6.3.4 Tips for buying insurance

From: Financial Consumer Agency of Canada

  • Shop around and compare both the coverage and the prices. Some policies may be cheaper, but may not offer the same level of service or coverage.
  • Be sure to get enough insurance. When deciding how much insurance you need, consider the value of the item you are insuring and the full financial impact of paying for the loss or event you are insuring against.
  • Don’t buy insurance you don’t need. Check to see if you are already covered through your home insurance, credit card, group plan, etc.
  • Determine how high a deductible you can pay. Generally, a higher deductible will reduce your premiums, but you will need to pay the full amount of the deductible if you make a claim.
  • During the grace period, read the policy carefully and ask questions about anything you do not understand. Make sure you know what is and isn’t covered by your policy.

See the video Tips for buying insurance.

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