The 5 Reasons You Should Compare Auto Insurance Rates

Published on Sep 30, 2012

Auto insurance is something every Ontario driver must carry by law. Although you must carry the legal minimum when it comes to coverage, everything else about your insurance policy is entirely up to you. That includes what other coverage options you select and which insurance company you buy your policy from. While most people have heard that comparing rates can save them some money, they may not realize the reasons to compare insurance rates Ontario companies are offering. Here are 5 reasons to shop around for car insurance.

1. Every Company Rates Differently

Many drivers don't realize that each insurance company can use their own specific formula to determine what they will charge a driver. That means that two companies may have vastly different rates for the exact same driver. There are a number of factors that go into determining a rate, and each company will weigh those factors a little differently. That means that for one company, the car you drive may be expensive to insure because their statistics show it's been stolen a lot. Another company may not have the same numbers, and may rate that car at a lower premium.

2. Some Companies Cater To Problem Driving Records

Don't think that tickets or accidents on your record mean it's not worth comparing rates. Some companies really do offer better rates to drivers with issues on their record and can really save you some money. In fact, a rate increase due to a ticket or accident is often a good time to compare insurance rates Ontario insurers offer for those with a ding on their record. You might be pleasantly surprised to find that not every insurance company is going to make working off that ticket a painful experience.

3. You Could Get More For Your Money

If you think you'll have to give up coverage in order to get a better rate, you are in for a surprise. Not only are you likely to save without giving up anything at all, but in some cases you could get better coverage and still see a drop in rates. That means that you could increase your liability limits, add extra options, or choose a lower deductible, giving you more value for your insurance dollar and still saving you on premiums. When it comes time to file a claim, you will be glad to have the extra coverage in place.

4. Rates Are Always Changing

Seeing your insurance rate rise every time your policy is renewed is a reality for many people. But it's not necessarily something you have to live with. Some companies have overall rate hikes on a yearly basis as they review their claims for that year. They may also change the way they rate certain things. That means that the company that gave you a quote last year could give an entirely different quote this year. Even if you have taken the time in the past to compare auto insurance rates, Ontario insurers change their rates all the time, and things could be vastly different this time around. In fact, it's well worth doing a yearly rate check to see what is out there and what might have changed. Just because your current insurer raised your rate doesn't mean someone else might not lower them.

5. It's Not Only About Money

Most people do shop around in order to get a better rate, but what about shopping around for a better company? Saving money is something everyone is after, but finding an insurance company that offers good customer service and has a great reputation for how they handle claims is also a big consideration. If you haven't been happy with your current company, or even if you have been satisfied but have heard some fabulous customer service stories from others, it's worth finding out what those other companies are offering. Start by comparing their rates, and if that company that has high satisfaction ratings can also give you a good deal on your coverage, it might be well worth switching.

Comparing auto insurance rates Ontario insurers are offering on a yearly basis simply makes good sense. If it's been a while since you did a rate comparison, then it's a really good idea to take the time. There are a lot of good reasons to compare rates. It could save you money, get you better coverage, and even help you to find a company you are happier with in the end. That's a lot of possible improvement for not much investment of time and effort. With our internet quote systems, you can obtain and compare Ontario insurance quotes quickly and easily, and find out how much less you could be paying and how much more you could be getting from your policy.


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