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Anyone that wants to drive in Canada needs car insurance, and about 2/3rds of Canadians own at least one vehicle. That’s a lot of money being paid in car insurance premiums!
Many homeowners and even renters also take out home insurance policies, which can actually end up being cheaper than many auto insurance policies, depending on your level of coverage. Even if it’s cheaper on average, you still want to find the best price.
Paying insurance can be especially painful if you’ve never had to make a claim. If you don’t claim anything, you never see the benefit of insurance. It can feel like a real drain on your finances, and you may want to just get the cheapest option available so that you can minimize your monthly insurance expense. But that may not be the best way to handle insurance either, since if you do need to make a claim, you may find that you don’t have enough coverage!
The best way to save a lot of money on your home, auto, and life insurance policies is to shop around for the best deals before you buy. And the best way to shop for the best deals is to compare insurance quotes online.
Ontario has some of the highest insurance rates in the country. If you don’t compare insurance quotes in Ontario, you’re likely overpaying. In fact, Ontarians have been overpaying for car insurance for years! Staying with the same company year-over-year doesn’t automatically give you the best car insurance deal, so be sure to compare insurance rates at least once a year to see if you could be saving money.
It’s actually fairly simple to find the absolute cheapest insurance option, but that doesn’t mean you found the best one. If you take a look at the online reviews for most discount insurance brokerages, you’ll see a lot of 1 stars – the level of service or coverage just isn’t there.
But that doesn’t mean you should get the most expensive option either. Many times, you can get the same coverage and equivalent service at a smaller insurance company. Cost-wise, it will be lie somewhere between the bottom of the barrel option and the most expensive one.
But if you don’t compare insurance quotes, you won’t see the kind of coverage you’re getting. You might want to go with one insurance provider that only costs $120 a month instead of $130, but then later find out that your deductible is $500 higher, or you coverage is $500,000 less! Sometimes it can be worth it to pay slightly more to increase your benefits
Type of vehicle
While the type of vehicle you drive does play a part in determining your insurance premiums, it isn’t as important as people think. The colour of your car, for example, doesn’t affect your premiums at all, and there’s very little difference between a hatchback and an SUV.
The real important factors are whether it’s a highly tuned sports car, an expensive foreign car, or just a normal every day commuter. Makes like Ferrari, Audi, Mercedes, and models like the Dodge Charger, Ford Mustang, and Jeep Wrangler are more expensive to insure because they’re more likely to be damaged (by driver error) or stolen.
This is one of the most important factors when determining your premiums. Drivers that are deemed to be high risk pay a lot more for insurance than safe drivers. In the popular show Canada’s Worst Driver, two contestants actually had insurance premiums that were greater than $10,000 per year!
Running red lights, speeding, and being involved in at-fault accidents will all increase your premiums. Going for years without making an at-fault claim or getting tickets will reduce your premiums.
Location may be the single most important factor for calculating your insurance costs if you’re a safe driver. Insurance companies charge higher premiums when there is an increased risk of being involved in a claim, and in some cities, claims are frequent.
That’s why Brampton, Ontario is always at the top of the list for most expensive insurance. There’s an unusually high number of claims that happen there when compared to other postal codes.
The less coverage you have, the less you have to pay per month. The minimum legal amount of insurance coverage in Canada is $200,000 of third-party liability, which pays for damage done to other people’s property (or even other people).
Reducing your coverage will make your payments cheaper, but could come at an increased cost later if you’re not careful.
One thing to be aware of when purchasing a home is if it’s located on a floodplain, fault line, or frequent tornado zone. With the amount of flooding we’ve seen in Canada in 2019, many homeowners may be shocked to find out that they’re not even eligible to get flood insurance!
Homes in areas with high crime may also see increased premiums.
You can get all sorts of different types of home insurance coverage, like sewer backup, fire damage, and even a tornado policy. The more you add on to your insurance, the more you’ll have to pay every month.
Of course, decreasing your deductible or coverage will also result in lower payments, but you won’t get as much money if things go wrong.
It’s best for your monthly premiums if you keep your home insurance claims to a minimum. Every time you make a claim, you risk your premiums going higher as your insurance company decides that you’re high-risk.
When you’re young, even large amounts of life insurance coverage can be extremely cheap. A 25 year old can take out a $500,000 life insurance policy for as little as $10 a month!
Smoking is the easiest way to turn an otherwise cheap insurance plan into a very expensive one. Smoking can double or even triple the price of a life insurance policy!
Having a family history of disease increases the likelihood you’ll get them as well, which means you’re at a higher risk for premature death.
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