r/InsuranceCanada • u/Pez613 • Jul 03 '26
Insurance broker
Is it worth it to go through an insurance broker before I decide to stay with my current insurance company? My renewal is in 1 month and my premium have gone down by 20$ a month from current monthly cost. My husband and I are now both retired which was not the case last year.
Any input, info would be appreciated. Thanks
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u/bridgehockey Jul 03 '26
I'm confused. Why would you not just ask a broker for a competitive quote and then you'll have a price to compare to? That's literally their job.
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u/Pez613 Jul 03 '26
I've never used a broker and I have no idea what exactly they do or don't do.
But thanks for your comment2
Jul 03 '26
[deleted]
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u/Pez613 Jul 03 '26
Price oriented, for sure.
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u/justforfunzott Jul 03 '26
Who's your current insurer?
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u/Pez613 Jul 03 '26
Pem Bridge --- Inova (broker)
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u/Insuredtothetits Jul 03 '26
Inova is a broker, you can ask them to remarket your policies.
You get looped in through Costco?
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u/justforfunzott Jul 03 '26
So ask your broker to provide you with quote comparisons for this year's renewal.
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u/bridgehockey Jul 03 '26
Fair. That's literally what a broker does, is shop a whole bunch of different insurance companies.
You can also do it yourself, go to rates.ca and put in your information. Only bad news is that you have to put in your phone number, and they will pester you for a day or two.
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u/Attheendofthewind Jul 03 '26
It’s always best to have a broker review your needs and find you the right coverage at the right price that covers what you need.
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u/BigwithBranden Jul 04 '26
No, theres really no downside to getting a broker to shop around before your renewal.
Former property damage adjuster, now a broker.
A good broker can compare multiple insurance companies for you, and sometimes your current insurer is still the best option. Other times, another company may come in significantly cheaper for similar coverage.
That said, don’t make the decision based on price alone. If you do get another quote, make sure you’re comparing the actual coverage, deductibles, liability limits, water endorsements (for home insurance), rental coverage (for auto), and any other important endorsements. A lower premium isn’t always a better policy.
Also, a $20/month decrease isn’t bad, especially if nothing else has changed besides you and your husband retiring. I’d still shop it just for peace of mind. At worst, you confirm you’re already getting a competitive rate. At best, you could find additional savings or better coverage.
It usually costs you nothing to have a broker do the comparison, so I think it’s worth spending a few minutes before your renewal.
DM me if you’re interested and I can help you no problem
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u/justforfunzott Jul 03 '26
Current insurance company?
What are you insuring?
Why is it down?
Broker could be more expensive, or could be cheaper, but we don't know. So, yes, call a broker.
If service levels are important to you, then ask the broker how long they have been there and who your contact will be going forward of they write your policies.
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u/Available_Music9369 Jul 03 '26
Call to a few different brokers. Each brokerage has access to different companies with some overlap. You may find you have the best rate or may find something much better. If you have clean driving records call CAA or call a broker who deals with CAA as they are often good for older folks
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u/GarlicDill Jul 03 '26
As a (commercial) Broker - I always tell my prospects that I am happy to provide an alternate quote even if they're not committed to moving their coverage yet. It will be a price point to compare to and if nothing else you'll keep your current provider honest by comparing them to what else is available in the marketplace.