Every car owner needs a valid insurance policy to drive in Canada. However, buying Car Insurance Alberta isn’t easy anymore with so many choices of coverage and companies. Though car insurance looks similar on the surface, it is important to realize that one size doesn’t fit all. As a car owner, you should understand your needs before you buy a policy to protect your finances. One of the common mistakes with car insurance is being over-insured or underinsured. If you want to know what mistakes to avoid before getting your quote, read on:
1. Opting for the Wrong Level of Coverage
There are two basic kinds of coverage you can opt for – one is a minimum cover that is cheaper and the second is an extensive coverage that costs a little more. Based on your driving record and your needs, you can discuss with a broker and pick the right coverage.
• Third-Party Liability Coverage: This insurance plan covers the damages that may be caused to the other party in case of an accident. This does not cover the medical expenses or damages that might be caused to you in the accident. It is a mandatory car insurance Alberta and helps you pay for bodily injury or property damage caused to anyone else in the event of an accident.
• Comprehensive Coverage: This can be added along with liability coverage to your policy. It offers to pay for any damage caused to your vehicle during a natural calamity or theft. This is a wholesome protection but can cost higher on your premiums.
2. Not Opting for Add-Ons
In order to save money, many car owners tend to skip the additional coverage offered by insurance companies. Sometimes, you can get an add-on at an affordable price and it can be extremely beneficial in the future. For instance, you can choose roadside assistance, towing facility, engine protector or hydrostatic cover if you feel the need.
3. Avoiding Uninsured or Underinsured Motorist Insurance
When you’re on the road, everyone who is driving may not have the minimum required insurance. So if you get hit by an uninsured motorist, you will run out of luck when filing for a claim. It’s better to select uninsured and underinsured motorist coverage in your plan so that you get complete peace of mind when driving on the road.
4. Being Unaware of Your Policy Details
At times, some car owners aren’t really sure what is included in their car insurance Alberta. In the unfortunate event of filing a claim, this can be disastrous as you realize that you are underinsured. And if you don’t have the funds to pay for the damages, you can be in a big financial trouble. Remember to ask all the important questions to your broker and understand what all is covered in your policy. Also, review your policy from time to time as per the changes in your life.
Before searching for car insurance quotes, always understand the various types of coverage, determine your needs and then choose your policy. Sometimes, small additions to your premium costs can end up saving a lot of money in the future.
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