Getting multiple car insurance quotes is one of the best ways to save money. But comparing quotes effectively requires understanding what to look for. This guide explains how to compare quotes to find the best value.
Why Comparing Quotes Matters
Insurance companies use different formulas to calculate rates. This means the same driver can get significantly different quotes from different insurers. Comparing at least 3-5 quotes can reveal savings of hundreds of dollars per year.
What You Need to Get Accurate Quotes
Have this information ready before requesting quotes:
- Driver's license number for all drivers
- Vehicle information (year, make, model, VIN)
- Current odometer reading and estimated annual kilometers
- Address and where the vehicle is parked
- Driving history for the past 6 years
- Current insurance details (if applicable)
Comparing Apples to Apples
The most important rule when comparing quotes is ensuring you're comparing the same coverage. A lower quote with less coverage isn't a fair comparison.
Coverage Limits to Compare
Make sure each quote includes the same:
- Third-party liability: Ontario minimum is $200,000, but most experts recommend at least $1 million or $2 million
- Collision coverage: Pays for damage to your vehicle in an accident
- Comprehensive coverage: Covers theft, vandalism, weather damage
- Accident benefits: Medical and rehabilitation coverage
- Uninsured motorist coverage: Protection if hit by an uninsured driver
Deductibles
Ensure deductibles are the same across quotes. A quote with a $1,000 deductible will be cheaper than one with a $500 deductible, but you'll pay more out of pocket when making a claim.
Endorsements and Add-Ons
Check that optional coverages are consistent:
- Rental car coverage
- Roadside assistance
- Accident forgiveness
- New vehicle replacement
What to Look for Beyond Price
Claims Process
Research how each insurer handles claims. Look for reviews and ratings about their claims process. A cheaper policy isn't valuable if the claims experience is difficult.
Financial Stability
Choose an insurer that is financially stable and will be able to pay claims. Look for companies licensed by the Financial Services Regulatory Authority of Ontario (FSRA).
Customer Service
Consider customer service quality. Can you reach them easily? Do they offer online account management? What are their hours of operation?
Discount Opportunities
Some insurers offer more discount opportunities than others. Consider whether an insurer offers discounts you can take advantage of, such as:
- Multi-policy bundling
- Usage-based insurance programs
- Professional association discounts
Red Flags to Watch For
- Quotes that seem too good to be true
- Pressure to make an immediate decision
- Unclear coverage details
- Unlicensed insurers
When to Compare Quotes
Compare quotes:
- Before your renewal date (at least 30 days before)
- After major life changes (moving, buying a new car)
- Annually, even if you're satisfied with your current insurer
Start Comparing Today
Take 15-20 minutes to compare quotes and you could save hundreds on your car insurance. Make sure to compare equivalent coverage levels for accurate results.
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