Car insurance is all about the detail

Written by: Vivek Jacob
July 5, 2021
Car insurance is all about the detail

The world of insurance doesn’t make sense but yet it’s something so many of us have no choice but to deal with. In the words of Chris Rock, if insurance is for when “sh*t” happens, shouldn’t you get your money back if “sh*t” doesn’t happen??

We all know that’s not how it works and so we’re here to help you make the best of it. Over the course of this series, we will discuss insurance for cars, property, life, and critical illness so stay tuned as they all can be pertinent for you. For now, let’s dig into cars.

Who?

The first big question you want to ask yourself is who to trust for your car insurance needs. The last thing you want when you’re faced with a situation in which you need to make use of your coverage is having a company that makes a difficult circumstance even worse.

Lowestrates.ca is a great starting resource for finding a great rate but don’t let a small difference in the annual premium distract you from reliable names like Sonnet, Intact, or even one of the major banks that provide coverage. Asking your circle of family and friends to compare and contrast can be a great eye-opener as well.

Sell yourself

Remember when you went to driving school in high school just to get a little bit of help on what was going to be an insanely high insurance rate for you? Well, there’s more on the table for you to benefit from as you search for the best option.

Some companies offer alumni of different educational institutions discounts, others reward good driving habits like no traffic tickets on your record for the past three years or no at-fault accidents ever. Some will even offer a discount if you’re willing to install an app that monitors your driving habits. If this plays into you getting a better rate, why not? Even something like how long you’ve been insured can go a long way.

Devil is in the details

Collision coverage may be simple enough but do you fully understand comprehensive coverage and when it might not be for you? How much does your car getting keyed or mother nature doing damage really matter if you’ve got a car that’s over 10 years old and on its last legs anyway? If it’s a newer car then of course it makes sense but understand that when you can customize your car insurance it will benefit you most when you tailor it best to fit your needs.

How much of a deductible do you need for comprehensive? How much do you need for collision? Do you need potential rental costs after an accident covered? Accident forgiveness? Family protection (that protects anyone in the car with you, not just your family)? These are all questions you should be asking yourself when sorting out the best plan for yourself.

More than one car?

With more people working from home now, having more than one car for the household and paying full insurance on both can make little sense. See how much can be gained from just having one or maybe even both in pleasure driving status if that fits your needs. If you’re only using one of the vehicles then look at removing road coverage completely for the other and just having fire and theft coverage.

No insurance company is going to work these things out for you so it’s important that you stay in control. With more companies offering their services exclusively online, you can sift through it yourself instead of feeling weighed down by someone giving you nothing but insurance jargon.

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