When it comes to buying auto insurance, Ontario brokers, agents, or direct writers will be the people you will be dealing with in this province. They are the only people through whom you can buy protection for your car here. While brokers sell insurance for more than one company and will give you rate quotes from all the companies they represent, agents sell insurance for just one company. Meanwhile, direct writers are those companies that choose to use a call centre to reach consumers directly, instead of going through agents.
No matter what channel you go through to buy your policy, the basic coverage plans across the province are the same. What is different, however, is the company’s position in the marketplace and its ability to offer you lower rates. While it may not appear obvious, insurance companies know they operate in a very competitive industry, and they change their rates accordingly when they need to.
Shopping around is the only way you can guarantee you are getting the best deal for your dollars. Talk to various brokers and agents and do not be afraid to ask for advice. Check out any discounts insurers may be offering. If you protect more than one vehicle on the same policy, or if you have multiple drivers, chances are you will be able to score a discount.
Know exactly what kind of coverage you need. Third party liability auto insurance Ontario mandates you buy as minimum protection. That is regulated by the Financial Services Commission of Ontario, part of the Ministry of Finance, and there is no negotiation. However, you will likely want, if not need, more protection for your own peace of mind.
The provincial government also requires insurance companies to offer a $300 deductible for comprehensive coverage and a $500 deductible for collision coverage. However, you might want to consider a policy that has higher deductibles. Raising it even an extra few hundred dollars could greatly reduce your premiums.
With its almost year-long winter season, this province also provides the perfect opportunity to get into snow sports. One of the most popular is snowmobiling, but don’t let its off-road nature fool you into thinking you don’t need insurance – you do. Unless you are driving on your own private property, auto insurance is a must for all snowmobiles. The same goes for motorcycles; once you venture off private property, you are legally required to have the proper protection, and we’re not talking about helmets!
Wherever you buy your auto insurance, Ontario or elsewhere, it is important to be on the lookout for scams that offer cheap coverage packages that in effect do not actually exist. People claiming to be licensed insurance brokers or agents have managed to scam thousands of people into false plans, which they often only discover after it’s too late. Make sure anyone trying to sell you insurance is legally allowed to do so by checking on the Insurance Agents Licensed in Ontario website at fsco.gov.on.ca
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