6 Ways To Save Money On Auto Insurance In Ontario

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1 6 Ways To Save Money On Auto Insurance In Ontario

2 6 Ways to Save Money on Auto Insurance in Ontario Contents Contents 01 Introduction 03 Auto Insurance 101 Mandatory Coverages 05 Auto Insurance 101 Optional Coverages 07 The 6 Ways to Save

3 6 Ways to Save Money on Auto Insurance in Ontario McDougall Insurance & Financial McDougall Insurance & Financial McDougall Insurance & Financial has been successfully operating for over 65 years. We have grown to include over 150 employees and 22 offices, from Oshawa to Ottawa Valley. As the largest brokerage in Eastern Ontario, we represent over 25 insurance companies, offering you optimal selection and competitive rates. Our online service provides reliable 24/7 connection with the same dedication and genuine care we consistently provide in-house. When you choose McDougall Insurance, you get ongoing quality service for life. We re real people working for you, since Expertise Our expertise extends from personal insurance (home, car, cottage, ATV, snowmobiles, boats, personal umbrella insurance etc.) to commercial insurance (everything from buildings to bonding) and also financial services (including Life insurance, disability and a host of ways to protect you personally).

4 6 Ways to Save Money on Auto Insurance in Ontario McDougall Insurance & Financial The Author Kelly McKinney, MBA, has extensive experience, first in personal insurance and now in commercial insurance, concentrating on large commercial accounts, especially complex municipal accounts and non-profits who require Directors & Officers Insurance as well as unique coverages. At the heart of his expertise is liability insurance, which concerns all facets of insurance. Contact your broker at McDougall Insurance & Financial to find out how you can save money on auto insurance in Ontario. Call

5 6 Ways to Save Money on Auto Insurance in Ontario Introduction Introduction Before we get to the Top 6 List there are few things you need to know about insurance in Ontario. The Government Auto Insurance is highly regulated by the government, which is why insurance people seem inflexible. You can t bargain with an insurance person because you have a great track record or are a good customer. The government dictates how auto insurance is transacted and each company must file rules about what they can and cannot accept. Did you know that insurance companies have to ask the government before they can get an increase or decrease in auto insurance premiums? That is regulation! 03

6 6 Ways to Save Money on Auto Insurance in Ontario Introduction Broker, Agent, Insurance Company??? There are a few distinctions that will help you decide how you buy insurance. Insurance Companies An insurance company is a company that sells insurance! There are approximately 200 in Canada. They can sell directly to the consumer, like Belair Direct or through insurance brokers, like Intact Insurance. Some, like Cooperators or State Farm sell through agents. Insurance Brokers A broker is someone who works with several different insurance companies and prides themselves on matching the right person to the right insurance company for the best price and coverage. These brokers earn commission from the insurance companies. Insurance Agents An agent is someone who works for one company and they hope their insurance is right for you. The problem is as your needs change, they stay the same. An insurance broker, like McDougall Insurance, has more flexibility to take care of your needs. An insurance broker has more flexibility to take care of your insurance needs. 02

7 6 Ways to Save Money on Auto Insurance in Ontario Auto Insurance 101 Mandatory Coverage Auto Insurance 101 Mandatory Coverage Mandatory Coverage In Ontario, the government regulates that individuals must carry the following coverages: Liability (for Bodily Injury) Liability (for Property Damage) Direct Compensation Uninsured Motorists Accident Benefits. Liability Coverage Liability Coverage protects you from damage you do to others or to property in an accident. In Ontario, $1,000,000 liability is common, but at McDougall Insurance we recommend that everyone should have $2,000,000. Specifically, we do this because in the past several of our clients have been sued in excess 03

8 6 Ways to Save Money on Auto Insurance in Ontario Auto Insurance 101 Mandatory Coverage of $1,000,000. We believe people should have higher limits to keep pace with today s litigious society. At the same time, increased liability is still very inexpensive. Direct Compensation In Ontario we have something called no-fault insurance, which means regardless of who is at fault, each insurance company pays for the damage to each car. Part of your premium is for this protection. Accident Benefits The government includes basic medical benefits for all drivers to protect them in the event of injury. However, there are options to purchase additional coverage. We recommend you consider additional coverage, based on your health plan at work and your family s needs. For example, customers who are single and just started out have very different needs from retired people with assets. They also have different needs from a young couple with a new family. Some customers will have a comprehensive plan through their employer and may not need to purchase additional coverage. Uninsured Motorists Experts estimate that 12-15% of drivers in Ontario do not carry insurance. You need protection from these people who operate outside the law. Part of your premium is for this protection. 04

9 6 Ways to Save Money on Auto Insurance in Ontario Auto Insurance 101 Optional Coverage Auto Insurance 101 Optional Coverage Optional Coverages The government allows you to make your own decision on the following: Collision Comprehensive Coverage Loss of Use Damage to A vehicle you don t own Claims forgiveness Waiver of Depreciation Collision Coverage If you are in an accident where you are deemed to be at fault, you need collision coverage to protect the physical damage to your vehicle. This also protects you in a hit & run and parking lot accidents. 05

10 6 Ways to Save Money on Auto Insurance in Ontario Auto Insurance 101 Optional Coverage Comprehensive Coverage This coverage protects you from fire, theft, vandalism, falling objects, and collision with an animal. It also covers glass repairs. Loss of Use (Rental Car Coverage or OPCF 20) This coverage allows you to rent a car while your vehicle is being repaired. Damage to Non-Owned Vehicle (OPCF 27) This is the coverage you should have if you ever rent a vehicle while travelling. It saves you paying the rental car company insurance rates, which are usually per day. The coverage is good anywhere in Canada and the continental U.S. For more details, make sure you ask your broker before your trip! Claims Forgiveness You have earned a good driving record. We want to see you keep it. Claims forgiveness allows you to protect your driving record. For example, most companies give you credit for 6,7,8 years of driving without an accident. If you don t have claims forgiveness they may reduce your driving record from an 8 star rating to a o star, which means you pay more money! Waiver of Depreciation This coverage will waive depreciation on your vehicle, usually for 24 months. This means that if your new car is in an accident a year after you buy it, you can replace it with a new vehicle. 06

11 6 Ways to Save Money on Auto Insurance in Ontario The 6 Ways to Save The 6 Ways to Save The Top 6 List 6 Find an insurance broker that you trust and you like. You should always do business with people you like, it s much more fun. But remember you are not buying insurance just to have a liability card in your wallet. Imagine you are in an accident. Do you want to contact a call center half way around the world and hope you can understand the issues? No, you want to sit across from the person who sold you the policy and get their best advice! Ask your broker to shop around and show you 5 the options. You are the customer. You deserve to see the options. Your prices of insurance should not be kept in a black box hidden 07

12 6 Ways to Save Money on Auto Insurance in Ontario The 6 Ways to Save from you. Your broker will show you the options and also show you what drives your insurance premium. 4 Look at Deductibles You will save money if you go from $500 to $1000, but make sure the saving is worth the heart ache if you do have a claim. Talk to your broker and ask their advice. 3 Don t make claims! This sounds silly, but it is true. If you bump into a tree or garage door, it will be considered at fault accident. Pay for the repairs yourself. Ask your broker what he/she would do in your shoes. 2 Ask what discounts are available? Your broker will tell you if there is a good student discount, a mature driver discount, a discount for loyalty ask! 1 Review your insurance every year and then forget about it. You don t need to worry about your insurance, your broker does that for you. Unless you have a change, you can review your insurance once per year, and then forget about it! 08

13 Call your broker at Find out how you can save money on auto insurance in Ontario Call

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