Auto Insurance Revolves Around You and Your Situation (How Whole Life Insurance Could Save You Money on Your Auto Insurance)

There are periods of time when Auto Insurance is purely based on the price, but there are also situations in which auto insurance is based on what you’re looking for.

If you’re financing a car for example, well, then your auto insurance revolves around the type of auto insurance your financier demands. However if you buy your car cash, well then you decide on what type of auto insurance you want.

There are three types of car insurance in Ontario: liability, collision, and comprehensive. If you own a vehicle in Ontario, you are required to purchase the following automobile insurance coverage:

• Third-party liability coverage
• Statutory accident benefits coverage
• Direct compensation – Property damage (DC-PD) coverage
• Uninsured automobile coverage

One of the reasons I focus on whole life insurance for my clients is because the more money you accumulate in your whole life insurance policy contracts, the more access to the capital you’ll have, which can ultimately not only assist you in purchasing an automobile but also save on auto insurance.

A quick example of what I mean is if you have a whole life policy, instead of financing a car via a bank, you might be able to finance your car via a collateral policy loan from the insurance company you purchased a whole life policy loan with.

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Why would you do that, you ask? Well, first and foremost, if you purchased a used car and you have an excellent driving record, maybe you only want to purchase liability insurance instead of comprehensive; that extra money saved could actually be used for other things. If you require financing from a bank or car dealer, you have to take the insurance coverage they offer you, which might be at an inflated rate.

When you work with Romone, and if, let’s say, you bundle, you might see more savings

Call or text Romone for more information

Contact Romone: (416) 705-0892

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