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Various Types of Licensed Insurance Professionals

Licensed Insurance Professionals (Brokers, Writers and Agents)

According to the Canadian law, all drivers that are officially licensed must have auto insurance. However, the consumer insurance rates for the car insurance companies are tabulated depending on a wide range of variables. All of these rates charged are independently assessed by the car insurance providers. In addition, the regulations in the auto insurance industry also vary depending on the province that you are in. In some provinces, the government does the administration of the auto insurance whereas in some provinces, for instance Ontario, the car insurance rates are managed exclusively by the private sector and a very large sum of the private insurers.

There are different networks of licensed insurance professionals that provide auto insurance services in Canada. These are:

  • Insurance brokers: They are responsible for independent and proficient advice including support and advocacy to the consumers with regards to their needs of car insurance. Typically, they work with a variety of car insurance companies by selling their various distinct policies.
  • Insurance Agents: These are the type of insurance professionals that provide support, advocacy, and proficient advice with reference to the needs of the car insurance and work with just a single insurance company whom they sell their policies for.
  • Writers: They are also known as direct response insurers. Their function is to give relevant expert advice, sell and service property and the products of casualty insurance which include the auto insurance in Canadathrough directly responding to the marketing and distribution for a single insurance company.

The main purpose of car insurance companies is the prevention of future losses. By bringing together the risks of specific consumers and effectively charging each of the consumers a small amount of premium, the insurance companies make sure that there are funds that are adequately available in the event of a subset of those particular risks.

Whichever province or insurance company you prefer, be it car insurance companies or any other, it is of great significance for you to have ample know-how on the subject of car insurance. The professionals are always available to provide adequate guidance and support to help you make the wisest decision possible in terms of your auto insurance. The professionals will enable you to go through the whole procedure smoothly and enable you to have a fine insurance rate after your overall auto insurance assessment. 

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