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A few years ago when I bought my , I just went ahead and bought all of my insurance through ICBC, because that’s what I always did. The idea to shop around for auto insurance never really crossed my mind, because really. How much could I actually save? But when I started looking into auto insurance quotes, I was shocked at how much I was over paying by sticking with ICBC! Just by switching over my extended coverage to a third party company, I would save hundreds of dollars each year.
Here’s what I was quoted for:
ICBC – $1,942 ($883 for basic $1,059 for extended)
Quotes: Coast Capital – $848 (total with basic = $1,731) CDI – $691 (total with basic = $1,574)
I ended up going with CDI, which saved me $367 per year on my insurance. And when I bought my townhouse last year, I bought my home insurance through CDI as well, giving me a multi-policy discount. It kind of makes me wonder how much I could have been saving on insurance costs all these years with my other cars and my scooter. :| Actually, no, I don’t want to think about it.
My main concern with going with a private insurance company was the hassle of having to make a claim if I were ever to get into an accident. Well, when I was rear ended, it was so simple to get the claim processed. I just called CDI, and they took down all my information. Then I called ICBC, and I was done.
Now, I’m definitely going to be getting quotes on my car insurance from now on. It might take 30 minutes of my time, but it’s worth it to me if I know that I’m getting the best possible car insurance rates. The last thing I want to do is give my money away to someone when I can be getting the same service cheaper somewhere else.
If you’re shopping around for insurance is on your list of things to do, don’t forget about that multi-policy discount! My townhouse insurance for a year was only $220 because I have auto insurance with CDI.
There are now websites where you can find find rates, such as . This company compares insurance products through top providers in Canada, giving users access to the most affordable rates possible – based on their needs. Check it out, and see how much you can save!
I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.
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