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Ontario car insurance – Thinkinsure.ca serves up quick, cheap auto insurance quotes How to Lower Your Ontario Car Insurance Rate – Expert TipsIn response to one of the most common questions we receive, “Why is my Ontario car insurance rate higher and what can I do to lower it?” we have this new Ontario Car Insurance TIPS article. Knowing and understanding a little about what makes up your auto insurance policy will help you make minor tweaks to your auto insurance policy and lead to lower – cheaper Ontario car insurance. In a previous article, “How is my Ontario Car Insurance Rate Premium Made up?” we identified some of the main areas. Here we identify all factors – driver history and record – type of automobile – types of coverages – that all affect your Ontario car insurance rate.
It is true that in Ontario, your driving record, age and type of car you drive are the most heavily-weighted considerations. Most consumers in Ontario believe that where you live will affect your Ontario car insurance rate, but overall this will only reflect a very small portion of how your overall rate is determined. Many other factors combined are considered and these collectively or individually may have more effect on your Ontario car insurance rates than you think! Also, important to note is that whilst all Ontario car insurance companies must adhere to actuarial risk determinants in pricing car insurance, each has some room to adjust their perceived level of risk, which can greater affect the rate that is charged. Because of this, one of the key findings here is to ensure that when shopping for car insurance in Ontario, it is very important to seek out no less than 3 quotes from 3 different car insurance companies. The more then better. If you could easily and quickly get 10, or even 15 quotes from different companies, the better range of quotes will serve you very well. Choice is critical in Ontario – until the day when we become even more tightly regulated and pricing between car insurance companies proves to be very minor difference. Use a Quick Quote Tool – like the one from Thinkinsure.ca – to get multiple quotes – all in one application, in a matter of a couple of minutes.
Now let’s have a look of what goes into determining your Ontario car insurance rate premiums to assist you in having a better understanding of how this rate is determined.
These are all the criterion, factors and trends used by all Ontario car insurance companies to determine policy rate:
- Geography: Where the vehicle is most often used
- Age of drivers in the household
- Ratio of number of automobiles to number of drivers in the household
- Age and sex of driver – If the car driver is under 25 years of age, male or female are determining factors
- Claims history – the ‘claims free’ years differs for each insurance company
- Driver Convictions – past three years only are considered
- Use of the automobile: commute to work, pleasure use only or business use
- Make, model and age of the automobile
- Coverages for your automobile: Liability, Collision, Comprehensive and Endorsements. All coverages can be adjusted – Ontario sets minimum coverage amounts for liability but all other coverages are at your discretion and can greatly affect your car insurance rate.
In summary, knowing what makes up your Ontario car insurance rate will help you keep the rate as low as possible. If you’re unsure of how to adjust each of these criteria, simply ask your car insurance broker or insurance agent. However, even considering all of the above, getting as many car insurance quotes is the most important tip we can give you. Do this annually if possible. Hey, it’s only a three minute investment of your time.
Get multiple Ontario car insurance quotes here, quickly and easily, all in one place!