So here’s a question I get often. Eric, I’m quoting my auto-insurance with like five different companies and they’re all different rates, yet it’s the same coverages. I don’t get it. Well a couple things to understand. First off, each insurance company files to the government their
rates, usually quarterly, maybe it’s twice a year,
they file their rates and the Ontario government
either approves them or doesn’t approve the
rates that were submitted. So each company based on
their financial strength, or based on the type of
insurance that they’re offering, or the target market
that they’re going after, will have different rates than
other insurance companies. So it can be quite frustrating
when you’re quoting apples to apples the same coverage, but you’re getting five different rates. Also too, understand that
when you’re getting quotes that one broker may
quote you less coverage or more coverage than the
other agent or broker. So understand and make sure
that you’re actually getting the quotes from them and comparing them and making sure that you’re
looking line by line, that you’re getting the
exact same coverage quoted so you can make the
best decision possible. Highly advised to really
sit down with somebody to really go through it to make sure that you’re being taken care of, that you’re getting the
right coverages quoted. You don’t wanna be in a
situation where you’ve just gone with the lowest price and
sacrifice the coverage, the very important coverage that you need on your auto-insurance policy. Hopefully that’s answered
the question this week. As always, down below you can put in your questions to have them answered. We’ll get ’em in line with all of the other questions to be answered. And make sure that you know
your auto-insurance policy.