Shopping for Your Insurance

No two auto-insurance plans are the same. Neither are two beneficiaries who want insurance with different specifications in mind. Hence, to have the best and most suitable insurance package, one has to shop for it.

Every insurance company offers different rates and coverage depending on the kind of car you have, the model, the engine type, the number of doors, the colour of the car, etc. Therefore, signing up with the right company is not only necessary; it is the only way you will get the maximum benefit for the money you pay towards insurance premiums.

Another question to answer before buying insurance is how much of it do you need. In many Canadian states, the law governs the level of coverage auto-insurance can provide. Hence, not only do you need to put your preference for coverage into perspective, but you also need to be aware of State Laws regarding this matter. Plans like Liability Insurance and Minimum Insurance Coverage are some of the most commonly provided insurance packages.

However, in the event of an accident, covering medical expenses is the biggest concern for beneficiaries or those responsible for the accident. Hence, apart from the Minimum Liability Insurance, many insurers advise car leasers to have at least $100,000 limits for bodily injuries in their plan.

MEDPAY and Personal Injury Protection is another essential component of insurance because it provides 80% coverage for lost wages, medical expenses and in some cases, death benefits as well. Other areas of coverage include:

• Comprehensive Coverage: That takes care of your car in case of theft, fire, earthquakes, falling objects, riots, floods and civil commotion.
• Collision Coverage: That covers damages as a result of colliding with objects on the road like poles, other cars or pavements.

However, it is never advisable for you to blindly sign up for all such coverage plans. Always assess the value of your car beforehand, so that you can make a deal with the insurer that is worth it. Secondly, your driving history also determines how much premium you have to pay. The more tickets you have, the higher the price you pay for being insured. After an analysis of these variables, if you still feel your insurance coverage does not give you peace of mind, contact your provider today for a revision.

There are hundreds of insurance providers in Canada that offer auto-insurance packages at very competitive rates. From minimum coverage to a comprehensive one, insurers are ready to tailor insurance premiums in such a way, that policyholders feel they are protected and safe.

However, from all the companies that are available, choosing insurance that precisely fulfils your needs is very important. This is because hopping from one insurer to another can be very painful.

How can you choose a company that offers competitive prices and packages? The following four-step process is the best way to land with the most suitable insurance provider.

Step 1: Shopping Online- Nowadays, every insurance company has an online presence, especially those that operate on a large scale. Since the internet is the most comprehensive collection of insurance providers, it is best to start your research by visiting company websites, blogs and social forums to get a feel of how it works and what it offers.

Step 2: Make A List- Note down all the companies that seem attractive to you. Jot down their prices and conditions, so that you can shortlist further by reaching out to each.

Step 3: Call The Insurance Providers- Next, call the insurance providers to get a better insight on terms and conditions, price variations, exceptions, information regarding coverage and policy and the general rules that apply to all policyholders. You also want to make sure that you ask as many questions as you want. The insurance agent will happily accommodate your queries and ensure your satisfaction.

Step 4: Make A Decision- When it’s time to make a decision, ponder over the details that you have gathered. It is always better to be patient before picking an insurance company because considerable time, effort and resources will be spent on this choice. On the other hand, decisions made in haste will contribute to a bad investment. When you have finalized the insurance company, complete the paperwork and formal procedures with utmost care and caution.

In the previous topic, the basics of leasing have been discussed in detail. Once those are understood, you can start surveying the market for the best lease options provided by various leasing companies. For instance, let’s say the dealership you visit connects you to a leasing company that will help you buy a car of your choice.

There is a high probability that this leasing company may not be in your best interest because it gives the dealer a large commission. With just a little research, you can get in touch with other companies that would offer better and more realistic rates. This way, every party in the contract is at an advantage.

To make this process easier and simpler, online lease comparison websites have sprung up. These websites provide a list of leading companies along with their most competitive rates on various vehicles. When you have picked the one that suits you best, you can also apply for approval rights there and then, without the middleman – the “dealer”.

Another way to look for reasonable lease terms and payments is by exploring Manufacturer Leasing options. Vehicle manufacturers have started to extend their business by opening up Finance Divisions to help customers choose different leases directly. Because a manufacturer doesn’t have to worry about ownership of the vehicle (it already owns it!), it is in a better position to offer lower payment options for leasing packages. Moreover, by cutting out the middleman, the manufacturer does not have to pay any commissions and hence keeps the costs low.

Apart from the choices and options are given above, leasing companies will also allow you to choose between a used vehicle or a new vehicle when signing the lease contract. Many people believe that by opting for a used vehicle, they will reduce the amount of lease payment they owe (payments on new vehicles are higher because they depreciate more than used ones). However, a used vehicle is anything but reliable to be driven around on roads, especially with an expired warranty. Hence, always make sure that you inquire about a used vehicle and its benefits prior to choosing one.