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Brokers look at several competing insurance options and try to secure you the best possible rate. In some cases, they can assist you with claims and offer advice on dealing with insurance companies.
Costco car insurance is an interesting option for insuring your vehicle. You don’t actually buy insurance directly from Costco. Instead, you deal with a broker whose job it is to find you the best price available. This can be attractive for people without a lot of experience buying car insurance and who are comfortable with having someone else do a lot of the legwork. However, it’s important to note that you need to be a Costco member to purchase this car insurance.
As mentioned above, Costco doesn’t sell car insurance directly. The company connects you with an insurance broker. The broker collects your information and then looks for an insurance package for you. Typically, insurance brokers collect a commission that is a percentage of the premium you pay to the insurance company. Costco’s brokerage company works with insurers such as Aviva, Intact and Zenith. Costco’s car insurance is available in Ontario, Quebec and the Atlantic provinces.
Costco offers car and home insurance through Inova Insurance Brokers. Costco offers a variety of other types of insurance through different insurance companies.
When you go through the process of getting a quote online, the Inova website asks you whether you wish to combine your home and auto insurance in a bundle. The website says this could result in a discount of up to 15% on the total price of insurance.
Several users in the RedFlagDeals website forum say that they were able to find the lowest car insurance premiums using Costco’s car insurance service offered through Inova. However, that sentiment was far from universal, with other users pointing out that the price you pay will largely depend on your personal situation.
In addition, several users complained that Inova customer service is subpar. Specifically, wait times on the phone can be long, and it can take a long time to settle claims.
Costco offers car insurance by connecting you to an insurance broker who searches for an insurance package for your vehicle, tailored to your desired coverage and price point. This means you can often get a very competitive price because you are in effect shopping from several insurance companies at once. However, there is an important catch: you have to be a Costco member and that requires an annual fee.
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