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Auto insurance prices in Ontario are one of the costliest in Canada, making car insurance a huge financial liability for car owners. But, considering the increasing rate of accidents and theft, car insurance makes sense. So, efforts should be made to understand what to look for and how to get great discounts on auto insurance.
Whether it is liability insurance or comprehensive coverage, you must make some efforts to get the best deal. Fortunately, there are multiple ways to cut costs on auto insurance — you can start this journey by comparing quotes from reputed insurance companies in Canada with Surex.
Read on to know other ways to get a cheap Ontario auto insurance quote.
What is the average cost of an Ontario auto insurance quote?
The average cost of car insurance in Ontario is approximately $1,528. Depending on the type of vehicle, make, model, age, and the driver’s driving history, this figure can range from $1,300 to $2,000 annually.
Teenagers or young drivers end up spending two to three times more than adult drivers for auto insurance in Ontario.
How to get a cheap Ontario auto insurance quote
While the car insurance rates in Ontario are high, you can utilize the following tips to get cheap auto insurance in Ontario.
Compare auto insurance online
Sometimes small, private insurance companies can also beat national insurers in terms of coverage and rates. So, do not hesitate to compare quotes from multiple insurers while purchasing auto insurance.
Several online insurance providers offer personalized quotes from different insurance companies in one place. You can easily compare the coverage and rates of auto insurance on such websites.
Review your coverage limits
Do not purchase a fully-loaded policy blindly without assessing your situation. Depending on the type, age, and model of your car, there is always some scope to cut down on coverage limits.
For instance, full coverage, including comprehensive and collision coverage, is much costlier than liability auto insurance. For old car models, collision coverage is not feasible.
Consider a higher deductible
The quickest and most effective way to lower your monthly premiums is to raise your deductible. But, in the event of an accident, you may have to shell out the extra out-of-pocket costs. If you are comfortable taking this risk, it is the best way to reduce your premiums. However, it is important to note that do not choose a deductible amount from your budget.
Think about usage-based insurance
Usage-based insurance (UBI) or telematics makes sense if you use your vehicle only for leisure or driving a few miles annually. When you spend less time on roads, the probability of accidents lowers. It has a direct impact on your monthly premiums. Through this policy, you can avail up to a 30% discount on auto insurance premiums.
You only have to show proof of the annual kilometres travelled by you. Fortunately, through technology, you can keep a complete track of your driving history.
Look for car insurance discounts
It is a good practice to ask your insurance provider whether you are eligible for any special discounts. Surprisingly, insurance companies provide several great discounts in the following cases:
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Cars installed with anti-theft, airbags, and other advanced safety features
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Winter tire discount
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Students with good grades
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Drivers who have undergone safe driver courses
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Members of certain organizations
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Loyalty discount
Bundle policies together
If your family owns multiple cars or you have a boat, homeowners, or jewelry insurance, you can bundle these insurances together to get extra discounts. When you combine all of your policies with one insurer, you can:
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Easily handle all policies
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Save on monthly premiums compared to having multiple insurers.
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Save time spent on managing a variety of policies with different carriers.
Pay your premium in a lump sum
It is another great method to get a decent discount on auto insurance premiums. Instead of paying a monthly premium, you can choose to pay bi-annually or annually. Most insurance companies offer a flat discount on lump-sum payments. Moreover, you will be free from the risk of missing a monthly payment and incurring late fees.
Good credit
Your credit history can play an important role in deciding your auto insurance rates. A bad credit score signals your bad financial habits and greater liabilities. As a result, insurance companies categorize you as risky customers. Such customers do not get desirable insurance quotes.
Therefore, it is a good practice to check your credit report before inquiring about car insurance.
Have a good driving record
Drivers with a clean driving record tend to fetch a lower premium compared to risky drivers. Risky drivers mean drivers with traffic tickets, demerit points, accident records, and other traffic violations. It sends a wrong signal to insurers about your driving habits.
As a result, insurance companies spike car insurance rates for such drivers. So, if you want your auto insurance quotes in Ontario to be low, follow good driving habits and abide by the law.
Avoid bad claim history
The number of claims you have made and your past payment history greatly impact your premiums. Regularly missing monthly premiums or too many claims can elevate your premium.
On the other hand, some insurance companies also offer no-claim bonuses to customers with a no-claim history.
Choose your car wisely
Lastly, if you have not purchased your car, try to avoid high-end cars. These cars are costly to repair and replace. So, in the event of an accident, insurance companies have to spend a huge sum on the coverage. This directly affects your auto insurance rates. To put it simply, costly cars tend to fetch higher insurance rates.
What have you learned about finding a cheap auto insurance quote Ontario?
If you want to get a cheap auto insurance Ontario quote, there are multiple ways to accomplish this. All you have to do is access your needs and shop around. Furthermore, never forget to ask your insurer for an extra discount. While we have mentioned all the significant ways to get additional discounts on auto insurance quotes, your credit score and history are equally important.
Lastly, the thumb rule is to compare quotes from different insurance providers and countercheck the extent of coverage. Nobody knows you may hit the jackpot with some little effort.
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