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Our newly emerging era of fake news harkens back to the era of rumour and myth that was so devastating to so many individual. The perpetuations of these myths however, continue to have a negative impact on our collective social and personal goals.

When it comes to cars and insurance, there is no shortage of myths, beginning with red cars – more expensive insurance, more speeding tickets, and a compensating for any number of other inadequacies. The reality is that nobody asks for the colour of the car when you’re getting a quote – the make, model and year of your vehicle, as well as your claims history, will affect your insurance rates-not the colour. The reality is that the insurance industry is colour-blind. It doesn’t matter if your car is blue, red, black, or beige – your insurance premium is not impacted by the colour of your car.

Factors that Actually Matter

With so many insurance stories from so many different drivers – it can be difficult to know which stories are fact and which are fiction. While the colour of your car is not a consideration, insurance companies will take into consideration these factors:

  • Age – if you are under 25, you will pay more for car insurance;
  • Your driving history – speeding tickets will affect your insurance premium, for example, and depending on the severity, it may result in your insurance being cancelled at your renewal;
  • The type of car you drive – insurance companies look at factors such as repair costs, theft, vandalism, and safety ratings so consider a car that is ranked low risk by the Insurance Bureau of Canada;
  • What you use your vehicle for – personal, recreational, or commercial use. A driver who only uses his vehicle occasionally will pay lower premiums than one who puts on a lot of miles each day;
  • Where you live – in Alberta, your insurance premium will differ depending on whether you live in an urban, suburban, or rural area. If you live in an area with a high auto theft rate, expect to be paying a higher price for insurance;
  • The type of coverage you choose – personal liability and property damage insurance, accident benefits, and additional coverage including collision, specified perils and comprehensive insurance. The amount of coverage you choose, as well as the deductible, will play a part in how much you pay for premiums; and,
  • Industry-related factors such as markets, inflation, taxes and regulations – your premium may be affected if you were without auto insurance for two or more years.

There are other factors that affect your car premiums in Alberta other than your driving and accident records. Most insurance companies offer discounts for multiple vehicles, anti-theft devices in vehicle, hybrid vehicles or if they use an insurance company for both their car and home insurance. Newly licensed drivers who have completed a driver training program may see lower premiums, and on the flip side, the more years you’ve been driving, the lower your premiums if you continue to have a good driving record.

Confused about Insurance Myths? Call MBS Insurance Brokers in Edmonton

At MBS Insurance Brokers Ltd., we walk you through the process in a clear and professional manner – dispelling any myths or misconceptions you may have heard about insurance in Alberta. We’re here to find the best combination of coverage and price from leading Canadian companies that meet your unique needs.

If you have questions about vehicle insurance in Edmonton and the surrounding areas, contact MBS Insurance Ltd. at 780-436-7880 today to request a quote and speak with our team about your comprehensive options.

How an Insurance Broker Saves You Time and Money

Do you know the benefits of an insurance broker?

Suppose you’re looking for the best insurance coverage at the best rates in Edmonton. In that case, you’ll first want to understand the benefits of an insurance broker and how they can help protect you in all sorts of different situations – whether it be saving you money, time or giving you simple peace of mind.

What Are the Benefits of an Insurance Broker?

Here are some of the many benefits of an insurance broker.

 

1. Saves Time

An insurance broker does all the work for you, so you don’t have to spend your valuable time shopping around for insurance. Instead, you simply provide your broker with information about your needs, and they shop the markets on your behalf.

 

2. Saves Money

Insurance brokers work with many different partners to find the best deals on the insurance that works for you. They take all your needs into account and make recommendations that are in your best interest. They have relationships with many insurance partners and can negotiate competitive rates and discounts, saving you money in the long run.

3. Expert Knowledge and Advice

An insurance broker provides you with the support and expertise you need to find coverage that suits your needs. They work with various products and services to find the coverage that best suits you. In addition, they can draw from an extensive knowledge base and experience to advise you on the best options. 

Insurance Brokers provide expert and unbiased advice. A wealth of knowledge about coverage and market rates combined with expert risk assessment ensures your possessions and business are adequately protected. Whether you are looking into auto insurance rates, tenant insurance, or home insurance rates, your insurance broker can help you every step of the way.

You can utilize their expertise to quickly identify your options and rely on their unbiased advice to help you make the best-informed decision for your situation.

 

4. Working For Your Best Interests

Since insurance brokers do not work with one particular company, they have nothing to gain from recommending a specific product. The insurance company also pays them a standard commission. Thus, there is no financial incentive to choose one insurer over another.

Insurance brokers have your best interests in mind. You can count on them to find you the best rate possible, which can give you the peace of mind you need. You can rest assured knowing that if you ever need to file a claim, one of our brokers will be there by your side to guide you every step of the way. They act as an advisor on insurance-related matters. They will shop the market for the best coverage and rates for you. Since fulfilling your needs is their only priority, they will provide independent, unbiased advice on the right coverage for your situation.

5. Privileged access and rates

Insurance Brokers have access to a wide selection of the best insurance companies in the country. These insurance companies are only accessible by Insurance Brokers. They do not deal with the public directly or with Direct Writers. Brokers enjoy long-standing relationships with these insurance companies. Still, they do not have an affiliation with any specific insurer, enabling brokers to provide you with a broader range of options at competitive rates.

 

6. Transparency

Insurance brokers must give full disclosure about their compensation and its effect on your insurance premium.  They are also required to declare any financial links with specific companies that may be a conflict of interest, enabling you to make the best-informed decision.

 

7. Risk and Advocacy Experience

Extensive experience dealing with different clients and claim situations equips insurance brokers with a broader perspective on how to reduce your risk. Also, in the event of a claim, you can count on your broker to act as your advocate with the insurance company and handle your claim fairly and promptly.

Speak to MBS Insurance in Edmonton about your Coverage

Reach out to MBS Insurance today to determine your home, auto, and commercial coverage options. Over the past 45 years, our experienced team of insurance brokers in Edmonton has earned the trust and loyalty of our clients by delivering superior products and services. We understand your needs and provide you with the best protection and rates.

There are many benefits of an insurance broker. We can help you understand the intricacies of your insurance plan while saving you money at the same time. We are a trusted insurance provider in Edmonton and provide personal and commercial insurance policies to people living in Alberta. We offer the best rates on recreational, auto, property, commercial, and group insurance policies. 

Contact us online for a free quote or by phone at 780-436-7880.

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This article was originally published on October 7, 2016, and updated for 2021.