Shopping for car insurance can feel like a dreaded task, something only done when absolutely necessary. Many Canadians avoid the process by simply renewing their insurance with their current provider. It is common practice for providers to raise rates at the time of renewal. Even still, many take the path of least resistance by renewing at the rate they’re given.
When it comes to shopping for car insurance, most Canadians make the internet their first stop. Whether you need a new policy or want to compare quotes for renewal, the results of an online search for “how to shop for car insurance” can be overwhelming. This is especially true when you realize all insurance coverage is not created equal. How do you compare policies and discount offers? How do you make sure you get the best deal for your driving record and insurance needs?
We’ve put together a guide on how to shop for car insurance online. This guide will help you to make efficient comparisons between offerings and get the shop for the best car insurance available.
1. Compare car insurance policies online
The first step in shopping for car insurance policies is to understand the providers in the market. With some basic online research, you’ll be able to make a list of Canadian auto insurers like Keller Insurance. In your research, include large firms that have national coverage, as well as smaller, local providers.
Keep notes about which ones offer special rates or discounts, as you’ll want to know this when you get down to line by line comparisons of policies.
2. Use a car insurance broker
Insurance brokers can be valuable team members in your search for car insurance. A trusted insurance broker will take the time to understand your needs, your budget and your current coverage. They will help you understand your car coverage needs, especially where you might need more coverage and where you can reduce.
The insurance broker will be up to speed on current policy rates and features, allowing them to quickly retrieve offers from multiple providers and help you secure the best rates.
3. Be patient when you shop for car insurance
Shopping for competitive car insurance rates takes time. While it can be tempting to rush through research for any financial product, especially if you assume they are largely equal, it is important to give the process time.
By having patience with exercise, you will be in a better position to understand your own needs and compare products. Don’t forget, once you’ve had the chance to do online research or use an online comparison tool, you will still need time to make follow up phone calls to providers with any outstanding questions.
4. Understand what you need from the car insurance
If it’s time to renew your auto insurance policy, it’s a great idea to do some research and make sure you are getting the best rate for your needs. At this stage, it is important to understand your current coverage and whether if it could do with some fine-tuning.
Examine your policy closely, looking at liability, bodily injury, property damage, uninsured motorists and other items. Search online for specific descriptions if you are unclear what they mean.
5. Shop for car insurance discounts
When you shop for car insurance online, make sure you look for discounts as part of your search. Every insurance company offers policy discounts for a wide range of reasons.
Are you looking to combine your car insurance with home or life insurance? Do you belong to a professional organization or alumni group that might receive group discounts? Does your clean driving record offer you leverage on your rates? It’s important to know the discounts available, so you can factor them in to your online research.
6. Compare car insurance deductibles
One of the key things you will want to compare in your online research is the deductible you would need to pay, should you need to make a claim on your policy. Increasing your deductible will reduce your insurance rate, but make sure you can afford both the deductible and the monthly or annual insurance premiums.
7. Go online to learn more about car insurance
Part of having a productive conversation with potential insurers means being prepared with questions and research. You could do background research online and gather enough information about the car coverage you actually need and the discounts available.
Once you’ve done the online research, you’ll have far more confidence to ask the right questions and compare quotes without feeling overwhelmed. Use online comparison tools to give you a broad sense of what you will need to pay for coverage, before your follow-up conversations.
8. Make line by line comparisons
Whether you use an online tool or a written list to compare auto insurance quotes, make sure to compare apples to apples, comparing line items directly. Know your minimum insurance requirements, as determined by your province, know your driving patterns and whether or not you need coverage in all areas. Making detailed comparisons will help to make sure you get the best rate.
We hope this guide on how to shop for car insurance online inspires you to use your renewal period as an opportunity to explore your options, so you can be confident in securing the best coverage at the best rate.
