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Insurance Buying Guide
Tips on Finding the Best Coverage
The insurance market is highly competitive
Canada's private insurance industry is highly competitive, with 134 companies offering auto insurance and 122 writing home and personal property policies. No matter where you live in Canada, you have a number of choices when shopping for home insurance. The same applies for auto insurance in provinces where private companies are allowed to compete for your business.
Companies offering automobile insurance in your province must sell the basic coverage required by the provincial government, but in provinces with competitive insurance systems, different companies offer different optional coverages, a slightly different approach, and prices can vary. Home insurance policies and premiums can also vary significantly from company to company.
Get the coverage you need
When shopping around for an insurance policy, remember that you want the best price for the insurance package that is right for you. If you prefer 24-hour claims service, or face-to-face contact with an insurance representative, bear these things in mind when selecting an insurance provider. Consider the claims settlement process, the amount of the deductible, and whether or not you require full replacement coverage. Insurance companies, and the policies they offer, are not all the same, so think about more than just the price.
Shop around to get the best deal
If you’ve received an unsatisfactory price for your policy from your current insurer, ask your broker to look for quotes from the other insurance companies he/she represents. (Brokers sell insurance for several companies; agents sell insurance for only one company.) If he/she still can’t get a price that you consider to be affordable - given the favourable insurance market - find another broker or agent. You are not committed or tied to one insurance broker. There are many insurance companies competing for your business. To be sure you get the best rate, contact several different sources. You can call brokers or agents, get quotes on the Internet or call insurers directly. You have options. It could be worth your while.
Asking for a quote - be prepared
There is certain information that all brokers and agents will require from you in order to give you a quote, or sell you an insurance policy. The following are only some examples of the information you will be required to provide:
For home insurance only:
For auto insurance only:
All this information is used to determine whether the insurance company wants to insure you, and at what price. Please be as honest as possible, and update your insurance representative if your circumstances change.
Ways to lower your premium costs
Ask your insurance representative about the following options for lowering your premium:
Source: Insurance Bureau of Canada