Auto Insurance for most, can be frustrating when obtaining quotes and I am often asked questions about Auto Insurance. Here is a question I am asked often, Eric, I am getting an auto insurance quote with five different companies and they’re all different rates, yet it’s the same coverage, I don’t get it, which one do I go with?
Rates are filed to the Government
Well a couple things to understand, first off, each insurance company files to government their rates. Usually quarterly, maybe it’s twice a year. They file their rates and the Ontario government either approves or doesn’t approve the rates that were submitted. Each company based on their financial strength, or based on the type of auto insurance that they’re offering or the target market that they’re going after will have different rates than other insurance companies.
It can be quite frustrating getting an auto insurance quote when you’re quoting apples to apples, the same coverage but you’re getting five different rates.
Also, understand when you’re getting quotes one broker may quote you less coverage or more coverage than the other agent or broker. Understand and make sure that you’re actually getting the quotes from them and comparing them, and making sure that you’re looking line by line that you’re getting the exact same coverage quoted, so that you can make the best decision possible.
It is highly advised to really sit down with somebody to really go through it to make sure that you’re being taken care of, that you’re getting the right coverage in the auto insurance quote. You don’t want to be in a situation where you’ve just gone with the lowest price, and sacrificed the coverage, the very important coverage that you need on your auto insurance policy.
Hopefully that helps answer your question about auto insurance rates.
As always, make sure that you know your insurance policies.
London and Area Drivers contact me for your quote today.