Owning a car in Toronto means that Toronto auto insurance will be a part of your life. Obviously, you will be required to purchase one but that doesn’t mean that you can’t save a few dollars during the process. We’re not telling you to automatically go for the bare minimum coverage, it is after all the cheapest, but we are here to offer some tips that you can implement in order to get an unofficial discount.
Understanding How Brokers Work
If you think that your broker is able to scour the entire internet and industry for the lowest rates offered, it’s time to quickly burst that bubble. In reality, the rates and packages that they suggest are based on a limited number of sources or insurance providers that they’re affiliated with; usually a broker is affiliated with four to five insurance providers. In short, agent of insurance companies don’t look around the market and the rates and packages they offer come only from those that they are directly in association with. Toronto alone has dozens of insurance providers, so the best way to be sure that you’re getting the best available rate and offer is by searching on your own; imagine how disappointing it would be if you’ve already signed up for an insurance package offered by the broker and finding out that another company has a better coverage for the same price.
How About Increasing Your Deductible?
In the insurance world, deductibles are the fees that a policy holder has to pay before the insurance provider covers specified expenses relevant to the claim. Typically, higher deductibles mean lower premiums so by opting for a pricier deductible the premium rate that you constantly pay for will be lowered. Keep in mind that the deductible rate you choose has to be affordable considering your budget, it is after all an out-of-pocket expense.