Who Has The Cheapest Car Insurance In Ontario?

In North America, everyone needs to maintain a mandatory minimum amount of auto insurance to legally drive a vehicle on the roads. This has resulted in a huge number of auto insurance providers offering policies at a wide range of prices. It’s no wonder people have trouble finding the best price. You need to first understand how auto insurance rates are determined.

There are two parts that make up an auto insurance rate: the driver(s) and the vehicle.

Drivers and Insurance Rates:

The driver portion of the premium is based on things such as age, previous accidents and whether the person has any traffic tickets. Actuaries have proven those things can impact the likelihood of the driver having an accident and the higher the risk the more the insurance.

Your Vehicle’s Impact:

For vehicles, the rate considers things such as the cost to repair the vehicle, the customer’s location (a downtown area could be a higher vandalism risk than in the suburbs) and how the vehicle is driven – a car that is used to commute to work every day would have a higher premium than one that is only used to run errands, due to the higher possibility of having an accident.

Choose your new car carefully before buying!

Everything Else:

The “appetite” of the insurance company also comes into play. Some insurers may not be comfortable with expensive vehicles and may price those high. Other companies may not like to insure vehicles in big cities and give those a high premium. Still others may gravitate towards older drivers. Doing a bit of research and asking the right questions when you are shopping could prevent you accepting a high price because the company doesn’t really want your business.

Shoppers should also be aware that like many things in life, you usually get what you pay for. Companies that offer cheap rates may tend to nickel and dime you after a claim, possibly nullifying the small discount that attracted you to the company initially.

Finding the cheapest auto insurance in your area is not a straight forward process. However, understanding how insurers approach the pricing of their policies should provide you with the tools to comparison shop more effectively.

You’re always welcome to check out our prices for your vehicle (or home) online or call us and we’ll be glad to help you experience our vision of insurance.

In North America, everyone needs to maintain a mandatory minimum amount of auto insurance to legally drive a vehicle on the roads. This has resulted in a huge number of auto insurance providers offering policies at a wide range of prices.

It’s no wonder people have trouble finding the best price. You need to first understand how auto insurance rates are determined.

There are two parts that make up an auto insurance rate: the driver(s) and the vehicle.

Drivers and Insurance Rates:

The driver portion of the premium is based on things such as age, previous accidents and whether the person has any traffic tickets. Actuaries have proven those things can impact the likelihood of the driver having an accident and the higher the risk the more the insurance.

Your Vehicle’s Impact:

For vehicles, the rate considers things such as the cost to repair the vehicle, the customer’s location (a downtown area could be a higher vandalism risk than in the suburbs) and how the vehicle is driven – a car that is used to commute to work every day would have a higher premium than one that is only used to run errands, due to the higher possibility of having an accident.

Choose your new car carefully before buying!

Everything Else:

The “appetite” of the insurance company also comes into play. Some insurers may not be comfortable with expensive vehicles and may price those high. Other companies may not like to insure vehicles in big cities and give those a high premium.

Still others may gravitate towards older drivers. Doing a bit of research and asking the right questions when you are shopping could prevent you accepting a high price because the company doesn’t really want your business.

Shoppers should also be aware that like many things in life, you usually get what you pay for. Companies that offer cheap rates may tend to nickel and dime you after a claim, possibly nullifying the small discount that attracted you to the company initially.

Finding the cheapest auto insurance in your area is not a straight forward process. However, understanding how insurers approach the pricing of their policies should provide you with the tools to comparison shop more effectively.

You’re always welcome to check out our prices for your vehicle (or home) online or call us and we’ll be glad to help you experience our vision of insurance.

Seriously, what else can you do in 3 minutes?

Boil half an egg?

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