Keeping Your Car Insurance Premium Under Control
One of the leading misconceptions about auto insurance is that all policies and products are the same, therefore the lowest price is the best choice. This is simply not true.
The worst time to find out that you have inadequate insurance limits is after a claim has already happened. Don't misunderstand us, we know how expensive life can get, saving money is important to us too. We want to caution you, cutting corners on your insurance coverage can end up costing you a lot more in the long run, it can even lead to bankruptcy.
Thankfully, there are some cost effective ways to keep your premium within your budget. Our licensed team of professionals will evaluate many factors such as your driving record, type of vehicle and vehicle use, and apply any discounts you qualify for. Most auto insurance carriers also offer a wide range of discounts based on specific criteria, such as good student, retiree, multi-line and loyalty. Discounts vary from company to company. Let us make sure you have the best protection at the most competitive price.
There are several different levels of coverage that make up an auto policy. These are just some of the reasons why all auto insurance policies are not the same. Buying auto insurance is an important decision. We want to help you make the best choice for your specific needs. Here are just a few things to consider:
- Bodily Injury Liability: Provides coverage to an accident victim in the event of a law suit and is required by the Province of Ontario (mandatory coverage for all drivers in Ontario).
- Property Damage Liability: This covers the cost of any damage that your vehicle causes to another person's property. While this usually refers to the other vehicle involved in an accident, it can also include houses, garages, and anything else that is considered "property".
- Uninsured/Under Insured Motorist: Pays for the damages that result from an accident caused by an uninsured motorist. This coverage also pays for damages that exceed the under insured's coverage.
- Accident Benefits: In 2008 the Canadian Government implemented mandatory changes which impact all auto insurance policy holders. Accident Benefits protect the policyholder and his or her family in the event of a collision, regardless of fault. Optional coverage is available for pedestrians who are hit by a vehicle. Additional Accident Benefits options include coverage for: funeral expenses, attendant care along with coverage if an injury results in an ability to work.
- Collision: Covers damage done to your vehicle when it collides with another vehicle or object. One of the most common mistakes made by auto drivers in an attempt to lower the premium is to exclude this coverage. Here are the top 3 issues that arise when you decline collision: no coverage in a hit and run, YOU pay to tow and store your vehicle when deemed at fault and the damage will not be prepared and you will not receive the actual cash value for your vehicle when involved in an at fault accident.
- Comprehensive: Covers damage to your vehicle resulting from something other than a collision. Examples for this would be hitting a deer, broken windshields, theft or flood.
Other Miscellaneous Coverage:
Limited Waiver of Depreciation - this endorsement removes any deduction for depreciation on new vehicles, typically for the first 24 months you own the vehicle. In the event of a total loss, the insurer will pay the lowest amount from the following criteria:
- The manufacturer's suggested retail price
- The actual purchase price of the vehicle and its equipment
- The actual cost of replacing the vehicle with a new one of the same make and model similarly equipped
Accident Forgiveness/Accident Waiver - This endorsement goes by different names, but essentially it protects your driving record and premiums from your first at-fault accident. Many other insurers refer to it as "claims free" discount.
As your insurance broker, we will provide you with a free, written analysis tailored to your specific needs, offering you the lowest price without compromising your coverage!