Insurance Broker Etobicoke
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The current state of Etobicoke insurance in 2023
Insurance in Etobicoke
Etobicoke is an amazing place to live. There are so many attractions and plenty of nature for those who enjoy walks. There has been a recent condo boom on the south side of Etobicoke in Mimico. Many new residents are calling it their home. If you would like some stunning views of the skyline, take a walk on Humber Bay Shores and visit some of the local restaurants. Most of them have full skyline views!
With such a large boom in that area, many businesses such as restaurants and bars are taking advantage and adding locations there. Clearly there are a lot of upsides to a growing populations, however there are downsides as well. One of those downsides is the rising costs of insurance.
The Insurance Hard Market and What It means for Etobicoke in 2023
Just like all businesses, insurance companies all have cycles. They go from soft markets to hard markets depending on the economy. Presently, we have entered a hard market in Etobicoke as insurance rates increase and underwriting rules are tightened. Just like in the rest of Toronto, clients may have noticed that during COVID, insurance rates went up very little and in some cases, customers got a rebate. Now with soaring inflation and an increase in claims, things are rapidly changing in the Etobicoke insurance landscape.
Hard markets generally last anywhere from three to five years. When insurers enter soft markets, that is when clients can see premium relief and have an easier time securing insurance policies.
In Etobicoke, we can expect rates to rise in the next year and likely in the coming years. As diligent consumers, we must do our best to combat these raises by finding which insurance company offers the best premiums for your unique situation and ensure all discounts are offered.
How an Etobicoke Insurance Broker can help Combat the Rise of Insurance rates
Anyone who has lived in Etobicoke over the last five years will agree that both home and auto insurance rates have been increase. There are different reasons for the increase between home and car insurance, in this section, we will focus on how to combat the auto insurance increases and how an Etobicoke insurance broker can help.
Step 1: Focus on the discounts. There are many discounts that you may qualify for and those do add up. A few common examples include: combining the home and auto insurance policy, winter tires and having several vehicles under one policy. Review your policy and if you have any questions, speak to your insurance broker.
Step 2: Ensure that your current insurance company is still offering the lowest rate. In order to fully understand this concept, one must understand how insurance rates work which is beyond the scope of this article. To keep everything as simple as possible, insurance companies adjust their rates every few years for all postal codes. This means that the company that is best today, may not be the best for you in five years. We recommend doing a policy review every 2-3 years.
Step 3: Re-evaluate your coverage. This is a tricky one and it’s best to have a discussion with your broker as you may find yourself underinsured if done in correctly. If you have been holding onto your car for a long time, there is a large chance that the value of that vehicle has dropped so much that reducing your insurance coverage may be a good idea. Speak to your insurance broker and find out what your vehicle is valued at.
An insurance broker is a great source of information on how to reduce your insurance costs. Experienced insurance brokers have seen it all and are always happy to assist you in saving on your Etobicoke auto insurance.
Factors That Affect Your Personal Auto Insurance Rate in Etobicoke:
Below you will find some of the rating factors that insurance companies use to create your individual premiums:
- Your address
- Years insured
- Drivers in household
- Marital status
- Prior tickets and accidents
- Years licensed
- Vehicle type
- Prior insurance cancellations
- The usage of your vehicle
- Coverage chosen (liability only vs. full coverage)
- Your deductible
How An Insurance Broker Can Get The Best Insurance Rates In Etobicoke
Keep these three tips in mind when purchasing an insurance policy.
As an insurance broker, we have access to many insurance companies and check the best rates for you.
Insurance isn’t just about price, as a broker, our goal is to get the best coverage for your situation.
As experienced insurance brokers, we know the discounts that each unique company offers.
We Will Make It Quick and Simple!
Why Work With an Insurance Broker?
That is a great question to ask. Insurance brokers are still the most popular way to purchase insurance. The three most common ways to purchase insurance policies is through brokers, agents or online websites.
The benefit that you get by working with an insurance broker which you wouldn’t get anywhere else is access to more insurance companies. Many insurance companies do not offer quotes to the public directly and you must go through a broker. By going through a broker, you are more likely to get competitive rates with great coverage.