Ask a broker before purchasing car insurance
We’re here to help you with all things car insurance. In simple terms, a broker will take the time to understand your individual needs in order to pair you with the most relevant insurance coverage. Our brokers will learn everything they can about you and your driving habits in order to clarify what you need from your auto insurance. Using this understanding as a foundation, our brokers are able to find you the right insurance coverage. The result is a unique policy that includes only the coverage you need.
How asking a broker can save you time (and money) on your car insurance coverage
Asking a broker to handle your car insurance is a smart way to get the tailored coverage you need, while helping you save the time required if you were to shop around for coverage on your own. With a trusted insurance advocate in your corner, you have a knowledgeable resource ready to help you get the most out of your insurance coverage. There are many different options to consider when deciding on auto insurance; some are required by law while some may not apply to you at all. A BrokerLink broker can walk you through the options you need in a concise way that will save you time and help you understand what coverage you need and why. They can also highlight any applicable discounts that you may be eligible for. What’s more, in having coverage that is fit for you, you can potentially save money by reducing the unnecessary options that don't apply to you directly. Trust someone who is specialized in the field and give yourself peace of mind.
Main factors that influence auto insurance rates
As an insurance broker, BrokerLink does not determine what your rate will be. Instead, our brokers help you identify your best options based on your current circumstance and coverage needs. Regardless, it is helpful to understand some of the main factors that influence insurance rates. The basic equation is simple enough: the higher your risk, the higher your premium. However, evaluating risk is a bit more complicated than that. There are many factors that decide how you compare with other drivers in terms of risk and every insurance provider weighs certain factors slightly differently from their competitors. Acknowledging the variations in assessing a driver’s risk, there are several key factors that commonly influence car insurance rates.
• Geographical Location
Where you live can affect your auto insurance premium. Provinces have different insurance regulations affecting rates and within provinces, rates may vary depending on whether you live in an urban or rural area. Often, people who live in high-population density areas will have higher rates. With more cars in urban areas, the probability of more accidents increases. In contrast, if you live in an area with a low-population density (e.g. rural areas) you might pay less than your city dwelling counterparts.
Insurance companies will evaluate statistics on the number of motor vehicle accidents by age group and use the data to calculate different risk factors. If the data shows younger drivers are more of a risk to be involved in an accident then their rates are likely to be higher. Similarly, the data may show a higher frequency of accidents for people past a certain age and adjust rates accordingly.
• Marital Status
Despite whether you think your marital status affects your driving, if the data shows a difference between married versus non-married drivers then insurance companies will likely take this into account when calculating your rates.
• Driving Experience
No matter what age you are when you start, the number of years you’ve been driving will likely affect how an insurance company assesses your risk of getting into an accident. Although there is always the exception, it’s logical to assume inexperienced drivers pose a greater risk than someone with more years of driving experience. Luckily, after several years of safe driving without an incident, you may qualify for lower rates.
• Driving Record
You know that old saying, “actions speak louder than words”, your actions as a driver speak volumes to an insurance provider. If you are someone with a clean driving record, you may have reduced premiums relative to a driver with more traffic tickets or that has experienced a claim. Good driving helps you save in the long run.
Learn more about car insurance (policy details, basic, additional, etc.)
What is a car insurance policy? The word policy gets thrown around often when talking about insurance, but do you know what it is? A policy is a collection of the chosen insurance coverage options. Required coverage may vary depending on where you live, but there are options to the types of supplemental coverage you can add.
Different types of coverage:
Liability insurance helps pay for accidental injuries and property damages to others, and may include such things as medical expenses and/or lost wages. In addition to damages and injury, this coverage can help pay for legal defence and court fees. This coverage is mandatory across Canada although the minimum amount varies across provinces.
Collision coverage helps pay for damages sustained to your vehicle if it’s involved in a collision with another driver or object. Collision coverage also comes into effect if your vehicle is damaged due to a hit and run accident.
Comprehensive coverage applies to damages sustained outside of an auto accident. Some expenses that might be covered by comprehensive coverage include theft, vandalism, fire and water damage.
• Accident Benefits
This coverage helps manage medical expenses as a result of an auto accident, regardless of who is at fault.
There are many different types of insurance coverage available. Depending on where you live, certain coverage options are required by law, while others are optional. In order to make sure you have the right insurance in any given province, it’s important to learn the different requirements before selecting your coverage options. With all the options available, make your life easier and trust a BrokerLink broker to find the insurance coverage right for you.
Get a car insurance quote today and save on insurance
Want to learn more? Let us be your resource for all things car insurance. From start to finish, our brokers handle the legwork to make sure you walk away satisfied. Give our brokers a call today and we’ll find the car insurance coverage that works best for you.