Saving Considerable Amounts Of Money On Your Car Insurance When shopping for auto insurance, it is essential to work with an insurance agent or broker who will explain the coverage in detail. This way, a person can be sure to purchase the type of policy that best meets his or her needs. Ontario law mandates that all drivers must have automobile insurance. Fines for motorists who do not possess valid car insurance can range from a few hundred dollars to over $10,000. In addition, if a motorist is found driving without valid insurance, his or her driver's license can be revoked or suspended, and the vehicle he or she was found operating can be impounded. Those who are convicted of driving without the appropriate insurance may have difficulty obtaining insurance in the future, as most companies consider such individuals ""high-risk"" drivers. This can result in having to pay substantially more money to obtain the proper coverage. Additionally, if an uninsured driver is found to be the cause of an accident, he or she may be held personally responsible for the injured party's medical bills. Acquiring the Appropriate Insurance Several options exist for those who wish to save serious money on their Ontario car insurance. He or she can buy automobile insurance from a licensed insurance agent, broker, or direct writer. Brokers sell insurance on behalf of various insurance agencies, and one can ask his or her broker ahead of time for the names of the agencies he or she represents. Insurance agents on the other hand, typically represent only one agency and are employed by the company. Direct writers are agencies that sell their own insurance policies to consumers directly. There are numerous avenues in which to find an insurance broker, agent, or direct writer. One can get recommendations from friends or family, search the yellow pages, access the Internet, or contact the Insurance Bureau of Canada. It Pays to Comparison Shop There are many insurance agencies who sell motor vehicle insurance in Ontario, so it is essential for one to do the proper research before selecting a company. Several things must be considered when choosing a broker or agent. The first, and most important of these, is determining if the agent or broker is licensed. Without the required license, any insurance products purchased from the agency will be worthless. Getting a minimum of three quotes from different agencies is the best way to ensure that one is getting optimum value for his or her insurance dollars. It is also essential to understand the basic coverage that one is acquiring. It does little or no good to find an inexpensive policy, only to discover that the coverage is not adequate for the needs of the motorist. One must make sure to compare similar policies in order to make sure the prices are reflecting the same type of coverage. When searching for the best insurance, it is a good idea to weigh the cost of the policy against coverage it provides. One's goal should be to purchase an adequate amount of insurance, at a price that is affordable.
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