Auto insurance is a necessary expense whether you own or lease a car. In Canada, in order to drive a vehicle the law requires you to have valid car insurance. It provides you and others with financial protection against traffic accidents and any resulting liability. Insuring your car can be costly depending on your coverage type but most importantly on your age and car model. If your car falls in the sports or luxury segment, you can expect your policy to cost more. The same applies if you’re under 25 years old. As such, you should always be looking for the best deal when it comes to car insurance.
The Benefits of Car Insurance
The benefits of car insurance typically outweigh any costs of the policy – even if just to give you peace of mind. The biggest benefit of car insurance is that it will pay to repair your car should you get into an accident. Car repairs can be very expensive – into the thousands of dollars – and with insurance you only pay your deductible. You are basically protecting your automobile, a large investment in one’s life.
Depending on the type of policy you get, car insurance can also pay to replace your car should it be stolen, or even damaged from something besides an accident – like vandalism or a weather related incidents. This prevents you from having to buy a new car out of pocket. Imagine if you also had a loan on your old car, and you had to repay that, as well as buy a new car. Your policy will protect you every time you hit the road.
That would not be the only reason on why insurance is so important. Without car insurance, you could spend years paying off medical bills, repair and other expenses to accident victims if you are at fault. That worst case scenario that everyone discounts would drain your assets simply because you did not pay a minimal cost for auto insurance.
Know Your Options
In general, basic insurance policies will meet the legal minimum requirements for third party liability. But that in no way means you have enough coverage to meet your needs. It’s very important to make a list of the optional coverages you want added to your policy. Make sure they are included in every insurance quote you obtain. In order to discover these options, don’t hesitate to speak with an insurance broker. Take the time to understand all of your options as it will allow you to pick the right ones for your situation.
It all starts with getting a car quote; this has become fast and easy thanks to online sites such as Rates.ca. All you have to do is provide your vehicle information and driving history. The site will provide you with multiple quotes and connect you with the insurance providers whose quotes you’re most interested in.
Where to Find the Best Deal
Car insurance can be expensive and in Canada the cost varies from one province to the other. Ontario for example boasts the highest insurance premiums in the country. However, it is possible to save a few hundred dollars by getting multiple Auto insurance Ontario quotes. Shopping around is the only way to make sure that you are getting the best deal possible. Don’t be afraid of negotiating and don’t forget that you can save an extra 15%-20% more if you combine your home and car insurance.