Kevin Marshall
June 11, 2024
In the previous post, I discussed the basics of buying auto insurance. These are the key considerations when you’re selecting a suitable insurer:
Check Financial Ratings: Assess the financial stability of the insurance company by checking its ratings from independent agencies such as A.M. Best, Moody’s, or Standard & Poor’s. These ratings provide insights into the company's ability to meet its financial obligations.
Check Regulatory Standing: Verify that the insurance provider is licensed and in good standing with the regulatory authorities, such as the Financial Services Regulatory Authority of Ontario (FSRA). Share information about customer reviews, financial stability, and customer service.
Customer Reviews and Reputation: Read customer reviews on independent platforms, social media, and review websites to understand the experiences of other policyholders. Also, seek recommendations from friends, family, or colleagues who have had positive experiences with their insurance providers.
Assess Coverage Offerings: Evaluate the range of coverage options provided by the insurer. Ensure they offer the specific types and amounts of coverage you need for your unique circumstances.
Claims Handling Reviews: Read reviews related to claims experiences, as they can give you insights into how the insurance company handles claims.
Customer Service Reviews: Look for feedback about the insurer’s customer service, including responsiveness, helpfulness, and professionalism.
Discount and Incentive Programs: Inquire about available discounts and incentives. Many insurers offer discounts for factors such as a clean driving record, bundled policies, or advanced safety features in your vehicle.
Online Services: Check if the insurer provides online services for policy management, payments, and document access. A user-friendly online platform can enhance your overall experience.
Local Agents or Offices: Consider whether or not the insurer has a local presence with agents or offices in your area. Local support can be valuable when you need in-person assistance.
Favourable Pricing: Obtain quotes from multiple insurers to compare pricing. However, be cautious of choosing solely based on the lowest price - do ensure you're getting adequate coverage for your needs.
Policyholder Satisfaction Surveys and Rankings: Some organizations conduct surveys and rankings of insurance companies based on policyholder satisfaction. Reviewing these rankings can provide additional insights.
In my next blog post, I will address that last thing you need to know when buying auto insurance: policy exclusions and limitations (don’t worry: I'll use layman’s terms). If you have further questions, check out my website https://www.kmlawyer.ca/personal-injury-legal-questions or contact us directly at 416-383-0550.
The content of this blog is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. The information provided is not intended to be legal advice or to create a lawyer-client relationship. While we strive to ensure that the information is accurate and up to date, laws can change quickly, and we cannot guarantee the accuracy of the information provided. No responsibility can be taken for any loss or damage arising from any information or advice contained within this blog. Use of this blog and your reliance on any information on the site is solely at your own risk.
