Blog & Articles - Gibb Insurance

Why Your Insurance Premiums May Increase

Why Your Insurance Premiums May Increase
What we’re seeing right now is a nationwide increase in home and auto insurance premiums.   

For homeowners, this rise is mostly due to three simple, yet costly factors: 

  • Wind 
  • Water  
  • Climate change 
Widespread flooding, violent storms and extreme temperatures across Canada are causing a substantial surge in claims, resulting in an uptick of insurance premiums nearly across the board. It’s rare that a week passes where we don’t hear news reports of ice storms, wildfires, wind damage, and other devastating occurrences related directly to the weather.  

For auto owners, more expensive insurance premiums are due to the improved technology in vehicles. As an example, a windshield replacement in the past was a simple process of popping in new glass, but now the rear-view mirror houses advanced technology which requires re-calibration for multiple enhancements and safety features. As a further example, perhaps you’ve heard of a vehicle being completely written off, simply because the air-bag deployed.  

An advantage of working with us at Gibb Insurance Brokers is that we have the ability to shop the insurance market for you, finding you the best coverage at a fair price.  

However, it’s important to note two factors:  

1.    As mentioned, insurance rates are on the rise across all of Canada, so there might be a chance where finding a lower premium is simply not possible.  
2.    If a lower premium can be found, it may come with a “trade-off”, such as a substantially higher deductible.  

Is the time right for us to help you shop the insurance market?  

While anytime is a good time to save money, it’s particularly beneficial to you to reach out to us if you’ve had a change in your insurance needs.  

For homeowners: Have you made improvements to your home that may affect its value? Have you upgraded your security system? Did you recently make an expensive purchase which may stretch the limits of your existing coverage for contents?  

For drivers:  Have your driving habits changed? Has it been several years since your last ticket? Do you have a young driver away at school?  

We want you to feel comfortable and confident when it comes to all your insurance needs, and we’re here to answer your questions or address your concerns. If you feel that the time is right for you to shop the market, please reach out to us anytime by phone: 519-736-8228 or pop into our office… we’re located at 535 Sandwich St. South (next to the Tim’s) in Amherstburg.  

Lastly, if you feel that we’ve served you well, we’d very much appreciate if you could refer us to your friends or family members. It’s truly the best professional compliment we receive.  Thanks for your time, and again, if you have any questions or concerns, please reach out to us.