Best Auto Insurance Rates in Toronto
Car insurance Toronto is a legal agreement between you and the insurance company. You pay a car insurance company a premium and they, in turn, pay for any losses as written in your insurance contract. Car Insurance in Toronto is mandatory and regardless of where you live in Toronto, car Insurance in required by law for all Canadian provinces and motorists must have car insurance. Auto insurance may be compulsory, but the minimum coverage varies across Toronto. The possible penalties for driving without car insurance may be: Fines ranging from $5,000 to $50,000 Having your driver’s license suspended and vehicle impounded. If you are convicted of driving without valid car insurance, insurance companies may consider you as a “high-risk” driver and charge higher premiums or refuse to sell you insurance altogether. If you do not have car insurance and have an accident, you may not be entitled to be compensated or be allowed to sue the other driver who may be at fault; and if you are at fault for an accident, you could be held personally responsible if causing injury or death to another person or persons.
What can I do to lower my Car Insurance rates?
- Increase your deductible
- Drop the collision coverage on an older car
- Use the same insurance company for all your insurance needs to take advantage of package deals.
- Installing an approved theft deterrent system in your vehicle;
- Some cars are more expensive to insure, so you may want to find out the different cars’ ratings in the IBC publication How Cars Measure Up.
- Follow the rules of the road and try your best not to don’t incur traffic tickets.
- If you drive your vehicle to work, cut down on kilometers and take transit whenever possible.
Shopping For Auto Insurance in Toronto?
Shopping for auto insurance can be much simpler than you may think. As the consumer, you have the option of shopping online or on the phone (and technically face to face if you’re feeling extra social). However, if you’re reading this article right now it’s probably safe to say that your preference would be the former. Ideally speaking, online shopping is really your best option anyhow due to its overall speed and efficiency. That being said, let’s get straight into it! When it comes to auto insurance, you want to make sure that right off the bat you’re looking into the best car insurance companies. Even more importantly, getting proper and adequate coverage for your vehicle should logically be your top priority. Read on to find out exactly where to get started with these helpful tips!
Determine What Kind Of Coverage You Need
First, determine the baseline amount of coverage your province requires. This can easily be done with a simple Google search, but if that doesn’t seem to work give a local auto insurance representative a call and they should be able to assist you since such information is crucial to their business. From there, the rest is really all up to your personal judgment and situation. For instance, if you’re driving an old beater then you’re probably not going to need top-notch coverage, but if you’re driving a model year Ferrari, well…I’m sure you get the idea. In addition be sure to factor in your own driving ability into the equation as well when deciding on coverage.
Have Important Info Prepared Ahead Of Time
Getting an online car insurance quotes is a fairly easy and direct process, but be sure to have this info ready at hand to make the process even quicker: Year, make, model and VIN for each car you’re insuring The annual mileage for each car you’re insuring Name, occupation, gender, number of years licensed, and Driver’s License number Information about any accidents or violations in the past three years including dates, who was at fault, if someone was injured and the claim amount Listing of any safety features on the vehicle Compare To Your Current Coverage If you’re currently insured look through your policy and make note of exactly what kind of coverage you have and how much you’re paying. Doing this allows you to gauge potential savings and make the best decision when it comes to deciding on a provider.
Get The Discounts You Deserve!
Ask your insurance agent about what discounts are available to you. A few common ones are the “good student” discount, the “good driver” discount, and even a few for safety features like anti-theft systems.
What information is allowed to be used by an Insurance Company to determine rates?
- Age – Younger driver rates are higher
- Gender – Males typically pay more
- The number of years you’ve been licensed – the longer you have been a licensed driver, the better the rates.
- Marital Status – married drivers are considered safer
- Your City and Postal Code –insurers have the number of claims by postal code, so if you are in one postal code, you might pay more depending on the
- mount of claims for that insurance company.
- Driving Record – At fault accident can impact your rates for as long as 6 years and tickets can impart rates for 3 years.
- Payment History – missed payments, NSF’s and lapsed policies due to non-payment can increase your rates.
- The type of car – insurers carry statistics on each type of car for their safety record and overall claims historyWho will be driving or lives with you in your home? The insurance company can ask for information for other drivers driving your vehicle or other drivers in your home.
Can I be refused Car Insurance in Toronto?
You can be refused by an insurance company if you are considered “high-risk”, but you can’t be refused by the insurance industry as a whole or refused by them to sell you basic insurance. See more information on Facility Insurance. I found a better insurance rate, can I switch Insurance Companies? You can switch insurance companies before your insurance policy expires, but be aware you may incur a penalty. Check with your insurance company if there is a penalty and weigh that against the savings from the other insurance company.
What determines the Rate of your Car Insurance Premium in Toronto?
There are many things that determine the rate of your car insurance and your insurance company factors in several things such as; where you live, how you use your car or vehicle or if you take your car to work, the mileage to and from, what is your driving and claim record, are there others that will be included in the insurance policy, what kind of vehicle you drive and the amount of coverage your require.
How to purchase car insurance in Toronto?
You may purchase car insurance in Toronto from 3 licensed sources; an insurance agent, broker or direct writer. Insurance Agent – Insurance agents generally represent only one company and employed by that company. Insurance Broker – Insurance brokers are licensed to sell car insurance on behalf of several insurance companies. Direct Writer – Direct Writers are licensed insurance companies that sell their own insurance products directly to consumers. Auto insurance
is one thing that automobile owners in Toronto think about year after year. Some have gotten complacent and stick to their current plans year after year. Some are fairly new to the game and are still on the lookout for an auto insurer they can trust. Regardless of what stage you’re in, there will always be a need to find the best auto insurance rates in Toronto.
So how do you do it?
Step 1: Get an auto insurance quote.
Auto insurance providers often have online forms that you can fill out. These would require you to submit your basic information, as well as a little bit of your driving history. From here, auto insurers are able to come up with a quote. This process usually takes around 5 minutes. But if you’re going to compare a number of different auto insurers, it can take up a lot of time. The best way to do it is to go through a comparison service like OfferHub.ca
. You only need to submit your information once. From there, you can have an overview of what different auto insurers can offer.
Step 2: Decide on an auto insurer.
Once you have the quotes, it’s easy enough to make a final decision. Remember that it’s not just about the price. There are so many things that you have to think about when choosing the right auto insurance coverage. Once you get the right amount of balance between price and coverage, lock that in. Talk to the auto insurer and sign your chosen policy.
Step 3: Stay on top of things the whole year.
Though you only get to sign up for an auto insurance
once a year, everything else that happens within that time period could affect your future premiums. This is why you have to stay on top of things the entire year. Be on the lookout for auto insurers adjusting their rates. They could be potential insurers in the future. Make sure you drive responsibly, too. Any accident in the current year will automatically affect your future premiums. Keep your vehicle well-maintained. Add any safety features if possible. Did you know that Toronto is the most populated city in Canada? It is also ranked as the 4th most populated city in North America. Based on these numbers, you can probably imagine how many drivers and vehicles are on Toronto’s roads. It also makes it unsurprising that the daily commute is unbelievable. These numbers also show you the heightened risks. In a city where everybody is rushing to get where they need to be, accidents are impossible to avoid sometimes. That’s exactly why you need to be careful what kind of auto insurance you sign up for. It doesn’t matter how careful you are as a driver. If the thousands of other drivers out there are not careful enough, you’re still at risk.
Facts and Myths about Toronto’s Road Situation
Here’s a good view of what driving in Toronto is like:
- Auto insurance fraud is quite common in Toronto. In fact, among the instances of auto insurance fraud in Ontario, 84% of them happen in the Greater Toronto Area.
- You know what the most popular vehicle is for people looking for auto insurance in Toronto? It’s the Honda Civic LX4DR.
- The Yonge and Dundas intersection is the busiest of all intersections in Toronto. An average of 2,000 vehicles and 6,000 pedestrians go through it in an hour!
- The 401 in Toronto is the busiest freeway in the entire North America.
Now, it’s not surprising that there are also a few myths about the roads in Toronto. You may think that these myths won’t really affect you. But in reality, the wrong beliefs can cause you to make bad decisions when on the road. Here are just some of the biggest myths about the Toronto streets:
Myth #1: Toronto has a lot of bad drivers.
The truth is, Toronto only accounts for 5.3% of all car accidents in Ontario. As for traffic tickets, only 2.1% of all tickets in Ontario are from Toronto.
Myth #2: Toronto has the worst traffic in Canada.
In reality, Toronto only comes 2nd when it comes to toad congestion. Vancouver holds the top rank. Overall, these two myths should be a relief for a lot of drivers out there. Now, you can focus on finding the best auto insurance rates in Toronto that will protect you in case you fall prey to an accident caused by the few bad drivers out there.
How to Get the Best Auto Insurance Rates in Toronto
A single accident can cost you a lot. This is why it’s important to get not just the cheapest, but the most fitting insurance policy for you. Here are tried and tested tips on how you can get the best auto insurance in Toronto:
Compare and don’t rush it.
This is not just about comparing prices and getting the cheapest one. It goes way beyond the price. When your auto insurance is too cheap, there’s a chance that the coverage is not enough. What happens if your brand new car is totaled? The coverage you paid for may not be enough. In the same way, just because a specific auto insurer’s quote is high does not mean that it’s the best for you. You may be getting more coverage than you need, which can turn out to be a waste just the same. Though you should not always go for the cheapest, you can still save on auto insurance
It’s not just about the auto insurers. It’s also about what they have to work with. Remember that a huge percentage of the auto insurance premium you pay will be based on who you are as a driver. The more accidents you’ve had in the past, the higher your premiums would be. This is why you have to make sure you keep your record clean. Follow the rules of the road. Check out speed limits. If no speed limits are specified, it will be safe to stay under 50km/hr. Other factors like leaving early for a meeting can also help. A lot of drivers get into accidents just because they’re rushing to go somewhere and are running late. Keep in mind the usual traffic you’ll be going through and leave some allowance. Being a responsible driver also means adding some safety gear to your vehicle. Use snow tires when necessary. Make sure your vehicle is well-maintained.
Never stop shopping around.
Just because you’re chosen an auto insurer now does not mean that you’ll have to use the same company next year. Rates change. Your situation changes, too. Even in the few months leading to the time your auto insurance expires, keep shopping around for auto insurance. Think about everything that has happened to you within the year. Have you had any accidents? Have you become accident-free this year compared to last year’s total of 3 mishaps? These should give you a new range of auto insurance rates to choose from. To ensure that you get the best possible auto insurance in Toronto, use OfferHub.ca
. This can help you get not only the lowest quotes, but the kind of coverage that fits your lifestyle and the way you drive as well.