Shopping around for car insurance quotes is a great way to save money but it can be time-consuming. So why not let somebody else do the work for you? An insurance brokerage is a business that represents a number of different insurance companies so they are ready to obtain some auto insurance quotes for you! Insurance brokers know which companies work best for your situation, or the set of influencing factors that affect your quotes.
Factors Influencing Your Car Insurance Quote
To make good comparisons, your quotes should be based on the same set of factors, some you can change and others you cannot. Here are the main factors that affect your auto insurance quote:
Your Driving Record: The cleaner your record, the better of course. If you have had any at-fault accidents, this can increase your rates, often not for the first one but certainly if a second one has occurred. But don’t despair – it is well worth getting some different quotes for comparison.
Your Vehicle: New vs. used – obviously it costs more to replace/repair a new car vs. a used one so that affects auto insurance quotes. Also some car makes and models are more frequently stolen than others so another consideration when buying a new or used car.
How Much You Drive: It makes sense that the more you drive, the greater chance of being in an accident so this has a direct influence on your rate. Do you have a long commute? Do you use your vehicle for work? Etc.
Where You Live: It’s a fact that living in a large metropolitan area costs more for insurance simply because there are more vehicles on the road.
Your Age: Young drivers or new drivers have less experience so insurance does cost them more. The longer you have had a good driving record, the better your car insurance rates will be.
Other Factors: other influencing factors include: amount of coverage; choosing higher deductibles can lower your rates; having your home or property insurance with the same insurer can earn you discounts on both policies; other drivers of your car; etc.
Let an Insurance Broker Do the Shopping
Unlike an insurance agent who works for one insurance company, or a bank selling the products of one insurer, an insurance broker represents many different insurance companies. You can tell them your information once and let them do the shopping around saving you both time and money. That’s how an insurance broker makes comparing car insurance quotes so easy.
Want to add to this story? Let us know in comments below! Mitchell & Whale is a fast-growing insurance brokerage in Ontario, striving to make insurance _not suck_ one customer at a time. Give us a call today to discuss any of your insurance needs at 1.800.731.2228.
Mitchell & Whale Insurance Brokers is a family-run business since 1948, now operated by Adam Mitchell, the third generation in the business. Clients are considered part of the family too. In fact, over 90% of our clients stay with us year after year, thanks to the trust they have in our insurance experts.