There are only a few steps when it comes to getting insured in Waterloo, Ontario. Follow the below 3-step process to quickly get the car insurance you need when picking up a new vehicle! Any number of the great waterloo insurance brokers should be able to walk you through the process.
Important UPDATE *May 04, 2016* – We had a customer at our speedway tell us a horrifying story about the broker he hired to get his business insurance. The disaster was two-fold. They didn’t properly cover him from the right kind of liability because he didn’t have a storefront (operated entirely online), but due to cross-border sales it opened him up to more than the broker realized (and they didn’t do their homework despite this man laying everything very clearly out for him). Long story short he had to learn how to file bankruptcy and how to file a consumer proposal in Ontario both on the personal level and the business level (because he was a sole proprietor and not an incorporated entity). He ended up losing his business and all of his assets (short of his home and one car). It is beyond important to get the right broker no matter what kind of insurance you are looking for!
Step 1: Call a cooperators broker (say, Jennifer) and tell them the type of car you’re interested in, your background and information and they will be able to run a number of estimates for you and track down the cheapest insurance policy based on your needs. If you’re buying a used car for example, maybe you only want liability insurance? If you’re in an accident, your car wouldn’t be worth replacing. This could drastically bring down the cost of your deductible (note that you couldn’t have a lean against the car for this case).
Step 2: Determine the vehicle you are going to purchase. This doesn’t mean that you know you want a Honda Civic or something, what this means is you actually have the specific vehicle you want to purchase. This is due to the fact that your insurance broker will require you to have the Vehicle Identification Number (VIN – which is found on the dashboard of the card on the driver’s side) before they can bind any insurance policy.
Step 3: The day you make the purchase and get the keys – call your insurance broker and get them to bind your policy. Alternatively, if you know ahead of time – then you can call in advance and purchase a policy effective as of that date.
For more information on insurance brokers, check out where you can find them in the map below or visit Jennifer at her office!
The Co-operators – Jennifer Sharer, Agent
B2, 550 Parkside Dr, Waterloo, ON N2L 5C6