If you’ve recently bought a new car, just became a licensed driver or are up for a renewal, shopping around for car insurance in Canada can be an overwhelming experience.
In order to help you find the best quote online and acquire a policy that suits you best, we bring you 5 things to consider when you’re comparing car insurance quotes online.
1. Consider your Annual Vehicle Operating Cost
The annual operating cost for a compact car in Alberta is nearly $8914, including an insurance portion of around $1684. This doesn’t include the loan, lease or taxes of your car, which amounts to nearly $3600 on a yearly basis. So you’ll be spending almost $1000 every month on your car. Insurance is an inevitable part of owning a car and you must invest the right amount based on your expenses and your necessity to have the right kind of coverage. Make sure to set aside enough budgets to buy a good policy. This will mitigate your risks of losing any personal assets in case of an unfortunate motor vehicle accident (MVA).
2. Speak to a Professional
You have to choose between optional coverages, disclose all your past claims and convictions, name all the licensed drivers in your house and take many other important decisions while looking for free car insurance quotes online. Speaking to a professional can reduce your confusion about the best and necessary coverage and also give you immense peace of mind.
3. Understand the Mandatory Insurance Requirements and Limitations of Your Province
All the vehicles driven in Canada require a mandatory standard auto insurance in the categories of liability, uninsured insurance and accident benefits. The minimum third-party liability insurance in Alberta is $200,000. However, many drivers consider a liability coverage up to $1 million to protect themselves. As a generic rule, the more coverage you have, the more you pay in premiums. If you can bundle your home and personal insurance with your auto policy, you can avail some discounts. Other discounts you can avail include a claims-free history, new driver’s education certificate, away at school, and more.
4. Learn about Optional Insurance Benefits and Limitations
Apart from the Provincial requirements of coverage, Canadian drivers can opt for some other add-ons like an increased personal liability to cover legal fees if you are sued in an accident, accident benefits that cover income replacement, dependent care, medical rehabilitation, etc. You can also opt for a comprehensive cover, emergency roadside assistance, family protection coverage, waiver of depreciation, accident waiver and loss of use; based on your individual requirements.
5. Compare Rates & Reviews
When you’re searching for free car insurance quotes online, you must compare apples with apples and not oranges. Make sure you put in the right information, opt for a similar coverage and compare the rates online. You can also ask family and friends for recommendations when searching for a reputable insurance provider. Read online reviews and check business ratings before you buy a policy.
Remember that car insurance is not the right place to cut corners in order to save a few dollars. Make sure you have enough coverage to protect you and your assets in an unfortunate incident. The best way to save money on your car insurance is to look for discounts and get a good deal from a reputed auto insurance company.
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