The benefits of Cold Lake auto insurance
From financial protection in the event of a collision to protection from theft, there are several reasons that Cold Lake motorists choose to purchase car insurance. So if you're are wondering about the benefits that car insurance offers Cold Lake drivers, we’ve put together a list below.
You are protected in the event of a collision
Car accidents happen every day, often resulting in property damage to one or more vehicles. Repairing or replacing a vehicle after an accident can be expensive. However, with car insurance, your insurance provider will help cover the costs.
You are protected in the event of theft
Depending on the car insurance policy you select, it may provide coverage against theft. This means that if your car is stolen, you can receive money from your insurance company to help cover the costs of buying a new one. Without insurance, you would be left paying for a new vehicle entirely out-of-pocket - and we all know that vehicles aren’t exactly cheap.
You are protected in the event of injury
If you get in a serious accident, then odds are you, a passenger, or another driver will suffer an injury. The medical treatment you require may not be covered by your health insurance. Luckily, if you have car insurance, it can help cover the cost of additional medical expenses, such as physical therapy or prescription medication.
You are not in breach of the law
One final benefit of car insurance is that purchasing it puts you in compliance with the law. In Alberta, car insurance is not optional, and driving without insurance can result in severe fines. Thus, buying car insurance allows you to avoid the risk of being fined up to $10,000 for a first offence and up to $20,000 for a second offence.
Is car insurance mandatory in Cold Lake?
Yes, car insurance is mandatory throughout the province of Alberta, including Cold Lake. As such, in order to register your vehicle with the province, you will need to show proof of insurance. Your car insurance must also meet the minimum coverage requirements set by the province, which includes a minimum of $200,000 in third-party liability coverage.
Driving without car insurance in Cold Lake
Since car insurance is compulsory in Alberta, driving without insurance is illegal and could result in serious fines if caught.
As a reminder specifically, uninsured motorists in Cold Lake could be fined a maximum of $10,000 for a first offence and a maximum of $20,000 for a second offence. To make matters worse, failure to pay your fine can result in jail time of up to 6 months.
Therefore, driving without insurance anywhere in Alberta is generally not worth the risk. If you are currently driving without car insurance or your existing policy is set to expire in the near future, get in touch with your local broker. They can discuss your coverage options and help you find a policy that complies with Alberta law.
How insurance companies calculate car insurance premiums
Calculating insurance premiums is far from simple. Insurance companies consider a multitude of factors in order to determine your car insurance rate. Age, location, driving record, and claims history are just a few of the details an insurance provider will take into account. To help Cold Lake drivers understand how insurance premiums are calculated, we’ve put together the following list of the most common factors influencing car insurance rates in Alberta:
- Driving record
- Driving experience
- Location (where you live and work)
- Make, model, and year of the vehicle
- Past claims
- Annual mileage
- Prior insurance coverage
- Your deductible
- Local laws
- How you use your vehicle
- Marital status
Please note that insurance brokerages like BrokerLink do not determine insurance rates. Rather, rates are determined directly by insurance providers. However, brokers can offer their resources and expertise, helping drivers compare quotes and find the right car insurance policies for them.
How to get cheap Cold Lake auto insurance
Car insurance can be expensive, but there are ways to minimize how much you pay for it. With the help of BrokerLink’s insurance advisors, we’ve put together a list of tips on how to get cheap car insurance in Cold Lake. Check them out below.
- Attend driving school (for young drivers)
- Pay car insurance annually rather than monthly
- Purchase car insurance for multiple vehicles from the same provider (savings of up to 20%)
- Buy multiple insurance policies (home insurance + car insurance, business insurance + car insurance, etc.…) from the same provider (savings of up to 15%)
- Increase your deductible
- Purchase a hybrid or electric vehicle (savings of up to 5%)
If budget is a major concern, we recommend contacting your local insurance broker. Reputable brokers like BrokerLink will help you find a competitive car insurance policy within your budget.
Compare auto insurance quotes with a Cold Lake insurance broker
Finding a car insurance policy with the best coverage at the lowest price takes work. With so many car insurance companies competing for your business, simply obtaining quotes from the various providers can be time-consuming, let alone comparing them.
To make shopping for car insurance easier than ever before, partner with an experienced trusted insurance broker.
Here at BrokerLink, BrokerLink is one of the top insurance brokers in Ontario. We have been helping customers find their perfect car insurance policies for over 30 years.
Plus, as a brokerage, BrokerLink works for the customer, not the insurance provider, which means you can always count on us to offer our unbiased, objective opinions on the best car insurance policy.
At the end of the day, our #1 goal is to find the right auto insurance plan for you and your family., and we will stop at nothing until we’ve done just that.
So let us do all the heavy lifting. While you’re relaxing with your family or binging the hottest new Netflix series, we’ll browse coverage options, compare quotes, and unlock discounts on your behalf, all in an effort to find you the right perfect car insurance.
For a stress-free car insurance experience, look no further than BrokerLink.
Get in touch to receive a free car insurance quote today
Ready to purchase Cold Lake car insurance? Still, have questions about car insurance in Alberta? BrokerLink is here.
We are a top #1 resource for car insurance in Alberta, so if you have questions or want our opinion on the best policy for you and your family, we can help.
Our expert insurance advisors take the time to get to know every customer so that they can find car insurance to suit each driver’s unique lifestyle.
So whether you’re looking to obtain a free quote, learn more about compulsory car insurance coverage in Alberta, or discuss your policy options, you’ve come to the right place.
Give us a call and speak directly to a broker today, or visit us in person at one of our many locations across Alberta. Alternatively, if you’d prefer to contact us online, you can do so at a time that is convenient and we’ll get back to you as soon as possible.
BrokerLink offers free car insurance quotes to all Cold Lake drivers. Plus, all quotes are 100% obligation-free, meaning you have nothing to lose and everything to gain by requesting your free quote today.
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