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It’s a wise idea to review your coverage every time you renew your car insurance, and there are several circumstances in which you should consider modifying your policy or, when appropriate, switching insurers.

1. Your Use Habits Have Changed

If you’ve changed the frequency at which you drive your vehicle, it’ll likely make sense to modify your coverage.

Driving less often, for example because of a shorter commute, reduces your risk of being in an accident. Some insurers will adjust your rates to reflect this.

If, on the contrary, you’re getting behind the wheel more often, then your risk of being in an accident has, consequently, increased. You will need to notify your insurance company what your new commute distance is and your estimated yearly usage.

Some companies offer a discount if you install a device in your vehicle that records your driving habits and usage. This involves installing a telematics device that gathers information and reports it back to the insurance company.

2. You’ve Modified Your Car

If you upgraded your car in a way that increases its market value or changes its performance, you must notify your insurance company to ensure you are properly covered.

3. Your Car Is Getting Old

If your vehicle is reaching the end of its useful life, you may want to consider dropping your comprehensive and collision coverage and keeping only your liability coverage, which is the minimum coverage you’re required to have by law.

Comprehensive covers your vehicle for fire, theft, vandalism, hail, windstorm, etc. Collision covers damage to your car in an accident where you were at fault and damage resulting from a hit-and-run. It can also cover your vehicle should you be in an accident that is not your fault, but the third party has no insurance coverage.

If you don’t plan on driving your car for much longer and it has little resale value, you may decide to forgo these protections to reduce your insurance rates.

Car Insurance Discounts In Edmonton

At MBS Insurance Brokers Ltd., we’re committed to finding you a car insurance policy that corresponds to your needs and offers the best rates possible. Moreover, we offer discounts of up to 50% when you bundle insurance policies or when you meet certain criteria related to driving record, age (for example, being over 50), occupation and more. Contact us today to get a personalized quote. 

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.