Shopping for insurance quotes can be time-consuming, but as most people know, it can save you hundreds of dollars each year and provide you with better coverage. Each insurance company offers varying rates for different policies depending on a wide variety of factors. For example, just because one company offers you the best rate for home insurance doesn’t guarantee they’ll have the best rate for your auto insurance. If you need multiple types of insurance, such as home, auto, and life insurance, you might find that there are different companies offering various deals, rates, inclusions, and exclusions.
When it comes to shopping for the best insurance rate for auto, home, life, commercial, or virtually any type of insurance policy, the only way to find the best price is to do the homework by contacting a variety of companies to compare their offers.There are two options for completing this task: do the legwork yourself or work with a professional insurance broker.
How to Compare Insurance Rates on Your Own
If you have time on your hands and enjoy making phone calls, sitting on hold, sending emails, and tracking data, you’ll find shopping for insurance quotes a lot of fun (although most people wouldn’t call that an ideal day!) Whether you work from scratch or use an online comparison app, here are three tips to help you find the best quote:
Take Detailed Notes
Open up a Google Doc, a spreadsheet, or get an old-fashioned pad of paper and a pen and take notes from each company you contact. Keep track of the company name, the representative you talk to, and the quotes and discount offers they give. You’ll save yourself time in the end by having the important details in one spot where you’ll be able to easily compare and contrast your data.
Browse and Compare Several Insurance Companies
The first step is to make a list of insurance companies you’re interested in purchasing from. You’ll want to make a list of questions to ask. You’ll be keeping track of a variety of factors for each company, such as coverage inclusions, exclusions, and options, as well as discounts, loyalty incentives, claims processes, and more. Ensure you write out those questions before you call any company so you know what to track.
The next step is to contact each company to get quotes for your insurance needs. Don’t assume one company will be better or offer lower rates than another simply because of advertising you’ve seen or word of mouth. Your neighbour might claim that their insurance provider has the best rate, but they may have different risk factors or a completely different type of policy. This difference will result in your rates being different. Contact several companies, including the big names and the smaller regional companies, to get a balanced cross-section look at offers.
Ask About Discounts
Insurance companies often offer discounts if you meet certain requirements, such as not filing a claim during a certain amount of time, having a safe driving record, or if you’re a first-time home buyer. Ask each insurance company that you contact what sort of discounts they offer and which ones you might be eligible for. If you’re using an online comparison app, make sure you find where to select the discount option, so it shows in your results.
Save Time and Money with an Insurance Broker
In most cases, your best option for finding the most affordable insurance coverage options is to let an insurance broker do the work for you. An insurance broker takes care of all the shopping and comparisons for you, as well as the setup of any policies you choose.
At Cornerstone Insurance, we believe it’s important to fully understand your needs, including your budget and coverage requirements. Your broker will either meet with you in person or call you on the phone to discuss your insurance needs. They’ll ask details about your insurance coverage needs, your financial requirements, and your preferences. Then, they’ll shop around to find the insurance companies with the best rates and the best discounts that apply to you. The result will be tailored insurance options that best fit your situation.
Not only can insurance brokers save you hours of time comparing quotes, but they also know about discounts you might not have even heard of, such as having an alarm system installed in your home or living in a gated community. Insurance brokers also have good relationships with insurance companies, and they know the ins and outs of the industry. If you have a special circumstance, they can negotiate with insurance companies to create specialty bundles and offers you might not get as an individual.
Stress-Free Insurance Shopping
In addition to saving you time and money, insurance brokers can also save you stress. Insurance policies are boring and confusing to read. An insurance broker working for you means you have a policy expert just a phone call or email away. They can explain exactly what the policies do and don’t cover, what important steps you need to take to maintain your policy, and what your options are for filing a claim.
Additional Benefits of Working With An Insurance Broker
Insurance brokers can help you out when you need to file a claim. When you represent yourself, you’ll be responsible for contacting the insurance company directly to file a claim. This could potentially take hours to sort out over the phone. An insurance company may also try to raise your rates after you file a claim. When you work with an insurance broker, he or she can help ensure you get a fair deal. Your broker can also file your claim on your behalf, so instead of waiting on hold during a stressful situation, you can focus on the emergency at hand, such as a flooded basement or car repairs.
Your Experienced Insurance Brokers in Edmonton
At Cornerstone Insurance Brokers, we’re happy to shop for insurance quotes to ensure you get the best price and coverage for you and your family’s needs. We can also offer bundle discounts for certain policies. We are proud to serve the Edmonton and the Greater Edmonton area, including St. Albert, Spruce Grove, and Sherwood Park. Send us an email or call our office; we’ll be happy to discuss any and all of your questions about insurance.
