Benefits of Shopping Around for a New Insurance Provider

As a consumer, you wouldnt purchase the first car you test drive or the first home you tour. Even if you have an idea that the first one you looked at is the best for you, its common sense to look at other options first to eliminate any doubt and make sure you are making the right choice. The same can be said for insurance providers. Making sure you are choosing the right company that meets your needs at a fair price often requires some shopping around.

Here are some of the benefits of shopping around for insurance:


This is the big one. Insurance companies change their rates all the time, so the average rate for 2015 might vary from rates for 2016 or 2017. Shopping around and getting quotes from various providers ensures that you are getting the best rate available at that specific time.

Not only do insurance rates change, but also your personal situation might differ from the last time you shopped for insurance. For example, if you have kids who have grown and moved out, they can be removed from your policy, saving money. Additionally, if your kids are off to university or college, you may be eligible for good student discounts. Other changes that can save money on car insurance include moving from a G2 license to a full G or switching the type of car you drive.

It Allows You to Review Your Coverage

Throughout the years, you may learn things about the insurance industry or about coverage that you may not have known when you agreed to your original policy. Shopping around for insurance providers forces you to look at your current policy and make sure that its working for you. Reviewing the policy may lead you to realize that you need more or less coverage in your life.

Each Company Calculates Risks and Premiums Differently

When shopping for insurance, companies will look at your risks to determine your premiums. Some risks when shopping for car insurance, for example, include age, driving record, model of car and more. Many people believe that if they have accidents or tickets on their record, its useless to try and get a better rate from another insurance company. This is not true because many insurance companies calculate risks differently. This means that you are able to receive a better rate from a different company, even if you have a negative driving record.

You May Discover that You Are Satisfied Where You Are

Shopping around for a new insurance policy will result in one of two outcomes. Either you will find a better rate and better coverage suited to your personal needs, or you will discover that your current coverage suits you just fine, especially when you consider any loyalty discounts that may eventually apply. The main goal with shopping around is to do your due diligence as a consumer and simply see whats out there. Its just like looking at a couple more houses even though you may have already found the house of your dreams. The outcome may not change, but at least you will know whats out there.

For more information on complete coverage from DMW Insurance, call (416) 787-1668 today.