Spring is coming: Have you looked at your insurance policy?

(NC)—With spring just around the corner, now is the perfect time to get your financial house in order and review your insurance policies.

Before your eyes start to glaze over, consider the fact that there's never been a better time to get a deal on insurance, especially if your renewal is coming up.

Following substantial auto insurance reforms that took place in the last year, the insurance industry is now telling us that prices in several provinces have gone down. The best way for consumers to put this to the test, however, is to shop around.

Do some comparison shopping
Thanks to a competitive marketplace, there are many insurance options out there. Any smart customer knows that when making a major purchase, shopping around pays off. You wouldn't buy a TV without checking out at least a few options; why should your insurance policy be different?

More than just price
Price is only one consideration. If 24-hour claims service or face-to-face contact with insurance representatives is important to you, this might affect your decision when selecting a provider. Think about the claims settlement process, the amount of the deductible, and whether you require full replacement coverage. Talk to your family and friends about their insurance providers and the experience they have had with them.

Sources of insurance
The main sources of insurance are brokers, agents and direct writers. Many people prefer the expertise and personal service of a local broker. Remember, however, that while brokers are often able to offer a good variety of products, they typically write business for a limited number of companies. More than 200 companies offer insurance in Canada, so don't limit your options.

An insurance agent is another great choice if you want face-to-face interaction and personal service. Agents work for one company, selling the products of that company.

You might also look into direct writers – companies who sell insurance via the Internet or call centres. Or perhaps there is a group plan that you can take advantage of through work, alumni or other affiliations.

Don't be daunted
The better informed you are, the easier it will be for you to take advantage of the options. Make it a yearly habit to review your insurance needs, do your research, and make sure your policy still works for you. The legwork will pay off in savings.
For more information on insurance related topics, visit Insurance Bureau of Canada web site at www.ibc.ca.

- News Canada