Auto insurance deductibles
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Car insurance exists so that you can be protected from the financial risks of damages and liability, as well as from injury/death caused by traffic accidents. Car insurance can also provide coverage for your vehicle to protect from damages caused by theft, vandalism, fires, bad weather and other perils. In Canada, it is required by law to have valid car insurance on a vehicle in order to drive it. Driving a vehicle without auto insurance will invite hefty fines, suspension of your driver’s license, vehicle impounding and may impact your chances of getting affordable car insurance coverage, thereby paying high risk rates.
Minimum mandatory coverage provides liability insurance, accident benefits, direct compensation-property damage, and uninsured automobile insurance. Beyond the minimum coverage, you can also choose optional coverage according to your needs that can protect the vehicle itself and/or enhance your coverage amounts. Whether you're looking to buy a car, lease one or already own a vehicle, finding the best rate on auto insurance is easy when you compare rates with Rates.ca.
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Ontario’s standard auto insurance policy is comprised of four mandatory types of coverage, including:
Third-Party Liability: Covers claims as a result of lawsuits arising out of injury, death, property damage in an accident. Drivers must hold a mandatory minimum of $200,000 in liability coverage, though many drivers opt for more.
Accident Benefits: Covers medical expenses, rehabilitation, caregiver expenses, and income replacement in the event of injury, regardless of who is at fault.
Direct Compensation-Property Damage (DC-PD): Pays for damage to your vehicle and its contents in the event of an accident where you are not at fault, provided there is at least one other insured vehicle involved.
Uninsured Automobile: Covers expenses related to injury or death caused by an uninsured driver, in the event of a hit-and-run, or for damage caused to your vehicle by an unidentified uninsured motorist.
Some additional benefits* can be added on to your mandatory policy to further protect yourself and your vehicle. The most common optional car insurance coverages are collision and comprehensive insurance.
Collision coverage/Upset Coverage:
Covers the costs of repairing/replacing a vehicle following a collision with another vehicle, an object, or property.
Covers damages caused by the named perils identified under Specified Perils coverage, as well as losses from perils such as falling/flying objects, theft, fire, hail, windstorms, missiles, and vandalism.
Specified Perils Coverage:
Covers damages caused by named perils such as theft, attempted theft, explosions, natural disasters like fire, lighting, windstorm, hail, rising water, earthquakes, and also other perils specified in your policy. Specified perils do not cover damages due to vandalism, breakage of glass, etc.
All Perils Coverage:
Combines collision/upset and comprehensive coverage and provides additional protection in the event of theft of vehicle by a household member or an employee.
*A deductible may apply to these additional coverages
Car insurance is more affordable than you think if you shop around and compare to find the best rates. If you have ever done comparison shopping, you may have noticed that each insurance company offers different rates for the same amount of coverage. The market is competitive, so comparing quotes online is the easiest way to ensure that you are getting the cheapest quotes without lacking the coverage you need. This can save you hundreds of dollars every month. For instance, consumers in Ontario who shopped for car insurance quotes on Rates.ca saved an average of $497* last year, while drivers in Alberta saved more than $400 on average.
*Savings number is calculated by deducting the lowest available quote from the 2nd lowest available quote to determine average savings for Ontario and Alberta separately, as well as Ontario and Alberta combined.
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All registered vehicles in Canada must have insurance, as required by law. If you own and drive a vehicle in Ontario, you are required to carry a minimum of $200,000 in Third-party Liability coverage, although in most cases that is not enough coverage. Vehicle owners in Ontario who do not carry valid auto insurance can be fined $5000 to $50,000. This can lead to also having your license suspended, vehicle impounded, and insurance companies could brand you as a high-risk driver.
Insurance companies take many factors into account when calculating your insurance rate.
Vehicle Type: The type of vehicle you drive impacts the premiums you pay. Different vehicles are associated with different risks including their likelihood to be stolen, how much they cost to repair, their safety rating and features, and claims experience for those vehicles. There is also some perceived behavioural risk associated with different vehicles.
Commute Distance: How much you drive will also affect your premiums which is why you are always asked to provide your approximate vehicle usage when filling out a form to obtain a car insurance rate. The more you drive the higher the chance that you could be involved in a motor vehicle accident.
Driving History: Individuals with a clean driving record would generally pay lower premiums relative to individuals with tickets and/or accidents on their record. Other factors such as the length of time you have been driving also matters.
Demographics: Where you live matters when calculating insurance premiums. Areas with higher occurrences of theft and collisions result in higher premiums. Your age can also come into play. Drivers who are 25 years old or older will generally pay less to insure a vehicle. This is based on data that shows that young, new drivers are not as experienced and are therefore more likely to be involved in a traffic collision.
Coverage Type: The larger the scope of the coverage and the higher the coverage limits you choose, the higher the premiums you will pay. The deductible, which is the portion that you must pay out of pocket as a result of a claim, is also important in the calculation of your insurance cost. The higher the deductible you choose the lower your monthly automobile insurance premiums will be.
Discounts: Most insurance companies will provide you with discounts if you meet certain criteria. Discounts can range from winter tire discounts to multi-vehicle discounts. Every insurance company treats discounts differently, so make sure to inquire in order to take advantage of reduced premiums
Rates.ca provides drivers in Ontario and Alberta with auto insurance quotes. Therefore, if you live in Toronto, Ottawa, Mississauga, London, Hamilton, Oshawa, Etobicoke, Kitchener, Windsor, Calgary, Edmonton, Red Deer, Lethbridge, or most other locations in the provinces of Ontario and Alberta we are able to offer you quick and easy car insurance quotes. Compare Ontario auto insurance rates today and start saving!
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A deductible is the amount of money you agree to pay before the insurance coverage kicks in, in the event of a claim. Your deductible will also determine your policy premium and can have an impact on your insurance rates. The higher the deductible, the lower your insurance premium will be, so if you happen to live in a relatively accident-free area, opting for a lower deductible might be a good idea. It is the decision of the driver, so make sure you make a wise and informed choice.
There are many ways to save hundreds of dollars on your car insurance simply by educating yourself! Here are some tips to help you bring down your insurance rates:
You do not have to wait until your renewal to save money. Shop around when you have made a major change in your life, and you could be eligible for savings.
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