for discounted pricing for everyone who signs up. It’s really a win-win for all involved; the insurance company can offer its services (car, home, and pet insurance, for example) to an exclusive audience it might not have had access to otherwise and, since the likelihood of multiple members of the group purchasing policies is high, the ones who sign up get exclusive access to savings.
Who can get group insurance?
Group car and home insurance is typically available to members of organizations or companies that fall under these categories:
- Employees working for the same employer
- Members of a skilled labour union
- Professional, occupational, or alumni associations
- Non-profit organizations
You may already know if you have access to savings on home or car insurance through your group — but when in doubt, contact your HR department, a member of your organization’s management team, or your insurance broker to find out.
What if I don’t qualify for group insurance and still want to save?
While group discounts are fantastic for those who qualify, not everyone will have access to group policies — but that doesn’t mean discounts on insurance are out of reach. In fact, there are several other discounts out there that could save you money, too. Check out our lists of the top 10 home insurance discounts and the top 10 car insurance discounts and talk to your broker to find out how much you could save.
Whatever situation you’re in, if you find yourself in need of home or car insurance, speak with a licensed insurance broker. Your broker can help you find out if you’re part of a group insurance plan or check if you’re eligible for other discounts you didn’t know about. Best of all, a broker can do the shopping around for you and present you with a list of options at great prices — saving you time while saving you money.
Are you a group administrator or employer looking to provide savings on insurance to your members or employees? Getting started is easy — and free! Learn more about group insurance through Economical Select today.
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