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How to Stop Overpaying for Car Insurance
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Selecting a car insurance policy can be confusing, especially with all the competition bidding for your hard earned dollar. Shopping around for your insurance policy is the key to getting the best deal out there. At My Choice, we make that process easy. We give you choice and peace of mind that you got the best deal, tailored for you.
Getting started is a piece of cake! To get going, just fill out the form and follow the steps. Here you will be able to compare a selection of auto insurance rates from top providers to help you save - it’s as simple as that.
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*Actual Quoting Data. Based On A Clean Driving Record.
Everybody’s insurance premiums are different and that’s because a combination of factors are often used when determining what insurance rate someone should get. There are many factors that come into play such as geography, traffic congestion, previous claims and the insurance company itself. However, perhaps the most important factors are: where you drive, mileage, driving record, previous claims and the number of drivers in your household who use the vehicle.
Simple answer, yes. If you hold a driver’s license and drive a car it is mandatory for you to ensure that you have some sort of car insurance. Every driver will have a different premium but it is the job of an organization called Facility Association enabling all licensed drivers who require insurance to obtain it.
It’s important to understand all the relevant minimum requirements for auto insurance, basically insurance is split into mandatory and optional coverage. To legally drive, you must have the have the following in your policy:
Third Party Liability Coverage – By law you must carry a minimum of $200,000 in coverage.
Accident Benefit Coverage – If you become injured in an accident this coverage provides you with benefits regardless of who was at fault.
Direct Compensation – Property Damage (DC-PD) Coverage – This section of your policy provides you with cover to your vehicle if it is damaged or its contents, even if you are not responsible for the accident.
Uninsured Auto Coverage – This effectively covers you and your family if anyone is injured or killed and your vehicle for damages if it occurs at the hands of an uninsured driver.
As previously mentioned above, there are two main areas of auto insurance policies available which are either mandatory or optional.
Mandatory obligations include third party liability coverage, accident benefit coverage, direct compensation property damage and uninsured driver coverage. Each of these obligations are spoken of more detail above.
Next, that just leaves us with the optional auto insurance policies, these should definitely be considered as they may end up saving you money down the track if you have insufficient coverage. Overall, there are a number of optional extras available to drivers, some of the more popular ones are: collision coverage, comprehensive coverage, third party liability (increase in coverage amount) and transport replacement coverage.
Having already stated that it is the law to have car insurance for all drivers, so naturally if you do not, there will be repercussions. Typically, fines can range anywhere between $5,000 – $50,000, your license suspended or vehicle impounded. Not only is this bad in the short term it also does no favors for you in the long run, if you are convicted you can expect to be labelled, as what the insurance companies like to call, a high risk driver. As a result of this you will no doubt have to pay higher than average insurance rates for the foreseeable future.
Average Auto Insurance Rates by Province
The following table represents a comparison of the average car insurance rates across the Canadian provinces. Ontarians pay a disproportionate amount more than other provinces for their car insurance.
This annual summary provides a comparison of the cost of having to insure your vehicle, depending on where you live. Leading the way, as you may expect is Ontario, thanks largely due to the number of drivers in the province and its heavily populated cities. Next on the list of high car insurance costs, are British Columbia and Alberta respectively.
Cheap Car Insurance: Is it For You?
Trying to get cheaper car insurance can be very frustrating, but fear not as you are just one of many attempting to do the same thing. You can start your hunt for a cheap insurance quote right here, where we have come up with a few tips to help you along the way.
So check out our top 5 tips for saving money on insurance below.
- Compare a wide range of insurance rates – The obvious one, it pays to shop around. It’s easy enough to do this using comparison sites (just like ours!) and also be sure to research insurance companies to ensure you’re not missing out on any golden rates.
- Update your policy – Tweak your policy so it is tailored perfectly to your needs. This may involve cancelling collision coverage or just purchasing minimal coverage; but remember you’re reducing your coverage when you might need it.
- Pay annually – It can be tempting to pay monthly and not take such a big hit at the beginning but you will get cheaper car insurance if you pay annually, as these fees give a little discount.
- Usage based insurance – This too can be a simple one, consider purchasing your car insurance based on usage and make it the distance you drive. Simply install a GPS to monitor movements and you’re good to go.
- Utilise memberships/associations – Not always at the forefront of people’s minds but often memberships or associations have partnerships with insurance firms and as a result you could score a sweet deal.