When you want to buy car insurance, it may seem a lot easier to choose what you’re familiar with, or make a choice based on the ad you have you seen. However, this may not be the best idea.
Insurance companies offer a lot of different products, rates, and can largely vary on the speed of claims, coverage and where you are located. If you’re thinking about choosing the right car insurance, make sure to ask the following questions to your Auto Insurance Broker to strike the best deal.
1. What kind of coverage do I really need?
Liability insurance coverage is mandatory in Canada, though the minimum amount of coverage limits what you are covered for. Your agent can help you determine the liability coverage based on your needs. You should also discuss collision coverage, comprehensive coverage and personal injury protection with your broker to understand what all covers you really need.
2. How do I define my risk assessment?
Your insurance rate will largely be based on how likely you are to make a claim to the company. If you pose a higher risk, your rate will also be higher. Factors like your age, sex, driving history, criminal record and location of residence will determine your risk. For instance, senior citizens and teens might have a higher rate as well as those with too many speeding tickets. Talk to your broker to find a policy that offers you the most favorable rates.
3. Am I receiving all the discounts I’m qualified for?
You must speak to your auto insurance broker about all the possible discounts you can get from your policy. There are discounts for various reason, some include, buying multiple policies from the same company, special offers for drivers who have anti-theft devices installed in their cars and waivers for those who take driving safety courses.
4. What will happen in the case of a collision?
This is an important question to clear as you must be aware of what happens in the worst case of an accident. In the case of liability insurance, only damages to the other driver’s vehicle are covered. Collision coverage will ensure that even your car is protected in an accident.
5. Who does my policy cover to drive the car?
This question is often overlooked by many customers. Talk to your agent about what happens when a friend or your 16-year old son borrows your car and is involved in an accident? Every company handles situations with different drivers in a unique way, so it’s important to know the answer before you buy your insurance.
6. Will I be protected if an uninsured or underinsured driver has an accident with me?
You will find many drivers on the roads who don’t have a liability insurance or have an insurance that falls short of covering your injury or property loss expenses. Talk to your broker about whether the insurance company will fill in the gaps in case the other driver’s insurance coverage isn’t enough.
Being adequately covered with the right policy is important to be safe on the road. Having an open conversation with your broker will help you select the right plan.
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