It occurred to me recently that I’ll never REALLY be satisfied with paying for insurance.
Home. Auto. Life. Travel....whatever. 
I could think of hundreds of things I'd rather spend $3,000 a year on.

1. Buy used Seadoos every year to ride and abandon.
2. Buy new grass each year and never take care of it knowing more is coming next year.
3. Unlimited Ice Cream and Milkshake Budget. 
4. Donate it. (had to offer up SOMETHING that wasn't totally self indulgent)
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​This could go on, but I think you see where I'm going here.  

Insurance is a lot like PROPERTY TAX or AN OIL BILL. I don't WANT to pay it, but it's a requirement if you have a vehicle, or home. 

It seems that a LOT of people derive the VALUE from knowing they paid the absolute bottom dollar for insurance coverage. 
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They shop for new carriers every year, they don’t mind waiting on hold forever, and they have zero interest in getting to know the people offering that product. 

In today's world.... I TOTALLY get that approach. It keeps the most dollars in your pocket TODAY, and you're rolling the dice on never needing to use it. 

If you're this type of customer....consider a direct insurer.​ 
​There are lots of them out there catering exactly to what you're looking for. (TD, UNIFUND aka JOHNSON, Sonnet, etc)

The model is setup so that the insurers save costs on selling it (using call centers) and then pass some of those savings to the customer through lower premiums. 

ALL UPSIDE right? Not necessarily. 

You shouldn't troll the TD social media accounts about how BAD THEY ARE AFTER A CLAIM IS DENIED. *Although I should admit I enjoy reading those.
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If lowest price was the only thing people VALUED the market would be FLOODED with Kirkland Basketball Shoes and Big 8 Jeans...yet I can't find Big 8 Jeans anywhere. 

I prefer to support local when I can but honestly FAMILIARITY is my favorite. I like to have a relationship with a service provider if at all possible...BUT ONLY TO A POINT.
A reasonable price is absolutely a factor.

Most Nova Scotia residents are not in a position to completely ignore price...nor should they. Those insurance bills are going to keep rolling in...and most of us are going to keep paying them so why not feel better about the payment by getting some VALUE out of the transaction.

It’s out there…just figure out what it means to you and look for that.

-MD

Clients that have been cancelled for non payment may find themselves PAYING A LOT MORE for coverage at renewal. 

Here's a few reasons to make insurance payments a priority. ​

Avoid getting picked last for kickball.

More Money.

Fortunately Auto Insurance is regulated by the province, and if you pay the missing amount before your cancellation date there's a requirement to reinstate your coverage.

Once renewal rolls around though, that's when you'll see the additional costs.  

Property on the other hand has NO REGULATION which means insurance companies  don't HAVE to do anything... and the market is trending towards insurers NOT REINSTATING HOME POLICIES that have been cancelled for non-payment.

This leads to shopping for coverage elsewhere right away, and your options are often less attractive.

When it Rains, it Pours.

If you're able to get your insurer to reinstate your HOME policy, there's a good chance they may not offer monthly payment anymore. 

PAYMENT IN FULL?!

Sadly yes. 

If you decide to go elsewhere "since this is ridiculous" you're likely to have an even higher premium elsewhere since you've been removed from the WANTED list. 

Understand What You Signed Up For.

An insurance policy is a 12 month agreement.

​Tons of people end up getting cancelled for non-payment simply because they didn't know it they had to cancel it. 

Some people will put a 'stop pay' on their payments rather JUST CALLING them to cancel it. 

​You accidentally push your future self off an insurance rating cliff.  

The takeaway here is:

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If you’re living paycheck to paycheck and you sometimes have to ask: "WHICH BILL IS GETTING PAID THIS MONTH?"

You can save FUTURE YOU some money by putting your insurance bill near the top of the pile. ​

- MD​