Nearest broker: Searching for a broker nearby…
Nearest broker: , Edmonton, AB Phone: 780.755.0110 5020 Lac St Anne Trail N, Onoway, AB, T0E 1V0 Phone: 780.967.2282 , Edmonton, AB Phone: 825.467.5631 206 Pembina Rd, Sherwood Park, AB, T8H 0L8 Phone: 780-732-8616 10060 Jasper Ave, Edmonton, AB, T5J 3R8 Phone: 780-435-3632 , Calgary, AB Phone: 403-532-4882 322 Avenue C S, Saskatoon, SK, S7M 1N4 Phone: 639-398-4170 5317 50 Ave, Taber, AB, T1G 1V3 Phone: 403-223-2377 110a McLeod Ave, Spruce Grove, AB, T7X 2H8 Phone: 780-571-1144 496 Marquis Rd, Prince Albert, SK, S6V 8B3 Phone: 306-970-8080 335 Hwy Avenue N, Picture Butte, AB, T0K 1V0 Phone: 403-732-6023 2201 Box Springs Blvd NW, Medicine Hat, AB, T1C 0C8 Phone: 403-487-5132 550 Wt Hill Blvd S, Lethbridge, AB, T1J 4Z8 Phone: 403-394-1123 734 13 St N, Lethbridge, AB, T1H 2T1 Phone: 403-328-9114 5 St SE, High River, AB Phone: 403-652-4104 9904 103 St, Fort Saskatchewan, AB, T8L 2C9 Phone: 780-998-0881 201-4271 23 Ave NW, Edmonton, AB, T6L 5Z8 Phone: 780-466-2136 3908 97 St NW, Edmonton, AB, T6E 6N2 Phone: 780-465-6900 8170 50 St NW, Edmonton, AB, T6B 1E6 Phone: 780-469-9378 52 Ave, Drayton Valley, AB Phone: 780-621-1707 1331 Macleod Trail SE, Calgary, AB, T2G 0K3 Phone: 403-278-1050 1331 Macleod Trail SE, Calgary, AB, T2G 1E1 Phone: 403-255-2252 234-7 Westwinds Crescent NE, Calgary, AB, T3J 5H2 Phone: 403-775-2100 , Calgary, AB, T3K 0S8 Phone: 403-719-9995 5114 2 St, Boyle, AB, T0A 0M0 Phone: 780-689-3946 50 Ave, Bonnyville, AB Phone: 780-826-3147 12931 20 Ave, , AB, T0K 0E0 Phone: 403-562-2191 2903 Kingsview Blvd SE, Airdrie, AB, T4A 0C4 Phone: 403-945-8885

Cheaper Isn’t Always Better When Buying Insurance

Home Insurance

By Viola Wallace | January 29, 2018

If you’re shopping for insurance, you’ll frequently see advertisements offering low rates – as if the cheapest insurance premium is the best thing for you. However, the lowest priced insurance may not be the best choice for your individual situation. While saving money is a strong draw for most people, insurance helps protect you financially over the long term and allows you to recover from a major disaster. It’s important to ensure you have the right coverage at the best possible price rather than the cheapest insurance without regard to protection.

Advantages of Going with the Cheapest Insurance

There are some obvious advantages of going with the cheapest insurance: you’ll save money! Sometimes, the cheapest insurance does offer adequate coverage for your needs. You may also have a great experience with the insurer and/or broker and get exactly what you want when it comes to price, protection and service.

Disadvantages of Going with the Cheapest Insurance

There are potential disadvantages of choosing the cheapest insurance policies, including:

  • Less coverage
  • Less peace-of-mind
  • Less broker support
  • Rates may rise

The important thing is to understand the coverage.

Before choosing an insurance policy, you should understand what’s covered and what isn’t. It is also beneficial to compare your quotes not only for the price but for coverage and service. This can take a lot of work, but if you have a broker, they’ll be able to help you compare.

For example, if you’re looking for home insurance and get 5 different quotes. They all include comprehensive home insurance, but one doesn’t offer overland water coverage – protection you want for your home. Even though that was the cheapest option, it was the cheapest because it offered the least amount of protection. That option is eliminated you end up going with the second cheapest option as it has all the coverage you want and provides decent claims service.

It’s important to check coverage as well as policy limits to ensure you have the right type and amount of protection.

Cheap can mean less peace of mind.

Insurance should give you confidence, as you know you are taken care of, should an unexpected disaster strike. However, cheap policies with less coverage simply don’t take as good care of you. You’re paying for insurance but you will still worry about all the scenarios you are not covered for. What’s the point of insurance if it steals your peace of mind rather than give you peace of mind?

Cheap can mean less broker support.

As they say, you get what you pay for. It’s important to check reviews for the broker and insurance provider as you may have inadequate access to support and expertise. This can show up when you are only provided with a quote from a single insurance company or there is a lack of prompt response or answers to your questions.

Cheap premiums mean rates may rise.

Often, insurance companies will offer lower rates for new business. A cheap policy may only be cheap for an introductory period and then your rates will increase. You may find incentives such as accident forgiveness are not offered on cheaper policies, which can cost you in the long-term if you have a claim.

The important takeaway from this is that you should review more than the price of an insurance quote before you choose a policy. You should be reviewing your coverage and ensuring you have the best protection possible for the price.

Your broker can get you quotes from different insurance companies while ensuring you have the correct coverage for your situation. They can advise which insurer is the best choice.

Get A Quote From A-WIN

Get the best insurance deals and stay on budget.

Get A Quote

Life Events - It's Time to Reassess Your Insurance

Whether it’s heading off to university or deciding to start your own business,...


Rogers Insurance and CapriCMW merge to become Acera Insurance.

A-WIN Insurance is part of the Rogers Insurance Group.

Click to learn more about how this merger will impact A-WIN Insurance. Our branches will remain independently owned and operated.