Living in Montreal comes with its fair share of expenses. Between rent or mortgage payments, groceries, and rising utility bills, many households feel the squeeze. On top of that, insurance premiums for both auto and home can take up a big portion of the monthly budget. The good news? There are several easy strategies you can use to lower your costs without sacrificing peace of mind.
Here are five practical ways Montrealers can save money on their car and home insurance.
Increase your deductible to pay less
One of the simplest ways to lower your premium is by raising your deductible. The deductible is the amount you agree to pay out of pocket in the event of a claim. For example, if your deductible is $500, you’ll cover that portion before your insurer steps in.
By increasing your deductible, say from $500 to $1,000, you’re taking on a bit more risk, but you’ll usually see your monthly or annual premium decrease. This works especially well if you have a clean claims history and a financial cushion to handle a higher deductible in the rare event of an accident or damage.
Think of it as balancing risk and reward: the more you’re willing to pay upfront in case of a claim, the less your insurer charges you in premiums.
Bundle your auto and home insurance
Bundling auto and home insurance is one of the most popular ways to save on insurance. Not only can it earn you a discount of up to 20% with some Quebec insurers, but bundling can also simplify things. When you bundle multiple policies, you typically have one renewal date, one bill, and sometimes even one deductible if a single event impacts both your home and your vehicle.
That said, if your goal is to maximize your savings, simply taking the traditional single-insurer bundle might not be enough. You may find that pairing a home policy from one insurer with an auto policy from another — a mix-and-match approach — offers better value.
Thankfully, YouSet, a local Montreal insurance broker, has a feature which automatically compares traditional bundles with all possible mix-and-match combinations, ensuring you aren’t leaving money on the table.
Review your current coverage
When was the last time you actually reviewed your insurance policy? Many people pay for years without realizing they’re carrying outdated or unnecessary protections.
For example, if you added replacement cost coverage to your car insurance policy when your car was brand new five years ago, it might not be necessary now that your car’s value has dropped. Similarly, if your home insurance includes coverage for items or risks that no longer apply to your lifestyle, you could trim those extras and reduce your premium.
It’s also important to update your insurer about positive changes. Renovations, installing a new roof, or replacing outdated plumbing can reduce your risk profile, which may lead to a lower rate. A quick review once a year ensures your coverage reflects your current needs and budget.
Take advantage of discounts
Insurers reward good habits and lower-risk clients. In Montreal, you may be eligible for discounts if you:
- Install an alarm system or smart security devices in your home.
- Have a clean driving record with no recent claims or infractions.
- Equip your vehicle with winter tires (mandatory in Quebec, but still eligible for savings with some insurers).
- Maintain loyalty by staying with the same provider for several years.
- Belong to certain professional associations or alumni groups that have partnerships with insurers.
It’s worth asking your insurer what discounts you qualify for, as some are not automatically applied. Even small reductions add up over time, making a big difference in your annual budget.
Compare quotes
Perhaps the easiest way to save is simply by shopping around. Insurance premiums can vary widely between companies, even for the same profile and coverage. That’s why taking a few minutes to compare quotes online can pay off.
The key is to make sure your quotes include the same types of coverage, limits, and deductibles. Even the details about yourself, your home, and your car matter. Otherwise, it’s like comparing apples to oranges, and you won’t get an accurate picture of which policy truly offers the best value.
Small steps lead to big savings
Saving on your auto and home insurance in Montreal doesn’t have to be complicated. By raising your deductible, bundling your policies, reviewing your coverage, taking advantage of available discounts, and using an online comparison tool, you can keep more money in your pocket while still enjoying reliable protection.
The key is to be proactive. Insurance is not a “set it and forget it” expense; small adjustments and regular check-ins can result in significant savings over time.
So next time your renewal date comes around, don’t just sign on the dotted line. Take a few minutes to apply these simple strategies, and you might be surprised at how much you can save all while keeping your home and car fully protected.