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What factors affect the cost of my auto insurance?
Insurers base your premiums on how likely it is you'll be in an accident. They use a lot of factors to get a realistic and fair estimate, including:
How long you and other drivers listed in the policy have been driving
How long each of the drivers has been continuously insured
Insurance claim history
Whether the vehicle is used for work or pleasure, and whether it's driven to work or school
Where you drive
How far you drive
They also consider the make and model of the car you drive.
And yes, in some parts of Canada, your age, gender and marital status make a difference too.
Does the policy pay twice the amount insured if it's a joint policy?
A joint policy means the policy covers both policyholders; it doesn't double the payment amount.
How does the type of car I drive affect the cost of my auto insurance?
The type of car you drive usually only affect the parts of your insurance that cover damage to your vehicle:
Collision
Comprehensive
Direct compensation
The cost for these coverages can vary because:
Some cars cost more to repair than others
Some cars hold up better in a collision than others (so need less repair work).
In Ontario the type of vehicle you drive impacts Accident Benefits.
What does Collision coverage provide me?
This covers the cost of damage to your vehicle in a collision or overturning which you're responsible for. It covers single or multiple vehicle collisions. It also covers you if the responsible party is unknown/unidentified. It doesn't cover mechanical breakdown, wear and tear, etc.
This coverage is optional in most provinces, but if you finance or lease a vehicle, the financial institution may require you have it.
Will my premium go up if I am involved in one not-at-fault accident?
That's a tough one to answer, because it really varies with each case. We recommend contacting us about your specific case.
Should I make an auto claim? Will it affect my premiums?
You'll want to make this decision on a case-by-case basis. Your Specialist can help you, too.
Why is it cheaper in some provinces to insure female drivers under age 25 than male drivers under 25?
We know young men don't like to hear this, but statistics show that young male drivers have more accidents on average - and they also tend to be more serious accidents.
Every insurer sets premiums based on how likely you are to be in an accident. Statistics are the only way we have to come close to a good prediction.
Yes, in some parts of Canada it is more expensive for young male drivers to get insurance. The good news is keeping your driving record clean will even it up after the first few years. Keep driving safely and your premiums should even out quicker. Risk-takers make insurance more expensive for everybody.
How do I know I'm getting the best price for my auto insurance coverage?
We understand it's hard to know if you're getting the best price. This is because premiums don't tell the whole story and coverages can differ significantly. While it's tempting to compare quotes and take the lowest price, make sure that the coverages meet your needs and remember the least expensive insurance may not give you the best value. Service and variations in coverages can make a big difference.
Auto Insurance