Are You Paying Too Much for Car Insurance?
Do you know if you are paying more for car insurance than you need to? Many people stay with the same insurance company for years and potentially lose savings or benefits available elsewhere.
Premiums can change every year for many reasons so it’s worth comparing quotes regularly to make sure you’re still getting a good deal.
The calculator below uses that data to compare your premium with those of similar drivers nearby. Add your postal code, vehicle information, age, claims and ticket history, and current premium to see how your price compares.
What Is a Car Insurance Calculator?
Our calculator allows you to compare available insurance rates from dozens of insurance companies by providing a few personal details. You can compare coverage, deductibles, discounts and rates from multiple providers without obligation and get a rough estimate of possible savings.
For a more accurate quote, have the following information ready:
- Location
- Driver’s licence information
- Driving and insurance history
- Previous claims
- Vehicle information
- Coverage and deductibles
- Optional coverage
- Discounts for which you qualify
The more accurate your information, the better the quote should reflect your situation.
How Car Insurance Rates Are Calculated
In Ontario, car insurance premiums are based on the coverage and deductibles you choose, along with information about you, your vehicle and where you live.
Every insurance company uses its own formula to calculate car insurance rates. One company might place more weight on your driving record, while another will price your vehicle or annual mileage differently. Different companies also have their own discounts and qualifications.
That’s exactly why the same driver can receive different prices from different insurance companies.
How to Use the Calculator
What Factors Affect Car Insurance Premiums?
There are many factors that influence car insurance premiums. Some are in your control, such as your policy limits and deductibles. Others, such as your age and where you live, may be outside your control.
Deductibles
The deductible is the amount you pay out of pocket when making a covered claim for damage to your vehicle. In general, the higher the deductible, the lower the premium.
Driving Record
Your driving history is an important factor that insurance companies use to assess the likelihood of another accident or claim. Accidents, tickets and convictions may affect your rate.
Driver Information
Younger drivers generally pay higher rates than drivers with more experience. Your age, years licensed and other permitted rating information may affect your premium.
Vehicle Type
Your car’s year, make and model are used to calculate the premium. Insurers consider factors such as repair costs, theft risk, safety ratings and vehicle value.
Geographic Area
Your postal code plays a big role in determining your rate. Collision frequency and vehicle theft claims can vary significantly between different areas.
Driving Purpose and Habits
Your insurance company will most likely ask whether you drive mainly for business, commuting, or pleasure. Your annual mileage and other driving habits can also affect the premium.
Ways to Save on Car Insurance
While using the calculator, keep in mind that there may be other ways to save. Several of the factors affecting your premium are within your control.
Pay for the Coverage You Need
Ontario requires at least $200,000 in third-party liability coverage, but higher limits are available. Ask for prices at different limits before deciding how much coverage you need.
Make sure you aren’t buying protection you do not need. Collision and Comprehensive coverage may make sense for a newer vehicle but may be less worthwhile as a car gets older and loses value.
Compare the vehicle’s value, the price of the coverage and the deductible before removing anything.
Increase Your Deductible
The deductible plays a key role in determining your insurance rate. Increasing it means you’re willing to pay a bigger share of the cost after a covered claim, which may lower your premium.
Make sure you could afford the deductible after an accident. If you’re uncertain, compare quotes using the deductible options offered by the insurer.
Ask About Discounts
Every insurance company has its own discounts. It’s always worth asking what is available and how you can qualify.
Possible discounts include:
- Good student
- Winter tires
- Retiree or mature driver
- Green vehicle
- Eligible group
- Home and auto
- Multi-vehicle
- Low mileage
Not every discount is available from every insurer.
