Car Insurance Companies

Finding the Best Auto Insurance Company

Choosing the right car insurance company is more difficult than picking a pair of socks for the day. You’ll want a company that is reliable, treats you well, and handles claims quickly. To choose the right car insurance company, there are a few tips you can use to make sure your insurance company is the best option out there.

Visit a government insurance website

Whether it’s city or province specific, visiting the government’s website will let you look into all of the consumer complaint ratios. These ratios will tell you how many complaints are filed per 1,000 claims filed.

Don’t be fooled by big names. Big name insurers can treat their customers poorly because they feel like they can get away with it. Look into the reviews and complaint ratios to get a snapshot of the company and how past and present customers like it. Make a list of car insurance companies as you go and compare the list to the ones that you have quotes from. Look for a company that’s low in cost and complaints.

If you can’t find complaint ratios for your area, look for general reviews and create your own score system. Read at least a dozen reviews and find out if there’s one underlying weakness. It’s best only to look at recent reviews as internal changes to insurance companies happen frequently.

Call your local body shop and ask which insurance company they recommend

It’s the easiest way to find a company that works well with local providers, which is crucial if you are in an accident. Only call shops you trust to ask their recommendations. Remember that body shops interact with insurance companies on a regular basis and can provide valuable insights such as which company has the best claim process and which allows work to be completed the fastest. They may also tell you who prefers aftermarket parts to cut costs.

Check out the J.D. Power Ratings or a similar site

J.D. Power and Associates create their ratings by collecting data from policyholders. They rate the companies according to price, coverage options, claim handling, satisfaction, and overall experience. There is an annual review of major auto insurers and a list of top contenders if you want to skip the personal research step.

Look into the company’s financial situation.

The financial ratings found in the A.M. Best will give you an idea of how able the company is to pay out a claim. You’ll want to work with a company that is in good financial standing and can pay a claim if needed.

For most people, these types of things are only a formality. Many consumers choose to go with well-known insurers or with whoever their friends or family recommend. While that’s not the worst way to pick an insurance company, be sure to also do your research to back up all of the wonderful things you hear.

Compare Prices from Competing Companies

Since the Ontario car insurance market is private and competitive, no two companies will calculate premiums in exactly the same way. This could mean a difference of hundreds of dollars for the same coverage. It’s not that one company is gouging over the other. Underwriting rules are complex and differences do emerge.

Using Ratelab’s car insurance calculator identifies which companies provide the best price for the coverage you need. Match low prices to the results of your previous research and your ideal car insurance provider will emerge.

How Does Car Insurance Companies Work in Ontario

One of the biggest decisions any driver has to make is picking a car insurance company to provide their coverage. While car insurance is hopefully something you’ll never have to use, it’s nice to know that should the need arise you’ll be backed by an understanding company that is capable of providing top-notch service when you need it the most.

In Ontario, car insurance is controlled by the government. The car insurance companies are obligated to offer a certain set of coverages, though many offer policies that extend well above and beyond that point. Personalizing your car insurance ensures you’ll always have the protection you need.

Auto Insurance Law

 In Ontario, there’s a law that mandates drivers have insurance for at least two hundred thousand dollars worth of third-party legal responsibilities. The goal behind this is to ensure that there are adequate funds to cover damages to the other person, their assets, or other needs in the event of an accident. However, two hundred thousand dollars may not be enough and in that case, you would be responsible for any additional financial obligations.

Accidents Profits

Ontario law requires drivers to carry accidents profits coverage as part of their auto insurance policy. This coverage provides for your family if you are killed in a car accident or are not able to continue with your regular life. The coverage pays the cost of the vehicle and more.

Direct-Payment Property Damage

Direct-payment property damage coverage is also obligatory and covers the damages to your vehicle and anything valuable inside your vehicle. This coverage is invoked in the event of an accident where you are found to be at fault.

Other Coverages

Like other provinces, Ontario law requires coverage to include provision for uninsured motorists. This part of the policy covers you if you are involved in an accident with an uninsured driver. The coverage is good for those injured in an at-fault accident with a driver who was recognized or remained present after the accident.

With all of the laws and obligations put on car insurance companies by the Ontario government, finding cheap car insurance may seem impossible. Rather than get frustrated and confused, combat your failed attempts at procuring cheap insurance with a plan for success. A quick internet search or chat with an insurance broker will reveal a host of companies that offer low-cost coverages to suit your needs. Shop for your new policy today to discover how you can save hundreds on your Ontario auto insurance policy.