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Mississauga is a dynamic city with seven major highways, including one of the busiest and widest freeways in the world. Yes, we’re talking about the 401. With so many drivers on the road, the likelihood of collisions and accidents increases, which is why Mississauga drivers sometimes pay the price when it comes to auto insurance. Find cheaper rates by comparing car insurance quotes from Mississauga’s best car insurance companies.
Getting a good price on car insurance doesn’t have to be complicated. Make sure you’re saving the most by understanding these common auto insurance questions.
Mississauga drivers pay an average of $2,000 in annual premiums, which is more than the provincial average of $1,505, according to the Insurance Bureau of Canada. This makes Mississauga the third most expensive city in Ontario for auto insurance. Eek!
Of course, these averages are not a one-size-fits-all rate. Your car insurance rate will depend on your unique circumstances such as your driving record, as well as the individual insurer’s claims history. This is why comparing car insurance quotes is the best way to find better rates in Mississauga and beyond.
Mississauga is Canada’s 6th largest city, and a busy one at that. Other than its proximity to the bustling Toronto, one of the main issues contributing to skyrocketing auto insurance premiums is the city’s growth in auto insurance fraud. According to the Insurance Bureau of Canada, auto insurance fraud costs Ontario drivers an estimated $1 billion a year. All that expensive premiums you’re paying? They go for the false claims perpetuated by fraudsters. You might be a good driver, but fraud increases rates for all of us. Where you live is one of the factors insurance companies take into consideration when determining your rates, so living in big cities usually means your car insurance comes with big city prices.
Here are some of things insurers take into consideration when determining your rates:
Other factors that influence car insurance rates are:
Each insurer calculates quotes in their own way, which is why rates can vary so much from provider to provider. This is also why it’s so important to compare rates to make sure you’re getting the best price.
Mississauga follows the same rules as the rest of Ontario. All drivers must carry at least $200,000 in third party liability coverage, accident benefits coverage, uninsured automobile coverage, and direct compensation-property damage coverage.
Ideally, it is recommended that drivers opt for more than the minimum amount to increase your protection (at least $1 million), but that is of course up to you. Here is a breakdown of mandatory car insurance for Mississauga drivers:
|Type of Coverage||What it covers||How much is required?|
|Third-party Liability Insurance||Covers you in the event of a lawsuit resulting from an accident where you are at fault.||$200,000 minimum. Additional coverage can be purchased up to $2 million.|
|Statutory Accident Benefits||Covers you in the event that you are injured in an accident, regardless of who is at fault. It provides coverage for medical expenses that aren’t covered by OHIP.||Basic coverage is included in all policies, but you can increase your coverage amount if you choose.|
|Direct Compensation-Property Damage (DCPD)||Provides coverage for any damage to your car, or loss of use of your vehicle, if someone else is at fault. Must involve another insured vehicle.||Basic coverage is included in all policies. You can purchase additional vehicle coverage including for when you are at-fault, consider collision coverage.|
|Uninsured Automobile Insurance||Covers you in the case of injury or death by an uninsured driver, or if your vehicle is damaged as a result of a hit-and-run by an unidentified, uninsured motorist.||Up to $200,000 in coverage. Family Protection Coverage is an optional coverage that includes additional coverage of up to $1 million in the case of a hit-and-run by an uninsured motorist.|
Straight talk: auto insurance is expensive. But here’s the silver lining: You may be eligible for one or more of the many car insurance discounts available. Check out some of the discounts that may be available to you:
Whether you’re purchasing a new vehicle, your policy is expiring, or you simply want to save money on your car insurance, comparing rates is the best way to save. Find great rates in less time than it takes to find a parking spot at Square One!