Car Insurance Broker Near Me

October 20, 2020 | Editorial Team

Car Insurance Broker Near Me

For many, owning a car is an important landmark in life. It’s a rite of passage, a sign of adulthood. Canada has over 25 million cars right now. With a 35 million population, there are roughly as many cars as people legally allowed to drive.

For Canadians today, the car is one of the most important and valuable assets the average Canadian car owner has, which makes the right car insurance essential. Getting help from a car insurance broker is the best thing you can do to ensure you get the right car insurance. You should speak to one, especially if this your first time taking out car insurance for your vehicle.

What Does an Insurance Broker Do?

An insurance broker is someone you go to when you need guidance in choosing suitable coverage. They can help you understand exactly what you needed and get you the best car insurance quotes. Your broker should be licensed, so they can advise or promote favourable insurance products. It’s also important your broker is licensed in Canada.

Insurance brokers should be familiar with the different types of car insurance plans in their Province. They need to be able to generate appropriate car insurance quotes and get the best rates from the best insurance companies.

Why is Car Insurance Important?

In most places in Canada, it isn’t easy to function without a car. It gets you to studies or work, and it’s essential in winter. It’s an investment that increases productivity and saves you time, day in and day out. Similar to home insurance, auto insurance provides security for your assets and helps you save money in the long run.

Most car owners in Canada are safe (and polite) drivers. They drive and park carefully and are conscientious. However, unforeseen events can happen anytime. A careless driver may cause damage to your vehicle, or thieves may take a liking to your car. A licensed insurance broker will help you find the auto insurance coverage you need at a price you can afford to protect you against these circumstances.

Finally, it’s important to note that it is a legal requirement to have a minimum amount of auto insurance. So you have to have auto insurance, but if you use a broker, they will help you get the right coverage.

What are the Different Car Insurance Policies?

When you meet with your auto insurance broker, they will probably show you different types of insurance coverage and rates. Car insurances vary. It’s the job of the broker to show you the different options, so they can better understand your needs. Ultimately, so they can identify the car insurance that will best work for you.

For example, there are a variety of optional features you can opt into to be more secure or opt-out of to save money. Rates will vary depending on the options you select.

The best insurance on the market will cover everything. But if you have a limited budget, insurance brokers will help you decide what you can remove to reduce the rates.

Liability Insurance

In Canada, car drivers are required to have liability insurance. This insurance covers damages and losses a driver causes while using the vehicle.

Liability insurance covers you for any damage to other cars and property you cause. It also covers you for loss of life that results from accidents caused by you. This is not limited to the province; it’s insurance right across Canada.

Insurance companies also provide cover for financial loss due to vehicular accidents. You get compensation for medical expenses and loss of income because of injury while operating a vehicle. When speaking to insurance brokers, confirm your liability insurance includes accident benefits even if you’re at fault in an accident.

Comprehensive Cover

Insurance companies offer comprehensive cover for loss and damage unrelated to vehicle use. Insurance brokers should confirm that your parked car is protected against vandalism, weather, and flooding. Damage from hailstones and other flying objects also has compensation.

Communicate with your insurance brokers regarding claims. Comprehensive insurance rates are competitive. Insurance providers offer reasonable prices.

Collision Coverage

Insurance companies offer collision insurance to compensate you for damages received during collision or accident. Specifically, when caused by another driver. Insurance providers often set expensive rates for this cover. Confirm with insurance brokers this feature includes collision with a stationary object.

What Determines the Price of Car Insurance?

Contributing factors raise the price of car insurance. However, insurance brokers can assist you in coming up with a package that includes your priority benefits at a cost you can afford. Here are some of the most important factors you need to be aware of:

The Brand and Year of your Vehicle

Newer cars will be more expensive to insure. The same goes for more expensive models. Some brands are known to drive the price of insurance up. Some models from Ford, Toyota, Mazda, and Nissan are among those that tend to get calculations for vehicle insurance at cheaper rates.

The Age of the Driver

It seems more and more companies tend to charge higher premiums when the insurer or driver belongs to the younger age bracket. The price of insurance goes down if the driver falls into older age categories.

Your Place of Residence

Vehicle owners who live in areas that have a high crime or accident rate should expect to pay higher insurance premiums. Your location could represent a greater risk of theft and damage. This is reflected in the price you are quoted for car insurance.

Your History of Vehicular Accidents and Past Claims

Expect your insurance costs to go up come renewal time if you’ve had past accidents and claims made to your policy. Likewise, the longer you go without making a claim, the more affordable your insurance will become.

Seasonal Promotions and Bundle Offers

Some insurance providers offer promotional discounts. Others offer bundles that will lower the cost of vehicle insurance when coupled with home insurance or other company products.

The Bottom Line

Vehicle insurance is useful for many reasons. It protects your asset. But more than protecting your investment, it protects the driver and its passengers. Consider taking out insurance plans from verified companies. Check the specifics of the coverage. And inquire about options to lower the price or increase the benefits, depending on your preference.