1. Enter Your Postal Code
Launch the car insurance calculator by entering your postal code
2. Compare Rates
Answer a few standard questions about your vehicle and driving experience to calculate your car insurance rates
3. Save Money
Choose your quote from your list of great rates, all custom and calculated based on your responses
Car insurance in Ontario is expensive, even more so when you consider that rates can vary by hundreds (and in some cases thousands!) of dollars depending on the insurer. Yet so many Ontario drivers tend to set their car insurance and forget it. Car insurance calculators like this one on InsuranceHotline.com can help you gain a better understanding of the current auto insurance landscape and the best rates available for your driving profile.
When auto insurers calculate your premiums, they take numerous factors into consideration. As you input this information into the car insurance calculator, not only are you calculating car insurance rates unique to your driving profile, but you’re provided with a list of available car insurance quotes to compare as well. Use the Ontario car insurance calculator to find out how much you could be saving on your auto insurance premiums today!
Ever wonder how your car insurance premiums are calculated? In Ontario and beyond, car insurance providers use complex algorithms based on a plethora of factors to determine each driver’s unique insurance rate. There are basically four main categories of consideration that go into calculating your personal auto insurance rate.
This is the most important thing, and the one that you have the most control over. Your driving profile includes elements such as your:
The make and model of the vehicle you drive play a crucial role in the cost of your Ontario auto insurance. The main reason is how susceptible your vehicle is to theft. Auto theft is a huge problem in Ontario and across the country, with certain vehicles being more prone to theft—and thus insurance claims—than others. If you drive one of Ontario’s most frequently stolen vehicles it’s likely this will be factored into your premium.
Auto theft is frequently tied to auto insurance fraud, which is one of the driving factors behind increasing insurance rates. Insurance companies are constantly paying out claims related to stolen vehicles that wind up being related to a greater fraud scheme, and that cost is once again passed on to consumers through overall higher insurance premiums.
One way to reduce your car insurance rates is to purchase a car that’s cheaper to insure. According to InsuranceHotline.com data, this includes vehicles such as Volkswagen Golf, Chevrolet Cruze and Toyota Camry.
If you’re in the market for a new vehicle, using the car insurance calculator is one way to figure out what your insurance premiums might be.
The amount of insurance coverage you get also comes into play. In Ontario, drivers legally need to have at minimum the following coverage:
While this is the standard amount of coverage, many motorists opt to increase liability coverage to a minimum of $1 million. There are also additional types of insurance you can add on to your policy for additional coverage, including extra vehicle protection:
There’s also additional optional medical benefits protection you can get, some of which includes:
The Ontario car insurance calculator factors standard mandatory coverage into the quotes, but your quote may change if you opt to add these or other optional benefits to your car insurance policy.
Just as insurance providers look at your claims history, they also take into consideration their own. If they had to pay out a lot of money in claims in the previous year, for example, then their rates may increase overtime to offset these expenses. Unfortunately, these costs get passed down to drivers through increased premiums.
Insurance companies base your rates on your driving record in combination with their experience in insuring drivers with similar driving profiles to yours. Your level of risk is based in part on associated risk.
No single company offers the best car insurance rate for everyone. As you can see, there’s a lot that goes into calculating an auto insurance rate—and every insurance company calculates their rates differently based on these factors.
It often boils down to the insurer’s own claims experience and it’s safe to say from this standpoint that no two insurers are alike. Furthermore, an insurer’s claims experience will change over time. So even if you were with the ‘right’ company three years ago, they could be the ‘wrong’ company for you today.
Comparing your rates regularly using a car insurance calculator is the best way to ensure you’re still paying the best rates. Save time and money with InsuranceHotline.com’s car insurance calculator.
|Western Assurance Company||$1231|
|Royal & SunAlliance||$1458|
|Intact Insurance Company||$1545|
|Range of quotes $503|
|Western Assurance Company||$1809|
|Royal & SunAlliance||$2120|
|Range of quotes $311|
|Pembridge Insurance Company||$1470|
|Dominion of Canada||$1509|
|Scottish and York||$1560|
|Range of quotes $90|
|Dominion of Canada||$1728|
|Pembridge Insurance Company||$2769|
|Range of quotes $1041|
1. Be detailed. When using the car insurance calculator, you want to be as accurate as possible when entering information in order to receive the most accurate quotes. The more precise you are, the more precise your quotes will be.
2. Know your limits. Your deductible also impacts your rates. The deductible is the amount you pay in the event of a claim. Most deductibles are set for $500, but you can see lower premiums if your deductible is set for $1,000. If you choose to increase your deductible, make sure it fits your budget first.
3. Bundle up. When going through the car insurance calculator, choose the bundle option if you’re open to having your home insurance and car insurance under the same provider. This will help you save even more!
Find out how much you could be saving with InsuranceHotline.com’s car insurance calculator today.