Chances Are You Are Paying Too Much for Auto Insurance: 3 Mistakes that Are Costing You Money
Do you think you pay too much for auto insurance? If you do, you share the same belief as many Canadians. It’s common to hear people talk about how expensive auto insurance rates are; however, most people don’t do anything about it.
When was the last time you took the time to read your insurance policy? When was the last time you talked with your insurer? When was the last time you got an auto insurance quote from an insurance company that is not your current provider?
If it wasn’t recently, you are likely paying too much for auto insurance. Why? You are making common mistakes that prevent Canadians from maximizing insurance cost savings.
Here are three common mistakes that increase the odds of paying too much for auto insurance:
MISTAKE 1: Not getting an auto insurance quote annually
Chances are you are paying too much for auto insurance if you do not get a quote annually. Each year your policy comes up for renewal is a money saving opportunity, and your cost savings compound each year. Even a $200 savings on your insurance policy this year will add up over the course of a few years. Over 5 years, that’s a savings of $1000. Not too shabby!
MISTAKE 2: Not reading your auto insurance policy
Most people don’t read their insurance policies. Therefore, most people don’t fully understand their policy and their level of car insurance coverage. This means that you could have more insurance than you need, something that will cost you money. It could also mean that you don’t have enough insurance, something that could hurt you financially if you were to get in an accident.
MISTAKE 3: Not working with an insurance broker
Insurance brokers work for you. It is their job to help you find the lowest rates for auto insurance, answer your questions about your policy, and to help you find the right level of insurance coverage, given your current driving history and other factors. Plus, brokers can help simplify the auto insurance quote process, helping you to maximize savings.
If you think you are currently paying too much for insurance, start by correcting the mistakes above. You will be surprised how much you could save by working with a broker, reading your policy and getting an auto insurance quote.