Information Needed For An Accurate Quote

If you want a quote for automobile insurance you will need to be sure to have on hand:

Who is the named insured? The name on the policy needs to reflect who actually owns the vehicle. This person may not have a driver's license. That is okay. As long as there is a qualified driver listed on the policy it will still be acceptable to an insurance company. If the named insured is a husband and wife - will they both be shown on the registration? If the owner is the child of the family then that child's name has to be on the insurance, not the parent's name.

Has this person ever had insurance canceled or been refused renewal of insurance?

Which vehicle is being insured? There are so many different models of vehicles that it can make a big difference on a final quote. Know exactly which model - is it a four-wheel drive, four-door, SL, Turbo, etc. If you have the vehicle identification number (VIN) that this will provide the exact vehicle and give a much more accurate quote. Each vehicle has a CLEAR rating - the higher the rating, the more expensive to insure.

Is this vehicle owned, leased or financed? This can affect the coverages you are required to have. Is this vehicle brand new? You might want to buy the 43R-43RL to protect the value.

The use and the driver(s) of the vehicle is a major part of the rating. If the vehicle will be used to go to and from work then how many kilometres each way?

Does the vehicle get used for business? An example of business use would be a consultant meeting with clients, a salesperson carrying samples when making sales calls, an insurance person who comes to visit you at your home or office. Commercial use could include the plumber carrying his tools and supplies to the job site or the long-distance trucker who travels across Alberta on a regular basis. A full description of the use and how often these trips are taken will give the actual rating.

The driver(s) of the vehicle need to be declared. How much will each driver use the vehicle? What type of record does each driver have? How many accidents whether at-fault or not at-fault in the last six years? How many tickets whether there is points or not on the abstract does each driver have? How experienced is each driver - how long has the driver had a license. What is the insurance history of each driver? Has any driver been canceled or refused renewal in the last six years?

What coverage do you want? The minimum can be as low as $200,000 for PLPD and the maximum is usually up to $2 million without having to get underwriter approval. The deductibles can range from a low of $100 up to $5,000 for the physical damage with most companies now offering $500 deductible for the Collision and $250 deductible for the Comprehensive with a limitation of glass coverage. Do you want extras such as loss of use, accident waiver, road assistance, waiver of depreciation or added sound equipment coverage?

For your home, tenants, condominium unit owners or other types of property insurance you will need to provide the following information:

Who is the named insured? If the property is owned then the named insured has to be shown exactly as the title will be registered. You should not have your "familiar name" - an example is using Bob instead of Robert.

How old are you? What insurance history do you have? What claims have you had?

You need to advise if there is a mortgage on the property - this will also be shown on the land title.

If people who live with you are not family members then they will not have protection under the insurance unless they are declared. This extra coverage can cost a bit more.

What is being insured? If it is your home then you will need to provide specific information on the home which will include year built, style, size, number of bathrooms, flooring, roofing, fireplaces, and any extras that you have added. This will help determine the reconstruction value of your home.

If you are a tenant then you need to know how much you have in personal belongings. You need to consider the replacement cost of these belongings. What will it cost for renting a temporary location in your area? This could affect the coverage you need for emergency additional living expense.

If you are a condominium unit owner then you need to consider what improvements and betterment you may have to cover that are not under the condominium corporation policy. You also need to consider your total amount of personal belongings for the contents limit that you need. Knowing the information about your corporation's policy will also help you determine if you have enough for additional assessments you may face.

For all types of property coverage you need to consider what type of coverage do you want? You can buy a "bare-bones" type of policy that will cover fire and other basic claims. You can widen the insurance to cover more specific losses and this is known as a "broad" form. Or you can purchase the all-inclusive type policy known as "comprehensive". All of these will have some limitations and exclusions. Some companies will offer an add-on such as reduced glass deductible, increased by-laws, disappearing deductible or claims protection.

What is important to you? Are you worried about the sewer backing up? Do you live in an area of heavy snowfall? Do you have jewelery, fine arts, coin collections or other high-valued items that you want to be especially careful about insuring?

If you are working with an on-line quoting system you may have to add fairly extensive notes to the submission if you wish to get an accurate price. Each company can have their own methods for submitting in this format.

If you are working with an agent or broker you will have a good starting point with the information outline above. The broker should be willing to work with you to find you the company that best suits your needs at the pricing you want.