Want Cheap Car Insurance? Don’t Underestimate the Importance of Shopping Around
We all want cheap car insurance.
That’s a no brainer.
And as we have talked about many times here on the blog, there are various tactics that can help you to get the best rates.
Check out these posts from the archives:
In this post we’re going to highlight one very important savings tactic which has recently garnered some attention – doing your research.
While you might already know that buying insurance is like buying anything else – shopping around is how you get the best deal – you might be surprised to learn just how much of a difference this can make in the car insurance rates you pay in Ontario.
Some recent articles from the Canadian Underwriter have highlighted just how important this research is to getting the cheapest coverage…
~ If you’re in Generation X or the Boomer Generation, you might be missing out on some big savings. Some insurance providers offer much lower rates than their competitors for older drivers. A driver in Ontario could save $74 to $586 per year – or $1,850 to 14,650 between the time they are 49 years old and 75 years old (source: Canadian Underwriter). That sure adds up! Older drivers generally are a lucrative target for insurance companies (better driving records and longer driving histories; children that need their own policies) so competition can serve to create cheaper rates.
~ The COVID-19 pandemic has changed the landscape for insurance, as it has virtually every and any industry (as we’ve talked about here and here). One shift that has come out of the pandemic has been that consumers are even more aware about the discrepancies between different insurance providers – there is no real industry standard. Some providers were quick to offer discounts and other assistance during this time. Others not so much. As a result, consumers are becoming increasingly savvy and are doing more research into the rates they pay. During the pandemic, many consumers are not driving as much and have started shopping around for better deals around low-mileage coverage (source: Canadian Underwriter).
So the bottom line is – do your research! Make sure to comparison shop between many different insurance providers. Or better yet, use an online car insurance quote tool like ours that lets you compare different companies and rates in one fell swoop. Not all insurance providers are cut from the same cloth. Leverage the expertise of your broker to find the best deal.
If you ‘d like to speak to one of our insurance professionals about how you can save money on your car insurance, contact us today.
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