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Guide To Lower Car Insurance Rates Ontario

Cheap car insurance is just a few clicks away.

By Derek Visser  •  My Insurance Broker
March 14, 2017  •  6 minute read

Insurance companies consider many factors when determining how much to charge for car insurance in Ontario. A few tips to help you save are:

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3 Simple Steps to Cheaper Car Insurance

  1. Step 1 - Complete An Online Car Insurance Quote

    To start saving more on your auto insurance, begin by filling out our car insurance quick quote calculator.

    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 the lowest insurance estimate.

    Fortunately, we’ve worked hard to establish trusting relationships with the top Canadian car insurance companies. This means, our quotation tool allows you to compare the lowest quotes/rates from the best Canadian car insurance providers.

  2. Step 2 - Unlock additional savings and ensure you get the best quote possible

    After completing your auto quick quote, the next step is to visit a local brokerage or contact us to ensure you lock in the best insurance rate possible.

    We understand that insurance terminology and coverage options are not every day conversation topics 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 at 1 (855) 482-5001 to ensure you have chosen the correct coverage that will respond in your time of need (hopefully that day never comes).

    Additionally, our quotation experts may reach out to you to ensure all the correct car insurance discounts have been applied and that you have been provided with the best coverage at the most affordable price.

    Don’t worry! You can relax - shopping for better insurance ends here.

  3. Step 3 - Save on insurance indefinitely

    The savings doesn’t have to stop today. When you contact one of our licensed 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.

    Car insurance rates and ratings change frequently, so staying up to date on your quote 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. We are happy to help you, and will ensure that you and your loved ones are protected from the financial risks of owning and insuring a vehicle.

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Canadian Car Insurance Facts & Knowledge

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 Ontario, Alberta, Nova Scotia, New Brunswick, 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 (see: Why Toronto Car Insurance Rates Vary and How to Lower Them), 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.

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 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.

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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

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.

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