4 Tips for Comparing Auto Insurance Rates in Canada
Few people like car shopping – and even fewer people like shopping for auto insurance rates in Canada. While the process is long and can be daunting at times, comparing auto insurance means getting out a pen and paper, taking a lot of notes and shopping around until you find the perfect policy at the right price.
1. Research, research, research
Research skills are the most valuable tool in a money-conscious person’s toolbox. By reading online and talking to friends and family, you can make a comprehensive list of what is covered in your dream auto insurance policy.
Through research, you’ll find that not all policies are the same – some cover tire damage, others cover windshield damage and others only cover liability. Your province of residence will determine the minimum insurance coverage required but extras can be added on for an additional charge.
2. Shop around
The key to saving money on auto insurance rates in Canada is to shop your dream policy around to different companies. The easiest way to do this is through an insurance broker. Different brokers work with different companies so visiting a few should net a wide range of different policy options. You can also look online to get several quotes at once.
Make sure to ask the insurance broker for discounts. Customers can get discounts on auto insurance from a variety of little-known sources: being a good student, having driver’s education classes, and more. Bundling auto insurance with home insurance or life insurance is a great and easy way to save money, while also simplifying your life by having only one bill to pay.
When it comes time to renew, don’t simply send off a check. The unfortunate reality of the insurance world is that customers need to constantly be on the look-out for better or less expensive policies. Every year at renewal time, contact brokers to get estimates or negotiate a better deal with your insurance company.
3. Practice best money saving techniques
The best time for comparing auto insurance rates is before you buy a car. Not only do things like marital status and age affect auto insurance rates, but the type of car you buy can significantly change the auto insurance rates you are quoted.
Since expensive and new cars are more likely to be stolen or expensive to repair or replace, auto insurance companies charge higher premiums to owners of these types of cars. By comparing auto insurance rates ahead of time, you could save a lot of money by buying a three-year-old sedan instead of a new sports car.
4. Additional coverage
Buying auto insurance in Canada can get complicated. There are so many different policies that it’s easy to get confused or overwhelmed. Keeping track of the policies offered and getting written quotes is important.
When reading over the car insurance quotes, you might notice that items you had hoped for are not offered. In that case, get a new quote which covers things like emergency roadside assistance, loaner vehicles, or increased liability coverage, depending on your situation. Policies which are too expensive can also be adjusted by increasing your deductible.
Shopping for auto insurance in Canada isn’t fun. By making a list and comparing auto insurance rates though, you can sleep well at night knowing that you have the best policy for your needs.