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Three questions you should ask before buying auto insurance

Three questions you should ask before buying auto insuranceWhen the time comes to purchase auto insurance, the choices can be overwhelming. Knowing who to ask about what to buy is as important as knowing what to buy. And a recent poll by Leger for President’s Choice insurance found that many of us aren’t taking advantage of the informed sources available to us. Of the 1,500 people surveyed online, the survey found that most people turn to their parents or friends for advice. That, says Kathy Buckworth, parent, author and Chief Family Advisor for PC Financial services may be a mistake. “While family and friends have our best interests at heart, insurance brokers can offer the professional expertise and knowledge to help you make the best insurance decision based on your individual needs.”

What should you ask an insurance broker? Start with these questions to make sure your insurance needs are going to be met.

  1. Am I paying more than I need to?
    When asked whether they would rather pay more for insurance or risk not having enough coverage, 62% of Canadians said they were more concerned about cost. That fear trumped any of the other fears listed in the survey. Add to that the fact that 39% are nervous about their rates going up after a claim and you’re left with a lot of people worrying about the cost of their insurance. Knowing what you need in an insurance policy by having an open and frank discussion with your broker can help to make sure that you have enough information to compare rates and competing offers, and help to alleviate some of those concerns.
  2. Am I asking the right person?
    Mom and Dad are great for anecdotal advice, but your specific needs are going to be best addressed by a professional. Despite this, the survey found that most of those surveyed –(59% of young Canadians age 18-34)–) are still asking Mom and Dad for their insight rather than someone with insurance expertise. That’s great if your parents have good information but many of them aren’t nearly as well informed about options as a broker would be. Consider family input but make sure you also seek out information from someone who does this for a living.
  3. Have I checked with enough different insurers?
    That recommendation from Mom and Dad shouldn’t mean that you don’t compare your options. The survey found that 41% of respondents indicated that they generally look at two or three quotes. More than one third said they do their own research into home and auto insurance, although approximately three in ten will turn to an insurance broker or a family member for advice. That’s not enough. Offers can vary widely between brokers. At PC insurance, brokers compare up to 9 providers. Take advantage of the expertise that PC insurance offers by seeking out the help and information you need and deserve.

    About the Survey
    The survey of 1,500 Canadians was conducted for PC Financial Insurance Broker Inc. between July 25 and July 31, 2014 using Leger’s online panel LegerWeb. A probability sample of the same size would yield a margin of error of +/- 2.5 per cent, 19 times out of 20.

General information not about PC insurance products is provided for your reference and interest only. The above content is intended only to provide a summary and general overview on matters of interest and is not a substitute for, and should not be construed as the advice of an experienced professional. PC insurance does not guarantee the currency, accuracy, applicability or completeness of this content.

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