Cash-strapped Alberta car insurance customers who are looking for ways to keep their costs down have options. The first step in the process is to consider the type and level of coverage they currently have to make sure that it reflects their current needs.
A person who bought a new vehicle and took out a loan to finance it may be required to have collision and comprehensive coverage in place by the lender. Once the vehicle is paid off, the owner may want to consider whether he or she needs to keep it in place. If the car is totaled, the insurance company will only pay an amount equal to the value of the vehicle at the time the accident occurred. If the car is only worth a few thousand dollars, it may not be worthwhile to keep this coverage in effect.
Insurance coverage is not something that a person should buy and then just automatically renew from one year to the next. The notice that the policy is up for renewal is a reminder that it’s time to start considering other options.
Going online to search for other companies that can offer a better level of coverage for the same price or even better rates is a savvy move on the part of car insurance buyers. It should be done annually to avoid paying too much for car insurance in Alberta.