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Shopping For Auto Insurance Quotes in Canada
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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 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.
Frequently Asked Questions - The FAQ’s about Car Insurance
Is my Car Insurance still valid if I drive in the United States?
Yes, but if you’re planning an long trip, it is advisable that you contact your Car Insurance Broker, Agent or Insurance Company as some insurance companies have underwriting rules limiting the length of time that you will be covered outside of Toronto. Contact them so they can assess your situation.
If my car is stolen or damaged, is contents of the car covered by my Car Insurance policy?
Typically no, your automobile insurance covers the driver, the passengers and, depending on your policy, the car itself. It does not cover the contents in your car. Check your home or renters insurance as they may be covered under those policies.
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.
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 information is allowed to be used by an Insurance Company to determine rates?
Age – Younger driver rates are higher
Gender – Males typically pay more
Number of years you’ve been licensed – the longer you have been a licensed driver, the better the rates.
Marital Status – married drivers are consider 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 amount 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 history
Who will be driving or lives with you in your home. Insurance company can ask for information for other drivers driving your vehicle or other drivers in your home.
What information is not allowed to be used by an Insurance Company to determine rates?
Credit history or if you own a credit card
If your vehicle is owned or leased
Length of time you have lived in your current home;
Accidents where you are less than 25 per cent at-fault where the accident occurred on or after September 1, 2010;
If there was a period of time you had no automobile insurance coverage.
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 a 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.