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Car Insurance Buying Checklist: How To Find The Right Coverage - GetInsuranceQuotes.ca

June 6, 2013

Car insurance is a necessity for millions of people around the world. Unfortunately, far too often, people make the process of purchasing car insurance much more difficult than it needs to be. By using a basic checklist, drivers can navigate through their various coverage options and price quotes that they receive, allowing them to choose a car insurance option that will provide them with the coverage they need at the best price. Although the items on this checklist can be adjusted to fit the individual needs of drivers, following this basic checklist will expedite and simplify the process of purchasing car insurance.

Inside the checklist, drivers will discover:

  1. How to determine the proper liability coverage.
  2. What coverage is needed for car loans and leased vehicles.
  3. The importance of knowing one's driving record.
  4. How to understand all of the coverage options.
  5. The best ways of learning about insurance companies.
  6. How down payments and fees may be applied.

1. Determine How Much Liability Insurance is Needed

Every driver must have insurance that meets the minimum legal third party liability requirements. However, the minimum liability requirements are rarely enough coverage to meet the needs of most drivers. Before anyone begins their car insurance search, it is recommended that drivers determine how much liability coverage they will want to carry beforehand. A car insurance policy that only meets the minimum legal requirements may be cheaper than a policy with more coverage, but they will be putting themselves under significant financial risks. Drivers should take the opportunity to discuss the appropriate liability coverage for their lifestyle with  an insurance professional. After deciding the proper limits for their situation, they should then receive price quotes based upon those limits from various companies.

2. Is the Car Leased or Under a Loan?

In the past, drivers with leased vehicles or car loans had the option of adding collision and comprehensive coverage to their car insurance policy. Today, anyone with a leased car or a car loan must have collision and comprehensive coverage. In order to meet loan requirements, lenders now require drivers to carry both of these types of coverage. Before they begin the car insurance shopping process, drivers should verify the insurance requirements outlined by their lender.

3. Know Their Driving Record

When shopping for car insurance, it is important for drivers to know any tickets or infractions that may be on their driving record. It is equally important to know when any accidents or speeding tickets will drop off of their record. When car insurance companies process policies, they obtain the driving record of their clients, so withholding information on previous tickets or accidents is useless. Any tickets or accidents on a driver's record can result in a much higher premium than what drivers may have been quoted. Therefore, it is in every driver's best interest to be forthcoming with this information from the outset.


4. Knowing Coverage Options

Insurance policies come with many forms of optional coverage. It is important to know these coverage options and decide which ones a driver would like to have added to their policy before obtaining quotes. Having them included in quotes will give them a more accurate idea of what their premiums will be like. The type of coverage a driver chooses depends upon their individual needs. Those with newer vehicles may want to consider adding a depreciation waiver. For drivers without CAA or other forms of roadside assistance, this option may prove valuable as well. For drivers that travel frequently for business or pleasure, adding rental car coverage could save them quite a bit of money as well. Drivers can learn about all of the coverage options available to them and pick the best ones for their situation by speaking directly to an insurance professional.

5. Learn About the Different Car Insurance Companies

There is much more to deciding on a car insurance provider than rates alone. It is equally important to choose a company that is well-respected within the industry, has a solid reputation for providing excellent customer service, and has a first-class claims department. Learning about the reputation of an insurance company a driver is considering, is a vital ingredient to any car insurance checklist. In addition to receiving multiple quotes in a matter of minutes, the Internet also allows drivers to quickly and easily read countless reviews from past and current customers that provide valuable insight about a company's reputation.

6. Find Out Details Regarding Fees and Down Payment

Before any driver switches to another car insurance company, they verify the down payment amount or any fees that may be required to start the new policy. In most cases, drivers must also pay a fee to cancel their old car insurance policy before the policy's expiration, so fees for this should also be determined. Various fees such as these are important considerations. Knowing these in advance will prevent any surprise fees that may appear on the final bill from their old company or the first bill from their new car insurance company.

People that use this checklist while shopping for auto insurance Ontario, auto insurance Alberta or elsewhere in Canada will find that it can simplify the car insurance shopping process and make it much easier. Not only will following the items outlined in this checklist help drivers receive the best auto insurance quotes and choose the best company, but it will also help them select the coverage options best suited for them. It may seem complicated at first, but when drivers determine their needs, compare the best options that are available to them, and select a company that fulfills their needs the best, shopping for car insurance is a simple and straightforward process. For those getting ready into the next stage of purchasing car insurance, it would be wise to review the list of essential documents for securing car insurance.

Drivers who follow this checklist and check off the boxes as they go along will be able to get behind the wheel with the peace of mind that comes with knowing they have chosen the right policy with the right company.