Why do we shop around for auto insurance?
Insurance is a must-have; auto insurance especially, as its purchase is mandated before your vehicle can be considered “road-legal.” That doesn’t mean that Quebec drivers love the idea of spending extra money on top of their car loans, gas costs, etc. This is why it’s important to shop around for auto insurance! Shopping around for auto insurance is one of the most guaranteed ways to save money on your auto insurance rates. You can do this by yourself, or you can enlist the help of a broker – like your friendly advisors here at Panda7 who have access to the most competitive insurance markets in Quebec and can help you find the lowest possible rates.
Bottom line: we shop around for auto insurance to help us save money. But there’s more to it than that. When is the best time to shop around? How do we shop around? Is it worth it to shop around? We’ll answer all these questions and more in this article.
First, let’s dig into what are the best times to shop around for auto insurance:
When is the best time to shop around for auto insurance?
There are a few different times where it might be ideal to shop around for a better rate for your auto insurance. Those instances may include:
- When you’ve purchased a new vehicle.
- If you’re dissatisfied with your current savings opportunities and want more options.
- If your auto insurance is coming up for renewal.
- If an accident or ticket has been wiped off your driver’s record.
We’ll detail these situations further below -
Purchasing a new vehicle
Before you are permitted to leave the dealership with your shiny new ride, you’ll first need to secure insurance. Purchasing a vehicle can be an extremely expensive endeavour, so it’s important to save money where you can. Shopping for the lowest possible insurance rates is a good way to do that. Insurance rates can even impact your purchase, particularly when you’re purchasing a brand-new car, so it’s a good way to examine all potential insurance premiums before committing to your purchase.
Dissatisfied with your current savings
Different insurance companies offer different savings opportunities. For instance, one company may offer loyalty discounts, where another company may offer discounts for having graduated from a particular university. It varies! If you’re looking for more savings, you should do your due diligence to shop around for opportunities to save. A broker is a great asset to have for this process. Note that each insurer charges different rates based on their own statistics!
Auto insurance is up for renewal
If your insurance is up for renewal, then there’s no better time like the present to begin shopping around for a better rate. Your existing insurance provider may offer you a renewal in advance of your present insurance policy expiring, which will contain a new insurance rate that you’ll be required to pay to stay insured. This new rate can be a new basis for when you start shopping around.
Why & how do we shop around for auto insurance?
Shopping around for auto insurance quotes can pay off. Auto insurance can be an expensive cost to add onto your other monthly bills if you aren’t careful about where you get it.
We shop around for insurance namely to save money, but it also helps us to get more comprehensive coverage (as different insurers will offer different options) and we shop around because, well, there’s nothing to lose by simply looking at what’s available. Motorists can save money by switching insurers, and they may be able to find the same level of coverage for a more affordable rate – simply by going through another insurer. You can even show the new quote to your existing insurer to see if they’ll match that rate and save you the trouble of having to switch altogether.
How do we shop around for insurance? Well, there’s two ways. You can go about it on your lonesome and compare quotes from as many different auto insurance providers are you’re capable of doing. This can be a long and arduous process, but odds are you might find a few quotes worth your time.
Option two is to work with a broker. This is the best option as working with a broker gives you access to quotes that may not be available on the general market, and a broker can give you all the necessary advice you need – based on your needs and situation – to help you get the coverage you require. They’ll find you tailor-made policies where you don’t have to pay for any more than you need. Plus, the amount of money you’ll save will do more than offset the fee they charge – so you’ll receive savings and have an advisor in your corner! They’ll even work hard to negotiate on your behalf if you have to make a claim.
Panda7 can help you get lower rates for auto insurance. We’ll get to know you, how you use your car, and more to help find a customized policy built just for you. Get a quote with us today.
