Everyone wants to be a smart consumer. Taking the time to explore your options and determine what is a reliable product or service at a fair price before making any purchase is not uncommon for Canadian consumers.
According to data from Statistics Canada more than eight in 10 Canadians shopped online in 2018, with younger people (between 25 to 34 years old) more likely to buy goods and services online than other age groups.
While shopping for goods and services online is not new to us, shopping for home, car, and other insurance products may be. That’s where using an online insurance aggregator can be handy: it simplifies and enhances the entire effort by helping you find what you’re looking for quickly.
More importantly, you can potentially save a lot of money by comparing insurance quotes. Similar to how you may use a comparison website when looking to book a hotel room or purchase a new mobile phone, an online insurance aggregator helps you find the insurance policy you need for the best rate in a few clicks. Furthermore, an aggregator doesn’t sell insurance policies. It shows you multiple quotes and policies from a broad range of insurers and connects you with the insurance company you choose to purchase a policy. Best of all, these services are free to use.
What Is an Insurance Comparison Tool?
Using an insurance comparison tool provides you with a list of estimates or quotes from different insurers based on coverage, price, and product features. To get the most accurate quotes, the consumer fills in personal details and insurance requirements.
You may think insurance aggregators could be harmful to insurers. On the contrary, insurers compete with one another for your business, and they value aggregators because they help them find new customers. Insurers rely heavily on aggregators for that reason, and many pay aggregators a small fee for referring customers to them.
How to Use Insurance Comparison Tools
Comparing quotes is much easier if you know what policy you want beforehand. If you are uncertain about the level of coverage you need, online comparison tools can still help you get the best deal. Aggregate websites make it easy for customers to find quotes, with the process often taking minutes. There are four steps you need to take:
- Enter Your Postal Code
Where you live is one of many factors insurers use to determine car insurance premiums.
- Enter Driving Details
When shopping for auto insurance, you will need to provide details about your driving record, auto insurance history, and your vehicle (make, model, year).
Insurance aggregators estimate price based on the information you provide. The more accurate the information is, the more precise the quotes you receive from insurers will be.
- Compare Your Quotes
Insurance comparison sites will show results from a range of insurers using the same sophisticated algorithms insurance companies use to get quotes from top insurers. The quotes you receive from a comparison site are the same as those you would get if you called one insurer directly. One of the many benefits comparison sites provide is convenience: you go to one site to You can now compare coverages and quotes from multiple insurers based on coverage and price.the information you provide in a few clicks.
- Pick Your Policy
From the list of insurance quotes, select the rate that is right for you, and connect directly with the insurance company to secure your policy. who can answer any questions you may have.
Insurance Comparison Tips
Cheapest Doesn’t Mean Best
Insurance comparison tools will often list quotes from cheapest to more costly. While there are certainly advantages to selecting the most affordable option, it’s not always the best choice. More important than finding the cheapest insurance policy is finding the one that meets your specific coverage requirements.
Aggregators Are Good for Consumers
Insurance aggregators are an excellent tool for consumers because they allow you to compare insurance rates and find the best deal quickly.
Perhaps the most significant advantage of comparing insurance is finding a better rate and saving money. A lot of people may not realize auto insurance rates change frequently. When renewing a policy, many drivers will simply stick with the same insurer without finding out if there are better deals available to them. It’s a matter of caveat emptor (let the buyer beware).
Insurance companies continually review premium prices based on recent statistics and other factors. Shopping for auto or home insurance when your policy is up for renewal allows you to see these price changes and potentially get a better deal. Even if you have a traffic infraction on your driving record, shopping around for coverage before you renew an auto policy, for example, is an excellent way to find out if you can save money while retaining the coverages you need in your policy.
Brokers Are Helpful
A common misconception of insurance aggregators is that they remove the need for an insurance broker. That’s not true. In fact, using an aggregator supplements the broker experience. By working with an insurance broker, you will have a professional who can help you find out which deals are best.
Of course, all of us want to pay as little as possible, but it’s also important to have adequate protection. A broker will help you understand the benefits of policies and choose the best product based on your needs.
Insurance aggregators are excellent tools for consumers, allowing them to find the best deals, compare coverages, and learn more about insurance solutions at no cost. Think of it this way: using an insurance comparison site puts you in the driver’s seat.