Often insurance agents or brokers quote the lowest car insurance rates but only from those insurance companies they represent. The fact is that many car insurers sell basically the same auto insurance coverage, but charge auto insurance premium rates that can differ by thousands of dollars.
Today the Internet enables consumers to shop for the lowest car insurance rates on user-friendly websites.
Comparing Car Insurance Rates
For example, Kanetix.ca accesses an online marketplace where Canadian or American residents enter pertinent information including their postal codes or zip codes. The Kanetix site then displays an auto insurance rate quote from participating insurers. Online car insurance rate quotes are not necessarily final nor are they legally binding. However, consumers can print off an auto insurance rates comparison and use the printout to determine their category’s highest auto insurance rates, lowest car insurance rates as well as average auto insurance rates.
InsuranceHotline.com is an international website that offers auto insurance rate comparisons to drivers in the United States, United Kingdom and Canada. InsuranceHotline calculates and presents the 3 best auto insurance rates from a database of participating auto insurers (over 30 in Canada). The site also provides referrals to insurance brokers, who often follow up the auto insurance rate quote with offers of help to switch coverage.
In addition, the Ontario government site fsco.ca has auto rate tutorials that deliver free car insurance rate comparisons online.
Car Insurance Rate Comparisons: An Example
A Toronto couple recently used the fsco website to run an auto insurance rates comparison. The 40-year-old male drives a Dodge Ram and the 39-year-old female drives a Dodge Neon. Both have good driving records.
The highest auto insurance rate was CDN$10,639 per year from Echelon General Insurance. That figure is almost 6 times higher than the lowest car insurance rate of CDN$1,808 from the Personal Insurance Company. Other low car insurance rates included the CDN$2,687 annual premium charged by RBC General Insurance, and CDN$2,703 levied by both Economical Mutual and Federation Insurance.
The average car insurance rate from more than 50 participating insurers was CDN$4,306 per year. Even the average annual premium is at least 40% below the highest auto insurance rates that range from CDN$7,302 at Zenith Insurance, CDN$7,838 at Kingsway General Insurance to the previously mentioned CDN$10,639 at Echelon.
To find the best car insurance rates, drivers around the world would do well to plan their own online auto insurance rate comparisons. One way to start is by entering the words best rates for auto insurance into a search engine like Google and researching the results.
Sources for this Article
This article presents independent calculations and insights based on data from Kanetix.ca, InsuranceHotline.com & the Ontario government site fsco.ca.
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