When it comes to auto insurance, especially auto insurance in Ontario, many people question whether or not there’s really a way to save money on it. There is! While there are many ways to save, none are more effective than shopping around. How can we be so sure? Well, on average, InsuranceHotline.com shoppers save $700* after comparing car insurance quotes with us. And, all it takes is a few minutes to compare quotes from our network of over 30 insurance providers.
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On average, shoppers save $450 after comparing car insurance quotes with us.
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|Western Assurance Company||$1943|
|Royal & SunAlliance||$2321|
|Range of top quotes||$530|
|Western Assurance Company||$1038|
|Royal & SunAlliance||$1043|
|Range of top quotes||$128|
|Dominion of Canada||$1522|
|Range of top quotes||$32|
|Pembridge Insurance Company||$2025|
|Dominion of Canada||$2321|
|Range of top quotes||$511|
Some of the most common questions Ontario drivers ask us about car insurance
The cost of car insurance in Ontario varies significantly, and the best way to determine how much car insurance will cost you is to compare rates. Every driver’s situation is unique, and by comparing quotes tailored specifically for you, you’ll not only see how much it will cost you to insure your car but you’ll also see how much you can save!
There’s a lot you can do to ensure that you’re getting the best price for your auto insurance.
Most of what you’ll need to get a quote, you’ll know off the top of your head. For example, the make, model and year of the vehicle you drive. Additional information you’ll be asked about includes:
If you don’t know exact dates or details, your best estimate will do initially. But remember, the rates are only as accurate as the details you provide, so if any information changes, your rate may change too.
No matter where you are in Canada, if you plan to drive you must have auto insurance. But, while this law is consistent coast-to-coast, how you get the coverage you need is not.
The Quebec auto insurance model is a bit different; some components of a Quebec driver’s coverage are rolled into their driver’s licence and vehicle registration fees, while other components must be purchased from a private insurer.
In British Columbia, Saskatchewan and Manitoba, coverage must be purchased through a government-run agency.
Ontario is a no-fault insurance province, and while this might sound like it means no one will be found at fault in the event of a collision, it really means something altogether different.
What no-fault actually means is if you are injured in an accident or your vehicle is damaged, then you deal with your own insurance company when making a claim. By going through your own insurer, you get the financial help you need right away—whether it’s for injuries you sustained or for fixing your damaged vehicle—instead of waiting for your insurer and the other drivers’ insurers to decide who was to blame for the incident before paying out benefits.
Ontario’s standard auto insurance policy is made up of four mandatory components, however, there are optional coverages that you can add in too.
The most popular optional coverages are collision and comprehensive; both will pay to fix your vehicle if damaged. Collision will pay for damages resulting from an accident, while comprehensive will pay for damages caused by things like hail, theft, or vandalism.
Every Ontario auto insurance policy includes the following various types of mandatory car insurance coverages:
There are a lot of factors that go into what you pay for your car insurance coverage like:
There is no doubt about it; Ontario car insurance is expensive. According to the Insurance Bureau of Canada (IBC), auto insurance rates in Ontario are 45 per cent higher than in Alberta, and about twice as high as the Maritime provinces. One of the main culprits often blamed for the high rates we pay is the prevalence of insurance fraud that drives up claims costs.
There’s no one insurance company that offers everyone the best rates. Auto insurance premiums for the exact same coverage can vary substantially from one insurance company to another for a variety of reasons. It all depends on things like the insurer’s claims experience and how they rate you as a driver. To find the company that offers you the best rate and coverage, you’ll have to shop around and compare quotes.
Auto insurance rates often change, and it usually boils down to the insurance company’s claims costs. When claims costs go up (or down), typically premiums will follow. There are other factors too, like the introduction of new discounts (e.g. winter tire discount) or when benefit coverages or options change, to name just a few recent examples.
Ontario auto insurance companies cannot increase, or decrease, their rates on a whim. The Financial Services Commission of Ontario (FSCO), a regulatory agency of the Ministry of Finance, must approve changes to auto insurance rates. Every three months, FSCO releases the rate changes they’ve approved, and while sometimes only a handful of insurers change their rate, other times many do.
“Consumers are urged to shop around for auto insurance,” says FSCO every quarter in its report. “Ontario has a very competitive marketplace.”
Any time Ontario auto insurance rates change is an opportunity to save money on your premiums. Rates do not uniformly increase, or decrease, across the board. That’s why it’s important to compare rates regularly. Don’t wait until it’s time to renew to see if you could be saving money. Compare rates, at minimum on renewal, but also when your marital status changes, you move, or buy a new car.
Average savings unlocked by Ontario drivers in 2017: $145
Average premium paid by Ontario drivers in 2017: $1,952
Most popular vehicle for married couples in Ontario: 2017 Toyota Corolla
Most popular vehicle for single people in Ontario: 2017 Honda Civic
Percentage of Ontario drivers that have not had an accident in the past 10 years: 88%
Compare car insurance quotes today; it’s the best way to lower your car insurance rate and find a policy that fits your needs best.
* $700 average savings based on quotes completed on InsuranceHotline.com from Jan 2015-Dec 2015. Average savings amount represents the difference between the consumers’ current premium entered in the quote and the lowest premium quotes on InsuranceHotline.com.