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Auto insurance is one of those compulsory services you must have in Ontario. Anyone who wants to drive in Ontario and other parts of Canada has no choice but to buy it. The only difference lies in the amount you pay since it varies widely between the cities.
Although Ontario’s car insurances are decreasing, it’s not as much as what the Liberal government had promised. One of the most influential factors that determine what you pay for car insurance is where you live. Insurance companies tend to raise the premiums once they start seeing more claims and higher claims costs in a given area. Off course factors such as the number of thefts, accidents, traffic congestion and the number of people driving also affect the premium rates.
As pointed out earlier, you have no choice but to buy an insurance policy before you drive in Ontario. You realize that there are many insurance providers across Canada and in every province and it can be quite daunting to find the best rates for your auto insurance. CompareMyRates.ca allows you to find the cheapest deal for your car insurance in Ontario. Read on to understand more about auto insurance in Ontario.
Before you even find out how your car insurance rates are determined in Ontario, it’s important to understand those individual insurers are the ones that set these rates. However, every insurance company is required to submit any changes to their car insurance rates to the Financial Services Commission of Ontario (FSCO) for approval.
The premium you pay depends on these factors. Auto insurance rates will also vary depending on where you live. If you live in larger urban centers, you’ll be required to pay higher auto insurance rates. Ontario is a very competitive marketplace, and it’s important to shop around and compare auto insurance rates from different insurers.
CompareMyRates.ca can help you compare car insurance quotes and find a policy that fits your needs best. It’s the best thing you can do to lower your car insurance rate.
Auto Insurance rates in Ontario are the highest in Canada. Did you just say the highest insurance premiums? Yes. The introduction part of this article pointed out the different factors that tend to affect premium rates in a given region. Ontario is plagued by insurance fraud making it more costly to cover claims in the region. Furthermore, the traffic congestion in Ontario is higher than Canada’s average traffic as well as the strict regulations and generous accident benefit laws are the other factors contributing to the high auto insurance rates.
The question of whether Ontario’s auto insurance rates will go down or rise depends on a number of factors. However, the fact that the auto insurance rates across Ontario have dropped by 8.35 percent since the Liberal government p=made a promise to reduce the pressure on the rates means they will keep dropping.
The Ontario government had promised to reduce the auto insurance rates by 15 percent within a period of two years from 2013. At first, the auto insurance rates dropped by as much as 10 percent, but the reduction has since shrunk to the 8.35 percent indicated. It’s important to note that the rates increased by about 1.50 percent during the third quarter of 2016. It seems like the promise to lower the insurance rates by 15 percent might have been a stretch goal.
We’ve already indicated that auto insurance is a requirement by law for anyone who wants to drive in Ontario. Note that you can only register your automobile when you have the minimum amount of coverage. It’s a requirement for you to carry $200,000 in third-party liability insurance for your vehicle.
You must also purchase direct compensation property damage (DCPD) coverage, which covers your car damages in case someone else is found at fault in the accident. DCPD coverage allows you to receive benefits from your insurance company even when your vehicle is damaged by another person.
Comparing auto insurance quotes online at CompareMyRates.ca will help you find the best and cheap car insurance that fits your needs. Off course, you must commit to paying your premiums on time after choosing the right coverage. In addition, you have to maintain a good driving history and consider insuring all your vehicles with the same insurer.
As much as there are mandatory components in Ontario’s standard auto insurance policy, there are optional coverages which will cover your car in case of any damage. Some of the optional coverages include comprehensive which covers for any damages resulting from vandalism, theft, and hail. Another one is collision which covers from damages caused by accident.
The bottom line is that auto insurance rates vary from one insurer to another for different reasons. Is there an insurance company offering the best rates? No. The best you can do to find the best insurance rates is shopping around and comparing rates. CompareMyRates.ca can help.