If you wish to save money on auto insurance, you must shop around and get several quotes from different companies. The process might become tedious as you have to fill forms over and over again on different insurance websites, or give the same information over the phone to the agents.
You are likely to save considerably, so taking the time is well worth it.
Consider the fact that insurance companies all have various preferences in terms of customers they wish to take on, and give different prices to different customers. Prices, also called premiums or insurance rates, can vary enormously, even though you provide the exact information to each company.
What is the Reason?
A great number of factors play a role in determining car insurance premiums, such as presence / absence of driving offences, the type of car that you drive (sports car, SUV, etc) and more.
Based on the category each existing or potential customer is put into, insurance companies decide which category will be the most profitable for them (taking into account competition, market share, etc), and offer the lowest rate to the driver who fits their “best” client description. One insurer may choose to work riskier groups, while another company may strictly deal with safest drivers, and turn down all risky drivers . An insurance rate from two such companies is likely to differ considerably, therefore you must shop around.
Based on this information insurance companies put drivers into categories, and then select categories they specialize in. Some companies have preference for drivers with an extremely clean driving history, while others are OK with riskier groups. They charge each customer group different rates, and customers that fit their “best” criteria get the lowest rates. If a driver from another “category” gets a quote with this company, the offered rate is likely to be higher. In which case the optimal step is to seek out a company that deals with a category of drivers that you fit into. In order to find an insurance company that offers the best rates for your driver category, you must shop around and compare auto insurance quotes.
1. Find as many auto insurance companies as you can.
As soon as you have the list of the best insurance companies, get quotes by visiting their websites and filling out applications. Remember to write down rates you get with each company. Another option is to call insurers and speak to their sales representatives. This way you will be able to find information, otherwise you might have missed.
2. Find insurance brokers in your area.
Get in touch with brokers. You may experience some sales pressure here. Insurance brokers make their commissions on each successful sale.
3. Look for insurance comparison sites.
A number of websites offer instant insurance comparison from leading insurance companies. Some of those websites are Money Supermarket, Motley Fool, Go Compare, Ins Web and more. The sites require information such as your driving history, number of miles you drive each day, number of people on the policy, past coverage, type of car, etc. After you enter the info and answer the questions you will see quotes in seconds. It is very convenient and easy.
Wish you the best of luck in finding the lowest car insurance rate possible!
Auto insurance in Ontario is not voluntary, meaning you must have it in order to drive a car Learn how you can shave off your Ontario auto insurance rate, and save money each year, which add up to quite a sum. Get tips, use them, and enjoy the savings, which you may get from following the advice.
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