Compare Auto Insurance Rates In 2 Minutes Or Less
My Insurance Broker
Nov 2nd, 2016 at 12:32 pm • Richmond Hill, ON
3 Simple Steps to Cheaper Car Insurance Quotes and Lower Insurance Rates
Step 1: Get A Car Insurance Quote
To start saving more on your auto insurance, begin by filling out our quick quote form. We’ve simplified the quoting process to reduce the amount of time it takes (as little as 2 min and up to 5 min) to provide you with a low auto insurance estimate. Fortunately for you, we’ve worked hard to establish trusting relationships with the top Canadian car insurance companies. This means, our quoter allows you to compare the lowest quotes/rates from the 11 cheapest Canadian insurance companies. If at any time you would like assistance or have a question about the options available, we have agents/brokers on standby to help you through the quoting process.
Step 2: Unlock additional savings and ensure you get the best quote possible
After completing your auto quick quote, the next step is to contact one of our licenced brokers to ensure you get the best insurance rate possible in as timely a manner as possible. We understand that insurance terminology and coverage options are not every day conversations and that each policy and coverage option definition varies by insurance company. This is why My Insurance Broker recommends that you speak with one of our insurance experts to ensure you have chosen the correct coverage that will respond in your time of need (hopefully that day never comes). Additionally, our quoting experts may reach out to you to ensure all the correct discounts have been applied and that you have been provided with the lowest car insurance rates possible. Don’t worry, you can relax, shopping for better insurance ends here.
Step 3: Save on insurance indefinitely
The savings doesn’t have to stop today. When you contact one of our licenced insurance brokers we can set you up with automatic updates on your insurance rates. This means we can reach out to you if your rates change and before your auto policy renews to ensure you get the best insurance rates possible. Insurance rates and ratings change frequently, so staying up to date on your quotes is beneficial. You may not be interested in switching to start saving today due to high costs of cancelling your insurance policy with your current auto insurance provider and that is okay. The good news is, that the quotes provided are valid for up to 30 days and we can requote you at any time when you are up for renewal. Let us know when you’d like to be contacted and we will gladly reach out to you to help you ensure that you and your loved ones are protected from the financial risks of owning and insuring a vehicle.
Canadian Car Insurance Facts and Recommended Knowledge
When Shopping for Auto Insurance:
By law, all drivers in Canada must carry valid driver’s licences and auto insurance. However, insurance coverage and mandatory minimums vary significantly across Canada.
By province, there are differences in how auto insurance is regulated and administered. For instance, vehicle insurance in Alberta, Nova Scotia, New Brunswick, Ontario, and Prince Edward Island is administered by the private sector and private insurance companies such as Aviva, Intact and CAA Insurance. In British Columbia, Manitoba, and Saskatchewan, auto insurance is administered by the government. And, in Quebec there is a hybrid model that combines both government mandated insurance that protects and covers injury to people and the private insurance companies protect against property damage.
Not only does your quoted insurance premium vary across provinces, insurance companies, coverage selected, and your driver rating, it also varies over time when insurance companies and Canadian insurance regulatory boards update underwriting rules, coverage definitions, and ratings.
The price quoted can also vary by up to thousands based on the driver, the make and model of vehicle, the location the vehicle is parked, and gender, among many others. This means finding the insurance company that has the lowest rate available with the most comprehensive coverage can be very time consuming. That is why it is recommended to compare insurance quotes every time you are up for renewal, ensuring you are getting the best insurance for your dollar. At My Insurance Broker, our licenced insurance experts actively work with you to make sure you are provided the best insurance coverage at an affordable price.
Cheap car insurance is a few clicks away
Insurance companies consider many factors when determining how much to charge for car insurance in Canada. A few tips to help you save are:
- Get multiple quotes using our quote comparison tool
- Don’t get caught with a gap in insurance or a non-payment
- Buy winter tires and save
- Combine Auto & Home insurance or any other insurance product for multiline savings
Why Have Auto-Insurance
Auto insurance exists to protect you and your family from financial risks associated with physical damage, bodily injury and liability arising from automobile accidents. (In the event that something were to happen, you can have the peace of mind of knowing that you would be covered by your insurance policy in your time of need). Insurance companies pool the risks of their individual consumers together and as the insured, you would be required to pay a small premium in the event of a claim.
Distributors of Auto Insurance
The distribution of auto insurance is done through various mediums. These include: Insurance Brokers, Insurance Agents and Direct Writers. Insurance brokers provide expert advice to their clients based on their unique insurance needs and advocate on their behalf to service providers. They create a customized plan to suit their clients’ budget and provide them with the most comprehensive coverage. Insurance agents usually work for one insurance company and provide advice and recommendation to their clients based on the company’s products. Direct writers are also limited to selling the products of the company they work for. Producers are considered insurers.
Auto Insurance in Ontario
In Ontario, it is mandatory to purchase car insurance if you own and operate an automobile on a public road or highway. Ontario’s insurance system is governed by a “Not-at-fault” or “No-fault” clause in order to speed up the claims process. This means that you will still be indemnified (placed back into the same financial position before the accident- no better, no less) by your insurance company for damages resulting from a motor vehicle collision, regardless of who was responsible for the accident. In order for appropriate coverage to be applied after a claim has been made following a car accident, the “at-fault” driver must be established. Fault-Determination Rules are utilized by insurance companies to determine who the responsible party of a car accident is so that premiums can be adjusted accordingly.
What type of coverage should I get when purchasing car insurance?
When purchasing car insurance in Ontario it is a requirement to have the following types of coverages:
Third Party Liability This coverage protects you from liability charges if you are held legally responsible for an accident causing bodily injury, death or property damage. Third party coverage amounts to $200,000 but it is recommendable to purchase a policy with a higher value of $1 - $2 million.
Accident Benefits Your Accident Benefits coverage will protect you if you are injured, regardless of who is “at-fault” in a car accident. These benefits may include:
- Income Replacement which provides you with a sustainable form of income if you become disabled
- Caregiver Benefit- Pays for childcare or other expenses in the event that the main caregiver is injured
- Non-Earner Benefit- Offers compensation if you do not qualify for Income Replacement or Caregiver Benefit
- Medical and Rehabilitation Benefits- Covers medical and rehabilitation expenses not included in your OHIP plan
- Attendant Care Benefit- Provides professional caregiver services in the event that you are seriously injured
- Funeral Expenses and Death Benefits, if an insured person dies in an accident
Uninsured Automobile Coverage Protects both you and your family if you are injured or killed by an uninsured motor vehicle or a hit and run driver. It also covers damage to your property caused by an identified uninsured motorist.
Direct Compensation Property Damage provides compensation to the insured if someone else is responsible for the accident. This coverage only applies if the accident took place in Ontario.
Optional Coverage is available for physical damage (Loss or Damage Coverage) to protect against loss or damage to your automobile caused by collision, fire, theft, or other unforeseeable circumstances. Increased limits for Accident Benefits Coverage is also available.
Once you have been provided with your online insurance quote from myinsurancebroker.com, we will connect you with a licensed car insurance broker who will provide further assistance and answer any additional questions or concerns you may have.
Time to Reassess your Insurance Policy
On June 1, 2016 reforms to the Ontario Automobile Policy were introduced.
My Insurance Broker can help you clarify any areas of concern and help you to determine if you need additional coverage. Call our support centre at 1 (855) 482-5001 and a member of our service team will be glad to assist you!
You should consider updating your auto insurance policy if you fall under the following categories:
- You are the principal caregiver in your household and are responsible for the care of young children, elderly parents or disabled family members
- Your annual income is over $30,000
- You are a snowbird
- You are a housekeeper or do home maintenance
- You require physiotherapy or frequent massage treatments for a pre-existing injury
- You have no additional form of coverage except your auto insurance policy
Changes to the Medical, Rehabilitation and Attendant Care Benefit were also introduced. As of June 1, 2016 if you have been injured in a car accident and suffer catastrophic injuries such as loss of a limb or become a para/quadriplegic, your standard Accident Benefits Coverage would provide $1,000,000 for medical, rehabilitation and attendant care expenses. For non-catastrophic injuries such as broken bones and strains, a maximum limit of $65,000 would apply. In order to help stabilize rates and provide consumers with more options, these Standard Accident Benefits were reduced, which could have an adverse effect on the consumer in the long run.
In order to have a more comprehensive coverage for bodily injury and greater peace of mind in the event of a car accident, you can increase your Accident Benefit Coverage and get it more customized to suit your insurance needs in alignment with your income.
Know how reductions to the Accident Benefit Coverage can affect you! Contact one of our brokers today to be connected with a member of our service team, who can assist you to update your auto policy and provide you with greater protection!
|Accident Benefits Coverage||Prior To June 2016||As of June 2016||Options|
|Medical Rehabilitation and Attendant Care Benefit1||Medical and Rehabilitation:|
Reimbursement for a reasonable, necessary medical and rehabilitation expenses like physiotherapy not covered by OHIP or group insurance plans.
Attendant Care: Reimbursement for an attendant to look after you either at home or within a health care facility.
Non-Catastrophic Injuries: Minor injuries (sprains, whiplash) + Serious Injuries (broken bones).
Catastrophic Injuries: Loss of a limb, para/quadriplegic.
|$50,000 for Medical and Rehabilitation (for Non-Catastrophic Injuries)|
$36,000 for Attendant Care (for Non-Catastophic Injuries)
$1,000,000 for Medical and Rehabilitation (for Catastrophic Injuries)
$1,000,000 for Attendant Care (for Catastrophic Injuries)
|$65,000 total for Medical, Rehabilitation and Attendant Care (for Non-Catastrophic Injuries)|
$1,000,000 total for Medical, Rehabilitation and Attendant Care (for Catastrophic Injuries)
|Increase Non-Catastrophic benefit to $130,000 total|
Add an additional $1,000,0000 for a total of $2,000,000 for Catastrophic Injuries
Increase combined all injury benefit to $1,000,000 and combined Catastrophic benefit total to $2,000,0002
|Caregiver Benefit||Reimbursement to hire someone to care for your dependents.||Up to $200/week for first dependent, $50/week for additional dependents (Catastrophic Injuries only)||No Change||Extend benefit to cover all injuries|
(not just Catastrophic)
|Housekeeping and Home Maintenance Expenses||Reimbursement for someone to carry out your household responsibilities.||Up to $100/week (Catastrophic Injuries only)||No Change||Extend benefit to cover all injuries (not just Catastrophic)|
|Income Replacement Benefit||A weekly up to $400; begins one week after the accident occurs.||70% of gross income up to $400/week||No Change||Increase to $600, $800 or $1,000/week|
|WHAT INCOME REPLACEMENT BENEFIT (IRB) IS BEST FOR YOU?||IS YOUR INCOME CLOSE TO OR GREATER THAN||$30,000/year?|
|CONSIDER AN IRB AT THIS LEVEL||$600/week|
|Dependant Care Benefit||Reimbursement for additional expenses to care for your dependants if you're employed and injured from a car accident||Not Provided||No Change||Purchase up to $75/week for first dependant and $25/week for additional dependants (max $150.00/week)|
|Death and Funeral Benefit||A lump sum payout to your spouse and dependant(s);|
a second lump sum payout to cover the cost of funeral expenses.
|$25,000 to spouse;|
$10,000 to each dependant
Up to $6,000 for Funeral
|No Change||Increase to $50,000 for spouse; $20,000 for each dependant|
Increase to $8,000 for funeral
|Indexation Benefit||Adjustment of Benefits to account for changes in inflation.||Not Provided||No Change||Adjust annually according to the Consumer Price Index of Canada|
|Tort Deductible||The amount deducted for court awarded compensation for pain and suffering.||$36,905.40 deductible (Jan 1 - Dec 31, 2016)||No Change||Reduce deductible by $10,000 regardless of annual indexation|
2If you purchase both the additional Medical, Rehabilitation and Attendant Care benefit for catastrophic injuries and for all injuries, the total eligible benefit amount for a catastrophic impairment would be $3,000,000.