Do Car Insurance Discounts Vary from Provider to Provider?
Shopping for car insurance is usually not thought of as a fun activity. Generally speaking, consumers see car insurance as just another thing standing in the way of them and their vehicle. But what if we told you that taking your time with car insurance and checking out different providers could result in higher savings, better coverage, and a more comprehensive plan? Many people don’t realize that car insurance is different with each provider and the types of discounts and rates are not standardized.
Each Provider Assesses Risk Differently
With any insurance policy, the provider assesses your risk factors to determine your coverage and premium. While each company looks at your driving history, location, model of car, age, and type of license, not all of them calculate these risks the same way. This results in different rates, discounts and level of coverage. So even if you have accidents or tickets on your record, you can still get a great rate on your car insurance.
Ask About Discounts
The best way to ensure you are taking advantage of as many discounts as possible is by asking for them. Most companies go through a series of in-depth questions to determine any discounts you are eligible for, but it’s a good idea to be a smart consumer and flat-out ask for these discounts. For example, did you know that individuals who have completed driver’s training could be eligible for a discount? Some insurance companies also offer discounts for cars with winter tires. Before committing to any type of policy, make sure you are taking advantage of all the applicable discounts.
It Pays to Be Loyal
Many companies also offer loyalty discounts, meaning that after so many years without a claim, you are eligible for more discounts on your policy as long as you stay with the same provider. In addition to this, some companies also change their discount rules to better serve their customers. For example, a few years ago, family members living in the same household insured with separate Wawanesa car insurance policies were not eligible for multi-car discounts. A few months ago, they ushered in a change in their policy to make it so that each separate policy in the household is eligible for this discount.
Shopping around for car insurance is beneficial for many reasons. Since each provider is different, you can learn more about the value of your policy and the type of coverage that is best for you. Having a fresh pair of eyes look over your policy will point out any holes in the coverage and highlight any potential discounts you are eligible for.
Each company is different when it comes to coverage, and many factors are considered when developing a policy and premium for an individual. Even something such as the company’s financial health is considered since a financially stable company can offer more discounts to entice customers without hurting their financial success.
For the best information on individualized car insurance policies, call DMW Insurance today at (416) 787-1668.