@jerrykavan
Buying car insurance can be an intimidating process – and a decision that can impact you and your bank account tremendously! Whether you’ve received unsatisfactory service, you may be facing a significant rate increase or you are buying car insurance for the first time, this article is for you.
You may be in the process of deciding your insurance needs and require some help in the right direction. But, it’s good to know you’re looking, as there are some people who do not end up insuring their car at all.
In Ontario, in fact, there are approximately 400 000 drivers on the road who are uninsured. However, Canadian drivers face incrementally increasing fines, point deductions, and even license suspensions if they are caught driving without insurance.
So, do you want to enjoy the peace of mind insurance offers? Would you like to be protected from the costs of an accident, especially when it may not be your fault? Added benefits of car insurance include vehicle theft and even assisting you if your car breaks down! Let’s take a look at some tips and expert advice for you, assisting your process to secure car insurance.
1. Shop around, always!
Getting a comprehensive comparison between the major insurance providers is always a fantastic start, one which will put you in a good position to make an informed decision.
A nifty path to follow is to consult an independent agent or company that is not vested in a certain policy or outcome. There are many local insurance experts, for example, www.mychoice.ca, who offer quotes and assessments customized to your needs to provide personalized payment plans for you. Shop around and you can make a better decision, suiting your needs and your budget!
2. Look out for discounts
Car insurance companies sometimes offer specials, discounts, or reduced rates for certain periods. Other captivating offerings could also include cash back rewards or incentives. But, before jumping on board with an attractive insurance plan, make sure to read the fine print and terms of the agreement. While wanting to attract new customers, there may be hidden conditions that may seriously compromise the security of your insurance cover.
3. Ask what your policy won’t cover
Finding out about what your insurance plan won’t cover is essential – as these are the personal costs you will incur in the case of your policy ‘exclusions’. It’s essential that you find out before you commit to a plan that you know the limitations of your insurance cover, saving you stress long-term and better informing your decision.
4. Buy what you can afford
In no given situation should you commit to an insurance plan that you won’t be able to afford long-term. The policy that you commit to should be a sustainable decision – and one that won’t jeopardize the stability of your food provision, transport access, rent, or other monthly expenses. You should feel comfortable with your plan, even in the case of an increased premium or varying surcharges.
5. Consult an insurance broker
There may be situations in which you might need to contact an insurance broker. If you have an unusual vehicle, it may be more complicated for an insurance company – especially with online or less personal quoting – to provide you with an accurate evaluation of your car.
As assessing your car is crucial in formulating a customized insurance plan for you, you may want to consider consulting a broker to help you. An unusual vehicle that may warrant a broker’s assessment includes a rare or vintage vehicle, uniquely converted car, or a collectible. As these will require more specialized expertise for evaluation, it is important that you understand the financial implications of accurate protection.
The condition of the vehicle, as well as the market value, quality of its restoration and maintenance requirements, will also impact your insurance policy. Therefore, consulting an insurance broker will provide the most substantial cover for your car needs.
6. Be transparent
Define the needs of your insurance plan carefully, but be honest about the likely risks that you face on the road. Declare safety of parking at work and home, medical conditions that could affect your driving and potential for accidents, your driving experience, advanced driving courses are taken, age, where you live, and dangerous areas in which you regularly drive.
It is not worth concealing any information from your insurance company. Any decision impacting future accident or policy claims are significant enough to inform your provider. It is your responsibility as the driver to be well educated on what is required from you.
7. Trust your insurance company
Finding an insurance company is not easy in today’s climate, with countless competitors and many companies wanting to extract profit at the customer’s expense. Therefore, be skeptical in your search for an insurance provider that is transparent, trustworthy, is reputable, and is financially healthy.
To commit to an insurance plan is significant and not a decision that should be undermined. Do thorough research, talk to friends, consult an insurance broker and shop around. And make sure you do this well before you are ready to drive your car – fully understanding the legal implications of driving an uninsured vehicle.
Once you commit to your insurance plan, keep your company updated with any changes (especially regarding risk assessment) and drive safely, knowing that you are insured and protected!