Canadians all know that auto insurance is mandatory in Canada. We also know that the minimum coverage required in each province can differ. However, we have the ability to increase or decrease that coverage depending on our individual needs.

Many Canadians are paying much more for car insurance than they should.

We don’t shop because we believe that the price they pay for auto insurance is the same as what they would pay elsewhere. It is a sad truth that people who believe this and don’t take the time to compare rates are losing money.

A study of 8000 people who had used the internet to find auto insurance quotes Canada in November 2006 was done. Each visitor received a rate from 10 of Canada’s most competitive insurance companies. The results showed that the average rate varied by more than $900 based on the same coverage. It’s quite a difference, and it is worth taking the time to compare rates and shop for insurance. This also dispels the myth that all insurance companies are alike and that all rates are based on the same coverage.

Auto insurance quotes are subject to wide variation. Only by taking the time and looking at rates can you ensure you’re not overpaying. We shop for everything: houses, computers and furniture deals, so why not shop for car insurance?

Make sure to take the time to review your finances and ensure that you don’t pay too much for auto insurance.