. . . Makes the Cars Go Around.  

Let me tell you what the insiders know about saving their insurance dollars and what you need to know to save yours too.

I’m asked all the time; how do I get the best insurance rate? Am I being ripped off? Which insurance company has the best rate, and which policy has the best coverage for the best price? If you buy cheap does it affect your claim’s service?

Here’s the “Believe It or Not” Truth.

Starting with; if you buy cheap, does it affect your claim’s service?

Absolutely Not.                      

When you get into a car accident I can assure you that the insurance adjuster does not run down to the underwriting department to see how much you paid for your car insurance to determine if they’re going to treat you fairly or not.

The fact of the matter is that the same insurance company can be hugely expensive for one driver; while at the same time have the best price for another.

What you need to be concerned about is how the adjuster determines whose fault the accident was, and fight like crazy to make sure you’re not labeled either “partially” or “at fault” for the accident if you weren’t, as that could double your rate for 6 long years.

Which insurance policy has the best coverage for the best price?

Each province has their own insurance policy outlining their own coverage’s. Although, within each province the auto insurance policy is identical - word for word.

What you need to be aware of is that within each province there are dozens of insurance companies selling the “same policy” for a “different price.”

Like a can of Coke.  You can buy it from the corner store for much less than at a sporting event.  Same Coke, different price.  Same insurance policy, different price.

Which insurance company has the best rate?

No one insurance company has the lowest rate for everyone, but one company will have the lowest rate for you.

All you driver’s who are with your “parent’s insurance company” because they got a good rate, are probably overpaying.

“Referrals” from family and friends are generally useless when it comes to finding the best priced insurance company for you.

Am I being ripped off?

If you think you’re being ripped off, you probably are.

People drive miles to save a couple of cents on gas, although these same people could be paying $100’s, even $1,000’s more than necessary every year, for their insurance.  And it’s not like you can get this money back when you realize that another company was $500 cheaper.

If more people understood that there are vast rate differences being charged for the same policy by each insurance company, they could possibly save an amount equal to what they pay annually in gas.

Here’s an example of 7 insurance company’s rates published by the Financial Services Commission of Ontario.  This example is a fair representation of the spread of insurance rates in the other provinces too.

This example is based on a female driver with one accident.  It not only depicts the huge different rates between insurance companies. It also shows the price differences in different postal code areas with the same company. 

Resource: http://www.fsco.gov.on.ca/

Drivers in the provinces where government auto insurance exists, only have the option of adjusting their coverages and deductibles to decrease their rate, or move!

How do I get the best insurance rate?

You need to compare what you’re paying right now, to what’s available in the marketplace.

This is especially important for Ontario drivers as your insurance coverage for the treatment of minor injuries from a car accident is going to be slashed from $100,000 to $3,500 when your policy is up for renewal after September 2010.

For this huge decrease in coverage you may only see a 1% savings in your premium. You would be much better off to switch to the lowest rated insurance company before September. 

From this rate example, if you were insured with Dominion Insurance in Toronto at $7,968 and switched to Chubb at $2,304 today, you would not only save $5,664, but you would be able to keep your $100,000 coverage for Accident Benefits until your policy renews next year.

You need to go online and compare rates.  I have set it up for you to compare 30 insurance company’s rates for free at www.RomanovReport.com.

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