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Do You “Auto-Renew” Your Ontario Car Insurance Policy?
When it comes time to renew your auto policy, do you shop around to see if you’re still getting the best deal for car insurance?
There are a variety of reasons why auto policy premiums rise independent of your driving record. They could increase because of where you live as premiums vary by town or city or they could spike because of the vehicle you drive. It ultimately comes down to assessing the likelihood you will file a claim.
Automatically renewing your auto policy could be costly
Car insurance policies generally have a one-year term. As your renewal date approaches, you will receive a letter from your insurer with an offer to renew that includes an updated rate, policy documentation, and a new proof of insurance certificate (the pink slips).
Once you receive this information, you can either accept the new price and renew the policy, or switch to a different provider without being charged a fee. If you do decide to switch, you will likely need to notify your existing insurer in writing that you are not renewing your policy.
Don't waste time calling around for auto insurance
Use RATESDOTCA to shop around, and compare multiple quotes at the same time.
Ontario’s auto insurance regulator, the Financial Services Regulatory Authority (FSRA), encourages all Ontario drivers to do the following before renewing their auto insurance policy:
- Compare your new policy's coverages and options to your previous policy.
- Call your insurance representative to discuss options and ask questions.
- Shop around to get the best price and the policy that meets your needs.
Car insurance rates change frequently
Each week, FSRA publishes the insurance rate changes is has approved (all Ontario auto insurance providers must get the regulator’s okay to increase or decrease their rates).
In February, FSRA approved rate changes for two insurers. Those numbers show, on average, the overall impact on the Ontario car insurance market based on insurer market share is an increase of 0.03% in that month.
As car insurance rates change frequently, taking a few minutes to compare policies and premiums for free is the best way to know if you’re getting the best price for the coverage you need.
Liam Lahey, Freelance writer
Liam Lahey is a versatile marketer with experience as a staff and freelance writer for many business and technology publications and newspapers. He previously worked as the editor and media spokesperson for RATESDOTCA, handling home, auto, and travel insurance topics.
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