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moneysense.ca, 22/04/07
Money Tip: Get an Online Quote for Auto and Home Insurance
We purchase our home, auto and life insurance policies from the same agent and we have been clients for about eight years now. Over the years, I’ve obtained quotes from the competition a few times and found that our agent’s rates are always within a $100 of the best available rate. This year the renewal offer arrived in the mail and since the auto premiums were much lower than last year, I almost went ahead and signed the renewal notice.
Fortunately, it is very easy to obtain quotes over the Internet. Bel-Air Direct’s premiums were slightly higher than our agent’s but the quote from President’s Choice was more than $250 lower for home and auto combined. I called our agent and explained to her that I am able to get a lower quote from the competition for roughly the same coverage. She promised to check the quote again and sure enough she came back with a premium that was $200 lower. It wasn’t the best rate but I renewed anyway because I’d rather deal with a person if we do get into an accident.
The moral of the story is to get a few different quotes on your auto and home insurance when it comes up for renewal. It is so easy to let it slide and sign the renewal form at the last minute (I’ve been guilty of this a few times too) but in this case, procrastination could be costing you.
More online quotes: TD Meloche Monnex, RBC Insurance, Kanetix.
NB: You may have noticed that the theme of the website has changed. What do you think? I would appreciate any comments or suggestions you may have.
moneysense.ca, 22/04/07
The new theme is great! Bigger font, everything is easier to read. Great job!
Nice layout.
For me, I’ve found TD MM has the lowest rates. They are a group provider only, so you must be in one of their groups (I’m an alumni of one of the schools they have). I’m sure their rates vary from group to group, so you have to check it out for yourself.
I have used TD MM for over 10 years. Every year for the first 6 I got two other quotes in addition to theirs, and they always had the lowest. I have been more lazy in the last few years. I will get a quote from PC before by next renewal. Thanks for the ingormation.
I’m embarrassed to say that I’ve never ever shopped around for insurance quotes. However I will start when my current insurance comes due.
I did however do something last week that Margot Bai recommended in her book and raised my house insurance deductible from $500 to $1000. My rates went down $21/month so this will pay for itself in no time. I had also done this for my car insurance a few years ago. It seems that having a deductible of $1000 is the optimum amount.
Investoid, Neil: We are eligible for using TD MM. I was unable to get an online quote but maybe next year, I’ll try calling them.
Mike: Our home deductible is already $1,000. Actually, I checked Margot Bai’s book after I wrote this post and found this under “Common Mistakes with Auto Insurance”:
Failing to shop around for the best value for their premium dollars with a reputable insurance company.
I’m glad I did
You made the right choice and i believe that as the years pass you should get a much more lower quote than the usual, this is the trend in insurance and you can read it here in my blog….
http://www.chicagoautoinsurance.net/chicago-car-insurance-getting-that-500-discount/
If the “canadian capitalist” is glad that he did it…well, all i can say is that i am overwhelmed at the replies you get here. How can i have those in my blog?
Thanks…very interesting!
If you are like most people, you have probably stayed with the same auto insurance company since you first purchased your vehicle. If you haven’t compared your auto insurance rates in awhile, it is time to take out that policy and do some comparison shopping. Even if you are perfectly satisfied with your current insurer, it’s likely you can find a low cost auto insurance company and reduce your current rates by hundreds of dollars a year. If none of them offered better rate than what you current have, you are not going to lose anything! Give it a try.
http://www.bestautoinsurance.org/Auto-Insurance-Quotes.html
Once you have your current policy in hand, you have all the information you need to do a quick Internet comparison search with a low cost auto insurance site or comparative site such as BestAutoInsurance.org
John
Auto Insurance is always a mystery for many of us. Following blogs may help understanding Auto insurance in Ontario
http://canadianmoneyplant.blogspot.com/2009/06/understanding-auto-insurance-in-ontario.html
http://canadianmoneyplant.blogspot.com/2009/06/15-practical-ways-to-save-on-auto.html
http://canadianmoneyplant.blogspot.com/2009/06/11-myths-about-auto-insurance-in-canada.html
I hope above links will help
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