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February 4, 2020  •   6 minute read

Understanding Auto Insurance Rates Ontario 2020

Understanding Auto Insurance Rates

Understanding Auto Insurance Rates Ontario 2020

Car Insurance Rates in Ontario and the Greater Toronto Area

Understanding car insurance rates in Ontario and the ins and outs can be very intimidating at first. Some consumers feel like they hear gibberish, and others may feel the complete opposite. While shopping for insurance, keep in mind that it also depends on the type of vehicle, driving records, the length of time you've driven, place of residence, age, and gender.

These specific details will ultimately determine the rate that best fits your daily driving. Although it may seem easier to forgo the insurance and skip the confusion, it is mandatory and legally required of anyone who operates a motor vehicle.

It can be overwhelming, but there is help, and for questions you may have on how to shop for and where to shop for insurance, be sure to check out My Insurance Broker. A company that cares for its clients and offers services in helping you understand coverage more in-depth. Providing potential clients with comparative car insurance rates in Ontario and the Toronto area.

The Vehicle You Travel Around Town In

Rates can vary, and that is depending on the vehicle that you drive. It all lies in the hands of the make, model, and type of the car that you drive, whether that be automatic or manual. Finally, the mileage of the vehicle. It is common knowledge that vehicles that attract more belligerent drivers, often sustain more citations.

Various reports show how collision and other types of claims for different makes and models of cars could significantly affect the cost of car insurance rates in Ontario. SUVs at times can be insured for less as opposed to sedans, which surprisingly has slightly higher rates. When planning on buying a sporty, new and luxurious vehicle, consider the fact that those rates could be higher too.

To Text or Not to Text. To Drive Drunk or Not to Drive Drunk!

Now, few have a perfect driving record, and if you do, then good job! Others who don't quite have that advantage are often given slightly higher rates. Being involved in any previous car accidents can be a significant factor that insurers often look at while considering.

It shows them how responsible you were in the past and if it was your fault or the other person's fault. It is a way for insurance companies to provide you with coverage in case it was to happen again, as accidents can be expensive. Another indication is to look at how long you have been licensed, and if you have past tickets. This includes driving while intoxicated, speeding and of course, any past or current convictions. Although other things may factor in, these are the main things that insurers look at.

All in all, if you have a clean-cut driving record, you may qualify for affordable premium pricing. Knowing this, consumers frequently feel apprehensive about shopping for insurance when they don't have an excellent driving record.

It doesn't mean that you must be a cautious driver to get lower rates, but more so, if you venture to drive more carefully, your rates may be reduced as time goes on. There's also a device that you can use in your vehicle which detects your driving and can offer you up to 25% in savings. Fear not, there is always a rate for everyone, and My Insurance Broker will walk you through the process of shopping for the right insurance for you and your loved ones.

Why the Length of Time Driving Does Matter

A lot of people spend hours just to and from work or school, while others may only commute 15 minutes with the occasional drive in town. Depending on how much time you spend driving on a typical day can determine what type of insurance is needed. The time itself isn't what is important, though, it is the number of kilometers you drive every year and whether it is to work or school. If you are an avid commuter, the chances of you receiving a higher rate are bigger. Any extra time on the road will result in a higher premium.

The Type of Coverage You Choose for Your Car and Increasing Liability

There are various types of coverage that you can choose from. The more you add to your policy, the higher your rates will be. Brand new cars or relatively new cars more than likely will always require collision and comprehensive. The reason for this is because new vehicles with an outstanding loan or a lease need it.

Dealerships and loan companies want to ensure that the car is insured since technically you do not own the vehicle outright, and those companies still do. Having collision pays for your vehicle damage that is caused by car accidents. Comprehensive pays for the other vehicle's damage. It includes instances like theft or flood damage.

If you own an older car that isn't in the best shape, your rates could still be lower, with the option to opt-out of collision and comprehensive, the priciest part of insurance. The disadvantage of owning a new car is having a car payment, but you also must be prepared to pay high rates with collision and comprehensive.

If you are someone who has never been in an accident or doesn't get into accidents very often, then increasing your liability deductible would be a smart move. Your deductible is what you are responsible for paying for before the insurance covers the remaining claim, and by increasing it, your rates will decrease.

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Where You Live and How it Can Affect Your Premiums

Where you live can play a big part in establishing your insurance rates. Because particular locations within a city or town are more populated, this can increase the price of insurance. The reason is that in urban areas, there are frequently more accidents and car thefts. The need for insurance to protect you and your car rises in a condensed location.

In most cases, this is due to the chances of having an accident are much higher than if you were in a suburban locale. The further from areas where accidents persist, the lower your insurance rates could be. Oddly enough but not always familiar, in rural areas, people must pay higher rates because of high deer capacity. Any location where anything that has a high number of incidents will always require coverage for it. Insurance is a tricky subject, but My Insurance Broker will always be there to provide all the answers you may need.

Age, Gender, and Marital Status Are More Important Than You Think!

When it comes to age, I think we can all agree that the older that you get, you also become more of an experienced and mature driver. Teenagers, for instance, are brand new drivers and are still learning, even when they have their license already. Rule of thumb, if someone is 25 years or older, insurance premiums will drop substantially.

So if you are at that age or older, you're in luck! There is always the option of taking an accredited training course, which can get you a discount.

On the other hand, though, it may seem wrong to base insurance rates on gender. Still, it just so turns out that women statistically drive safer than men and are much less likely to file a claim as opposed to men. So men do statistically pay more for insurance than women do. As for marital status, most people would never think that their marital status plays a role in their car insurance rates. It is almost as important as age and gender. Interestingly enough, being married reduces insurance rates considerably as opposed to someone the same age but is instead single.

For more information on car insurance rates in Ontario, visit My Insurance Broker, where you can find extensive help and answers to ease your concerns. They operate as a brokerage company that has served the people of Ontario and the surrounding area for 11 years by comparing different prices.

At My Insurance Broker, 100% Canadian owned, you can get a free quote on car insurance rates in Ontario but in the Greater Toronto Area as well. There you will be offered various personal insurance plans that best fit you. Not only that, but you are also getting help from a broker that only works for you.

As mentioned above, it can be a lot of gibberish to a customers' ear when it comes to car insurance. Here, you will be welcomed by experts who can relate while also explaining how things work. Rates in Ontario are the highest in Canada, and it becomes more crucial in finding affordable rates that offer optimal coverage and customer services.

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