Whether you are purchasing your first vehicle or adding another car to your fleet, you need auto insurance. A professional insurance broker can help.
With so many options, it can be difficult to decide. Fortunately, there’s someone available to help. From answering your questions regarding the best rates, coverage options and the high-risk auto insurance process, you should consider turning to an insurance broker in Ontario.
What Is an Auto Insurance Broker?
Think of an insurance broker like a sports agent. A sports agent represents his or her athletes and works for them to find the best deal among all the teams in a given sports league.
Your broker will operate in the same manner (but unfortunately won’t find you a sports deal that will pay you millions). While an insurance agent works on behalf of one company, a broker represents a variety of companies and works directly with you to find the best rates based on the coverage you desire.
The Benefits of Using an Insurance Broker
There are more than 100 insurance companies operating in Canada. As you can probably imagine, it can be exhausting to shop around and determine which company is best for you and your unique needs. But there’s a way to reduce that stress.
Here are five reasons you should consider using an insurance broker in Ontario when looking for auto coverage.
1. Personalized Service and Insurance Education
An insurance broker is not employed by an auto insurance company. The broker acts as an independent contractor representing you. Therefore, you never have to worry about biased opinions and know the person will present you honest information, quotes and guidance.
A broker will also educate you regarding important new laws and insurance changes. For instance, in 2016, the Insurance Brokers Association of Ontario found that less than half of Ontarians were aware of an upcoming insurance change and how it would impact their rates. Your broker will understand these changes and will pass along that information to you.
2. Knowledge of the Ontario Insurance Market
Auto insurance is required by law in Canada, but each province has specific rules. National insurance companies and their agents will know the federal requirements but might not be as knowledgeable about local coverage rules.
For instance, an insurance broker in Ontario will know the standard policy must include the following coverage:
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- Minimum of $200,000 in third-party liability, but your broker may recommend up to as much as $2 million in coverage depending on your circumstances
- Statutory accident benefits
- Direct compensation – property damage (DC-PD)
- Uninsured automobile
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3. Additional Discounts to Save You Money
Since a broker works for you and not the company he or she represents, your broker will constantly shop around for the best deal to match the coverage you request. In addition, a broker in Ontario will be aware of any local insurance discounts for which you might qualify, lowering your monthly premiums.
It also won’t cost you extra to work with a broker. All of the services provided are done free of charge in exchange for purchasing your insurance through that person.
4. Assistance With Claims and Settlements
An insurance broker will do more than just find you the best rate for the coverage you need. Your broker will also act as your advocate if you need to file an insurance claim. Should your claim involve a settlement or payout from your insurance provider, your broker will help you negotiate a fair payment in a timely manner.
5. High-risk Auto Insurance Coverage Options
There are some instances where you might not qualify for normal insurance coverage. Some examples include a high number of at-fault accidents or failure to pay your premiums. In that case, you’ll need high-risk auto insurance.
If your insurance is cancelled or you are declined coverage, your local insurance broker will assist you through the process of obtaining high-risk auto insurance. Your broker will also offer suggestions to help you remove the high-risk designation from your record, such as safe driving tips and local defensive driving classes.
Start Working With an Insurance Broker in Ontario Today
When you’re shopping for auto insurance coverage, consider using a broker. Leave all the hard work in someone else’s hands so you can enjoy your new car.
If you’re shopping for new auto insurance or just looking to compare rates, get a free quote today from Easyway Insurance brokers. Whether you’re interested in standard coverage or high[risk auto insurance, our experts will find the perfect policy to match your unique coverage needs.