While the following list is not exhaustive, when buying auto, home or business insurance, consider:
- What are your specific insurance needs? For instance:
- What coverage is mandatory for your vehicle? What's optional?
- What is the replacement value of your home and its contents?
- Is your business home-based? What risks are unique to your industry? What risk management strategies have you implemented?
- Is there value in bundling several policies with one insurance company? Consider that multi-policy discounts or loyalty programs may be available for:
- Insuring multiple vehicles as well as several drivers who live in the same household
- Adding coverage for your classic car, motorcycle and/or seasonal vehicle
- Insuring your cottage, boat, and/or recreational property with the same company as your primary residence
- Including multiple types of business coverage such as Directors' and Officers' Liability, Commercial Property and Special Events Liability.
- Who can best fulfill my needs? There are different ways to secure appropriate coverage, such as buying:
- Directly from a private insurance company, through a call centre or website (companies that sell insurance this way are called "direct writers")
- Through an agent who sells insurance for just one company
- Through a broker who deals with multiple insurance companies
- Where to find an insurance representative?
- Looking for a direct writer? You can contact the Canadian Association of Direct Relationship Insurers (CADRI) or call 416-773-0101 for a list of CADRI members.
- Considering an insurance agent? You may want to ask a trusted relative, friend or business associate for a referral.
- Seeking a broker to investigate the marketplace on your behalf? In addition to a personal referral, you can also contact your provincial insurance brokers' association or the Insurance Brokers Association of Canada.
- Require a broker for a specific insurance company? Contact the insurance company directly or visit its website. The company will be able to direct you to an appropriate broker.
- Ready to interview a potential insurance representative? Questions you may want to ask include:
- Are you appropriately licensed in this province? To verify that an agent or broker is licensed to sell insurance, contact the licensing body for your province.
- Are these the lowest policy prices?
- How can I save money by changing my deductible?
- What are the cancellation rules?
- Is the claims service available 24/7/365?
- If I'm in a vehicle collision and it's my first one, how will it affect my premium? What happens after one or more speeding tickets?
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