Discounted Insurance: Is It Worth Buying?
Updated: Dec 6, 2021
Buying car insurance is one of the things that car owners must do primarily because the law requires it. Without car insurance, the owners won’t be able to use their vehicles for personal or business travels. The government of Canada required every vehicle to be insured not only to protect its owners but to also provide protection to those that may be injured or damaged when an accident occurs.
When shopping for car insurance, most vehicle owners would be looking at two things – value for their money and discounted rates. With all the insurance programs available today, it is not impossible for car owners to find the one that suits their needs and their budget. However, the significant number of policies available can also make it nearly impossible to choose just one. It may even seem like one program is better than the other.
Since the budget takes a significant role in the decision-making process, most car owners choose insurance programs that are easy on the pocket. They also haggle for discounted insurance rates. Who wouldn’t? Despite the reassurance that they get, many people worry that buying discounted insurance rates may come with risks. If so, are they worth buying?
Buying insurance for your car or home come with risks. Buying them at discounted rates may add a little more to the risk, but it doesn’t mean that the programs of these car insurance companies are not good. The reason that they provide you with discounts should mean something. When they offer the insurance program for much less, the first thing to look into is the coverage that it offers. Is it much less than the ones sold at regular rates?
If not, then the insurance company offers it to you for another reason. You might be buying more than one insurance coverage from that company, that’s why they are offering it to you for much less. Most insurance companies offer discounted insurance programs for clients who buy more than one policy for them. This is how they show their appreciation for being entrusted with the coverage of their customers.
Is it worth buying discounted insurance? In truth, its value depends on what you are looking for. If you aim at savings on an insurance policy without getting less of the coverage, then discounted rates are of great value. However, if it means the opposite and all you want is to save on monthly insurance premiums, then you should think twice.