In Ontario, there are many types of insurance options to protect you and your loved ones. Whether home, car or life, these types of insurance are either legally required or essential for financial planning. Yet, finding the appropriate coverage depends on your unique circumstances. And when considering insurance, you may wonder what you can afford and whether that cost will change over time. Certain factors may influence whether or not your premiums will go up, and there are also ways you can help prevent them from increasing.


Your insurance premiums may go up when you make claims or if there are a high number of claims in your area. This may indicate that you’re more likely to submit another claim in the future. If, let’s say, you were in an accident and had to submit a claim, it indicates to your insurance provider that you’re at higher risk, which could result in increased premiums. For auto insurance, in particular, your driving record will play a significant role in the potential for your premiums to increase. Your premiums could also be affected if you live in an area with extreme weather issues. For example, if you submit a claim because flooding damages your home, the insurance company may think this could happen again. As a result, they increase your premiums to compensate for this potential risk. Your claims free discount will be lost if you submit a claim.

Your Circumstances Change

If the information you submit to the insurance company changes, then it may cause your insurance company to increase your premiums. For instance, your term life insurance premiums may increase when you are due to renew your coverage. If you’re older and in poorer health when you renew, your life insurance company will consider you at a higher risk of passing away during the term. This increased risk will be reflected in your premiums. Permanent policies will lock in your premium avoiding increases in the future. In the case of car insurance, if you reside in a high-crime area or where there is an exceptionally high number of car insurance claims, these factors may affect the level of risk your car insurance company takes on. Once again, they may increase your car insurance premiums because their coverage will depend on these types of factors.

How to Help Prevent Your Insurance Premiums From Increasing

Stay on Top of Maintenance

To help reduce the chance that your insurance premiums go up, you can stay on top of your home, property and car maintenance. This can help ensure that your home is less likely to need significant repairs or renovations. Have a dead tree in your yard? Have it cut down before it comes crashing through your house and causes a claim. Ensure water taps located outside or on exterior walls are turned off and bled once the temperatures drop to prevent pipes from bursting. When your car is well maintained, it also helps decrease the chance that you’ll meet with an accident or have another issue arise on the road. Maintenance can go a long way to ensuring you don’t need to submit a claim or, if you do, that the amount required isn’t as high.

Bundle Your Insurance

Did you know you can bundle your home and auto insurance? When you bundle your insurance with the same provider, you’ll usually benefit from discounts on premiums. Ask your insurance provider if this is possible when shopping around.

Pay Your Premiums on Time

It’s important to ensure you consistently pay your insurance premiums on time and don’t allow your policy to lapse. If this happens, it may cause your premiums to increase in the future. Your insurance provider will view you as a risk and less reliable, which they will then consider when calculating future premiums. Two nonpayment cancellations for car insurance will usually result in having to pay for your insurance in full.

Raise Your Deductible

The higher your deductible, the lower your monthly premiums. If you rarely make claims and can afford a higher deductible should you need to make one, this is an easy and painless way to lower your insurance expenses. A higher deductible also makes it less likely that you will file frivolous claims, saving both you and the insurer money.

How to Purchase the Right Insurance

While you may want cheaper premiums, ensuring the insurance you secure gives you the appropriate coverage is essential. You don’t want to be underinsured and lack the protection you need just to save a few bucks in premiums. Shopping around for an insurance policy matching your needs and budget is essential.

If you’re overwhelmed by all the various insurance options on the market, an insurance broker will work in your best interests to find a policy that fits your needs and budget. The Keller & Associates Insurance Brokers team has the knowledge and know-how to help people like you find affordable insurance options. Get in touch, and we’ll help you find the right protection.