5 Things You Should Know When Selecting Your Insurance Broker In Toronto

Toronto is one of the biggest cities in all of Canada, and also a city with one of the highest auto insurance rates. There are quite a few insurance companies to choose from in a city like Toronto, and it’s important to do your homework when choosing a broker. Here are 5 things you need to know before choosing your agent, broker, or insurance company.

  1. Double Check Accident Forgiveness Policies

When choosing your insurance company or broker, inquire about their accident forgiveness policies. Criteria has changed for increasing premiums without accident forgiveness policies, so it may no longer make sense for you to have an accident forgiveness policy. However, if you’re driving record is less than stellar, and you’re trying to bring down the cost of your premiums, having accident forgiveness as an added policy may benefit your premium costs in the long term.  

  1. Service Is Important

The cheapest car insurance rate isn’t always the most efficient option. When you’re researching which insurance company or brokerage in Toronto you want to give your business to, pay attention to how they treat you as a customer. Are they taking time to answer your questions? Do they respond in a timely manner? When it comes to your insurance broker, you want to make sure that the provider you go with is available to you and has a good track record with customer service. Remember that the cost of doing business affects the rates that any given insurance broker will charge for their policies, so if customer service isn’t an important factor for you, going with a company that doesn’t focus on that may be the company that works for you.

  1. Convenience

Insurance companies that allow you to pay within time frames that work for you, or have online claim filing, are a huge bonus. Dealing with paperwork and having to file claims through the mail can be daunting, so it may be worth a slightly higher insurance premium for quicker claim processing.

  1.  Do Your Research

Insurance companies policies vary widely, and the price of your coverage depends on how each individual insurance company calculates risk. When you’re looking for a broker in Toronto, comparing rates is a crucial step. You may find that some of the risk factors that one insurance company uses to calculate their risk may result in a high insurance claim, while another insurance company factors that in in a less significant way. If you’re not sure which policy is right for you.  When you’re looking for insurance brokers in Toronto, it’s a great idea to compare policies in order to get the best price.

  1. The Company Must Be Licensed

Insurance in Toronto can only be sold by a broker that is licensed. You can check

The Financial Services Commision of Ontario website to make sure that your broker is licensed, or you can talk to licensed KTX insurance brokers who can help you find a provider that fits your insurance needs.

Author: Oliver Curtis

Hi there. I’m Oliver. I’m just a young boy from the outskirts of… Okay, that’s a lie, I’m not a young boy anymore, although I certainly feel that way at heart.