Vehicle Insurance, Chatham, ON
Vehicle insurance options can seem confusing, but we’ll make them crystal clear for you!
Finding out you don’t have the vehicle insurance coverage you thought you did when you need to submit a claim is a frustrating and potentially financially devastating situation. When it comes to having the protection you need, it helps to be proactive in understanding how vehicle insurance works, rather than settling for the lowest priced policy you can find to appease government regulations and any lender requirements. At St. Clair Insurance Brokers Inc., we take the time to make sure you have the coverage you need by reviewing your existing policy and explaining any optional coverages or other policies available to you.
If you currently have vehicle insurance but you aren’t confident that it has the limits and coverages you need, we are more than happy to look it over for you and make any recommendations. We can also discuss added coverages and policy types that could apply to your situation, such as trailer insurance and classic car insurance. It is also important to note that the rules surrounding vehicle insurance can change, and while your current policy may have provided sufficient coverage when you originally purchased it, those coverages might fall short of what you need now.
Why You Should Never Let Your Vehicle Insurance Lapse
At St. Clair Insurance Brokers Inc., one of the common questions we get relates to what happens if you let your vehicle insurance lapse. The question usually comes from someone planning to head south for the winter and wanting to know if they can suspend their vehicle insurance just like they might do their newspaper delivery, cable television, and telephone. Whether this is the reason you are considering this action or you have another reason, we emphatically discourage doing so.
Insurance companies see any lapse in coverage as a risky behaviour and they are likely to charge you a much higher premium when you reinstate your vehicle insurance. That increase can quickly eat into what you saved by not paying for a few months while you were enjoying a Florida beach. In addition, most companies charge an administration fee if you cancel your vehicle insurance before the policy period ends.
The better option is to reach out to us to see how we can lower the premium based on the fact you won’t be driving your vehicle in the Chatham, Ontario area during the time you are away. Rather than cancel the policy and cause you headaches later, we can look for any optional coverage that could be dropped and take you down to the bare minimum coverage. Of course, all this will depend on any requirements that your policy might have.
You should also consider what situations could occur while you are out of the country. For example, will someone else have access to your vehicle? Is there a chance it could be stolen or damaged by a vandal or weather conditions? Just because you won’t be behind the wheel doesn’t mean you want to suffer financial loss if something happens to your vehicle and you didn’t have enough vehicle insurance to cover the loss. Call today to learn more.
There are several factors that influence the premium you’ll pay for vehicle insurance, including location, driving record, age and type of vehicle, deductible, limits, miles driven, use of vehicle, and certain coverages. We will go over every facet of information unique to your situation, so you can get the most affordable vehicle insurance that fits your risk tolerance level. We believe a good balance between premium cost and potential out-of-pocket costs in the event of an accident or other loss is ideal for most people, and we will assist you with getting the balance that works best for you. Contact us today to schedule an appointment to discuss your vehicle insurance options.