It’s important to shop around when choosing auto insurance for your vehicle. This allows you to see which insurance company can provide you with the right coverage at a fair premium rate. You can see what each insurer offers through auto insurance quotes, which you can generally obtain for free!
An auto insurance quote is an estimate of the premiums you’ll have to pay for a policy. This is based on an evaluation of yourself as the driver and the vehicle you own, with the coverage that you want for your car.
There are four primary providers of auto insurance quotes in Canada:
Insurance brokers sell insurance policies from multiple companies and often provide quotes from many of those companies to choose from. They’re great to go to if you want an easy way to see your options. They are paid a commission by the insurance companies when they sell you a policy.
An insurance agent is employed by an insurance company to show you their products. They can provide you with up-to-date information, including current deals and discounts, on their company’s policies, plus they can complete auto insurance sales on their own.
Similar to agents, direct writers only sell products from a single provider. Getting a quote from them is more hands-off since with this type of insurance company you can usually only purchase from them online with support from call centres. The benefit is their price is usually cheaper.
Insurance aggregator sites work as a one-stop shop for people looking for auto insurance. They gather rates from different sources, including the three previously mentioned, and organise them for easy comparison.
There are multiple types of auto insurance quotes, which can get confusing when you’re determining which to choose and what coverages to include. Here are some key points to remember:
Depending on your province, you may have access to private, public, or hybrid auto insurance. The three largely resemble each other; the main differences lie in the insurance-buying process and what types of coverage you can obtain from certain providers.
Personal auto insurance is for private vehicles—the ones you own and drive every day for personal use. This is mandatory for all car owners in Canada. Meanwhile, commercial auto insurance is for companies that use vehicles for their businesses.
Standard insurance is offered to most clients who are at average risk to insure. Unless you’re a preferred client or a high-risk individual, you’ll likely receive the rates associated with this tier.
Be sure to provide accurate details to your provider when requesting an auto insurance quote. That way, providers can correctly evaluate your unique case and give you a policy designed just for you. Consider all of your options to find the right auto insurance for you!