Why You Should Always Compare Car Insurance Rates

Picture of car insurance ratesAre you paying too much for your car insurance? By taking the time to compare car insurance rates, you can be sure that you are getting a good deal. You can make this process easier for yourself by using an insurance broker, who can compare car insurance policies on your behalf to find you the best possible coverage at the best possible price.

Why You Need to Compare Car Insurance Coverage, Not Just Prices

Finding the best deal on your auto insurance doesn’t just mean identifying the cheapest offer and signing on the dotted line. You also need to consider the level of cover that you will receive, as the cheapest policy might not actually be the best value. Compare car insurance policies according to the types of situations that they cover, the amount you will be expected to pay out for repairs, and the situations that are not covered in order to find the best deal.

Why You Need More Than Basic Insurance

In Alberta, it is a legal requirement to have basic insurance, but more comprehensive cover could save you a lot of money if you are involved in an accident on the road. For example, additional loss of use coverage could cover the costs you face in getting around while your vehicle is being repaired. If you rely on your car to get to work each day, then this additional benefit could be a necessity for you. You might also want to consider purchasing increased third-party liability insurance, which can reduce your risk of facing huge legal bills following an accident in which someone is injured by offering more than the minimum $200,000 of protection. Finally, there are many events other than collisions on the road that can damage your car, such as fire, theft, vandalism and extreme weather. Comprehensive car insurance can offer some protection against these phenomena, by paying out the money you need to have your car repaired if such an event occurs.

Why You Need to Work With an Insurance Broker

An auto insurance broker can help you to navigate the complex insurance market. A broker can compare car insurance rates and policies to find the coverage that is right for you. You should always look for an independent broker who can compare car insurance quotes from many different insurance companies. By using such a broker, you get the broadest possible picture of the market, which increases the chance of finding the best deal. A good insurance broker will also take your individual needs into account and compare car insurance policies to find the best auto insurance for your personal circumstances. That means you end up with the coverage that is right for you and your vehicle, without paying more than you need to for it.

How to compare car insurance quotes

Before you buy auto insurance, here are some things you can do to save more.

Shop around

When comparing prices, make sure you know exactly what’s included in your policy. Carefully check the coverage, deductibles and liability limits. While it’s always nice to save money, a lower-priced policy might cost you more in the long run if you discover later that it doesn’t have enough coverage for you and your family. Look for the insurance coverage that best matches your needs, not necessarily the one that costs less.

Check car insurance rankings

Before you buy or lease your next car, look at car insurance ranking lists to find popular vehicles with the best insurance value. Cars with lower-than-average insurance rankings are generally less expensive to insure.

Get a multi-product discount

Some car insurance companies offer a discount when you buy two or more products from them, such as home and car insurance, including The Co-operators.

Raise your deductible

The deductible is the amount you choose to pay for damages to your vehicle before your insurance kicks in. For example, if your deductible is $500 and you have $2,000 worth of damage, you’ll pay the first $500 of the car repair cost and your insurance company pays the rest.

Raising your deductible just a few hundred dollars could save you a lot of money. It typically costs less to pay a little more for a minor repair than to pay a higher premium over time.

Get less coverage on your older car

If you have an older car, you may not need Collision and Comprehensive coverage. Compare the cost of the insurance with what the car is worth. Auto dealers and banks can tell you the worth of a car, or look it up online on autoTRADER.

Take advantage of group insurance

Include group insurance plans as you compare car insurance quotes to find more discounts. Some employers, professional, business or alumni groups and other associations offer group plans for discounts on insurance rates.

Be a safe driver

Most car insurance companies offer better rates to clients who haven’t had any accidents or traffic violations for a number of years.

Drive a hybrid car

Do you drive a hybrid car? You’re eligible for an automatic five percent discount on your Co-operators car insurance premiums.

Traducir »