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When buying any item, two things generally come to mind. Cost and convenience. While some buyers look exclusively for the best prices, others are willing to spend a few extra dollars for convenience.
For example, insurance is something that would have required you to visit a brokerage, provider or financial institution in the past. However, you can now buy various forms of insurance online and you might even find a better price than you would in person. Below we’ll discuss whether buying insurance online is the cheaper way to go, to help you make the best decision for your lifestyle.
Before we discuss the price comparison between purchasing insurance online and with a physical provider, let’s discuss how the process goes if you do everything over the web. For starters, a major benefit to online insurance is that signing up is typically simpler and less time consuming than in person. All you have to do is:
Keep in mind that every insurance provider requires different data in order to give you a proper quote. For instance, life or medical insurance may require you to input more sensitive information, such as any health conditions you have. However, with auto insurance, your driver’s history and vehicle will be more essential.
Check out these 5 insurance mistakes you should avoid.
Auto insurance is necessary for thousands of Canadians. It’s also one type of insurance that plenty of people now buy online, which can be highly advantageous because:
That said, auto insurance may not be the best type to buy online because:
Find out if your insurance covers your friend driving your car.
Another type of policy that’s purchased every day is for life insurance, which protects the buyer’s family members, properties and finances when a claim is filed after death. In this scenario, there are two categories of insurance policies you can buy:
So, while your policy might be cheaper and easier to get online, you may want to get underwritten life insurance from a broker or agent, if only to get the best service and potentially qualify for better conditions.
Homeowners insurance is another essential security to get if you’re buying a house. Typically, every provider uses a system to calculate how much home insurance you qualify for. Your quote will be based on factors like:
Once again, buying home insurance online or from an agency is up to your preferences. After all, it’s handier and cheaper to buy online because there’s no one to collect a commission. It can also be easier to qualify since the approval process is more straightforward. However, some providers don’t offer home insurance online.
That said, the quote you get from an online calculator may not be as accurate as one from an insurance provider. You may think you’ve found a good deal, only to realize your quote was automatically generated and you could have gotten a better price from an agent. Overall, homeowner’s insurance is not the best situation to cut corners.
Wondering about CMHC insurance? Find out by reading “what is mortgage default insurance”?
Type of Life Insurance | Availability | Number of Partners | |
![]() | - Term life insurance - Permanent life insurance | - | - |
![]() | - Term life insurance - Critical illness insurance | BC, AB, SK, MB, ON, NS, PEI, YT, NWT, NT | - |
![]() | - Term life insurance - Whole life insurance - Disability life insurance - Critical illness life insurance - No medical life insurance | ON | 16 |
![]() | - Term life insurance - Permanent life insurance - Critical illness life insurance | BC, AB, SK, MB, ON, NB, NS | 50+ |
![]() | - Term life insurance - Permanent life insurance | All of Canada | 30+ |
Different insurance providers offer different policies. Since there are so many brokers and agencies in Canada, research is the key to obtaining the best deals. However, there are several clear pros and cons to buying insurance online and in-person:
Not sure what type of insurance is best for you? Find out here.
Whether you buy it online or in person, there’s no doubt that some types of insurance are essential for life in Canada. Don’t worry, while some policies can be pricey, there are ways to get your premium lowered, such as:
When it comes to purchasing the best insurance policies for your lifestyle, research is key. Online insurance providers offer policy calculators, comprehensive questionnaires, and allow you to compare multiple offers. All of this can make finding an affordable policy more convenient. Just keep in mind that if you’re in need of a more complicated policy or simply want to speak with a human, then getting on the phone with multiple insurance providers might be the best option for you.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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