How to Lower Car Insurance Ontario
From gas to repairs and car insurance, owning a car comes with a ton of responsibilities and a high price tag. Therefore, if you own a vehicle and want to drive it, having comprehensive auto insurance is required by law to protect you and other motorists on the road in the case of a collision. That being said, it should not come as a shock that Ontario drivers pay among the most expensive insurance rates in the country. And as prices across the country continue to rise, individuals, especially drivers, are looking for ways to cut costs anywhere they can.
Believe it or not, whether you’re a new driver or a seasoned one, there are ways you can lower your car insurance premium. But how exactly is this possible, and what is the best way to go about doing so? At Levitt Insurance Brokers, we have years of experience and knowledge working in the insurance industry. Our team of specialists is able to craft customized auto insurance plans that work for your needs and unique circumstances. We have access to several high-quality insurance firms, allowing you to shop around for the ideal insurance coverage so you can feel confident. As such, we are also able to help clients save money on their car insurance in Ontario.
Therefore, if you want to learn more about how to lower car insurance in Ontario before getting a complimentary online quote with our team, you’ve come to the right place. The team at Levitt Insurance Brokers is providing you with the ins and outs of how you can lower your car insurance in Ontario so you can save as much money as possible throughout the year.
As such, for more information on how you can potentially lower your auto insurance costs, keep reading or reach out to our team directly!
Frequently Asked Questions
Yes, you can ask your insurance broker to help you lower your car insurance rates. One of the advantages of working with an experienced insurance broker, like the ones employed at Levitt Insurance Brokers, is the fact they are not affiliated with just one insurance provider like traditional insurance agents. Instead, insurance brokers have access to several companies and different policies that they can work with to help you craft your ideal auto insurance plan while saving money. In fact, there are several ways they can go about helping you lower your car insurance rates. Here is a closer look at some of the ways your insurance broker can help you save money:
- Bundling your insurance policies
A great way to lower your premium is to bundle your insurance policies. What does this mean? Well, the majority of insurance companies let you combine other insurance policies, which may well lead to substantial cost savings for you when everything is said and done. Therefore, motorists should try to obtain all of their insurance policies from the same insurance provider, whether they are for their home, business, watercraft, or secondary property if they are able to.
- Shop around for the best insurance price
Regardless of whether you are trying to save money on your car insurance or not, as a motorist, you should always shop around between insurance companies for the best premium when your current policy is up for renewal. There really is no negative to shopping around for the best policy. And because your driving situation may have happened to change enough within the past year that it could have an impact on your premiums. Additionally, some businesses provide discounts in an effort to draw in or keep new clients, so keep an eye out for these offers at all times.
- Keep an eye out for discounts.
Speaking of discounts, you may be surprised to know that there are numerous discounts available for motorists when it comes to purchasing new car insurance policies in Ontario. This includes installing winter tires on your vehicle and many more that can help you save hundreds of dollars throughout the year. Therefore, it is always best to ask your insurance broker about any available discounts that you may qualify for.
- Opt for annual insurance payments instead of monthly payments
In the long term, paying your premium annually in one lump sum can be less expensive than paying it month by month. This is to ensure that you can receive a discount from some insurance companies by making a single payment rather than paying monthly. This happens because an upfront payment relieves the insurance provider of the burden of continually billing you, which frequently results in a cost reduction that is transferred to you.
- Increase your deductible
The price of your premium can be reduced by raising your deductible. This alternative is popular among policyholders because they only have to pay your deductible when filing a claim. But nevertheless, you will only actually profit from this and keep your premiums low if you make very few claims and avoid having to pay your deductible in the first place. However, if you are a safe and responsible driver, this is an excellent option for you that can help save you money in the long run.
- Review your current insurance policy
Several of the expenses and benefits listed on your plan might not be known to you. This is the reason discussing and reviewing your plan with your broker is crucial. You might not need any supplemental coverage options on your auto insurance plan if you possess a background of safe driving and infrequently file claims. Another example is if your car is an older model as you may not recognize the importance of coverage options like collision on your policy as it loses value every year.
- Install anti-theft devices and dashboard cameras
Most insurance providers will decrease your rates if you have an anti-theft system attached to your vehicle because it helps reduce the likelihood that your car will be stolen. At the same time, your insurance provider will also decrease your insurance premium if you have dashcams installed on your vehicle, as it can help determine who is at fault in the case of an accident where there are no other witnesses to verify your information.
- Reduce how far you drive on a daily basis if you can
Generally speaking, if you are driving on the highway during the week or are driving long distances, your insurance company is likely to deem this a high-risk activity compared to driving that occurs around your neighbourhood on the weekends. Therefore, if you are trying to save money on your auto insurance policy, cutting down on the number of kilometres you travel throughout the week by carpooling or taking public transit is a great way to do so if it is an option for you.
- Professionals who are members of official associations
Representatives of some professional organizations can save money on their auto insurance. They frequently have an affiliation with a particular insurer, and occasionally they offer extra advantages. Primary professional societies that participate in such alliances include the following:
- Ontario Bar Association
- Canadian Nurses Association
- Chartered Professional Accountants Ontario
- Professional Engineers Ontario
- Unions and employers
On the other hand, as with professional organizations and their representatives, some employers will provide savings or discounts to their staff members on their auto insurance. Therefore, make sure to reach out to your employer and see if this is an option for you.
- Students and school alumni
Many schools and universities have agreements with a significant insurance provider to offer alumni and current students automobile insurance at a lower cost. If you combine it with homeowners’ insurance, they will typically give you additional rebates and give you prioritized customer support if you have a question or a claim you need to file. Call a spokesperson from your school to inquire about the resources offered, and as always, analyze their prices to see if you can find a better deal somewhere else.
Yes, speeding tickets, among other violations, can increase your car insurance premium. Your insurance rates will be based on the driving history you have in Ontario. Several charges, including the following, may have an impact on your insurance rates for 3 to 8 years, based on the gravity of the offence committed and whether any criminal prosecution was pursued under the Criminal Code of Canada:
- Driving ban or a suspension of your license.
- Using a smartphone or tablet while driving.
- Driving your vehicle on a public road while being uninsured.
- Driving offences that have been deemed dangerous driving.
- Driving while intoxicated. This includes refusing a breathalyzer test or both when you have been pulled over or stopped by a law enforcement officer.
- Leaving the collision scene.
- Not pulling over when your vehicle has been marked by a police officer.
- Negligence that causes death or physical harm to a third party
Furthermore, while parking fines won't raise your insurance prices, serious driving violations or several violations in a short amount of time may cause your insurance company to revoke your policy, in which case you'll need to buy high-risk insurance. Therefore, if you're serious about lowering your auto insurance, one of the best ways to do so is to drive responsibly and follow the rules of the road, as it helps keep yourself and other motorists safe.
Your insurance coverage will not necessarily change if you request to lower your insurance rates with your broker. For example, if you add winter tires, auto-theft devices, and dashcams to your vehicle, this can help you lower your premium without actually changing your insurance policy. On the other hand, if you increase your deductible while your policies themselves don't change, you will be required to pay more to use your deductible. However, this does not really matter if you do not use your deductible often and are generally a safe and responsible driver.
As such, it really depends on what changes and options you choose to take when trying to lower your auto insurance premium. Therefore, the best thing you can do is reach out to your insurance broker or provider when you are almost up for your renewal and discuss what options you have moving forward that will save you money without actually changing your policies. It is, however, essential to remember that your current insurance policy may include coverages that you don't actually need any longer. This, again, is why it is crucial to speak with your current insurance provider to receive an extensive overview of your current plan so you can better determine whether your existing policies are benefiting you the same way they did a year ago and whether changes can be made in order to help you save money on your insurance premium that will need to be reviewed.
There are many factors that can affect your insurance rates. Some of the most common factors include the following:
- Your age: Younger drivers tend to pay higher insurance rates because they are considered riskier to insure.
- Your driving record: If you have a history of traffic violations or accidents, your insurance rates may be higher.
- Your location: Insurance rates can vary depending on where you live, as some areas may be considered at higher risk for accidents or theft.
- Your vehicle: Insurance rates may be higher for certain types of vehicles, such as sports cars or those that are more expensive to repair.
- Your coverage: The amount of coverage you purchase and the types of coverage you choose can also affect your insurance rates.
- Your insurance history: If you have a history of making insurance claims, your rates may be higher.
- Your marital status: Some insurance companies may offer discounts to married couples, as they tend to be considered safer drivers.
- Your gender: In some states, insurance companies are allowed to use gender as a factor in determining insurance rates.
- How often you use your car: Most insurance companies will offer discounts to individuals who do not use their car as often and who drive shorter distances.
· What you use your car for: If you use your vehicle for business or other purposes, this can either increase or decrease your insurance premium based on which insurance company you work with.
Unlike provinces like British Columbia, the province of Ontario operates under a private insurance mandate. What does this mean exactly? Well, rather than having only one option on where you can purchase auto insurance, Ontarian drivers are able to shop around for more affordable and comprehensive plans that better fit their needs. When you look at it this way, Ontarians are very lucky to have this as an option compared to British Columbians, who simply do not.
However, regardless of where you reside within Canada, your insurance provider will take into account several factors that will ultimately play a role in how your final premium is calculated. A few variables that are carefully considered include your date of birth, gender, driving background, how often you use your car, what you use your vehicle for, the make and model of the car, and the area in which you typically drive. The Insurance Bureau of Canada uses this statistical method to determine risks based on historical data and information. According to this data, higher-risk drivers should be charged more than motorists, who are regarded to be less of a threat. Of course, this makes perfect sense because a person with a spotless driving history shouldn't have to pay the same amount for auto insurance as someone who has a history of numerous traffic fines, at-fault collisions, as well as other violations.
Generally speaking, the right time to request a decrease in your car insurance rate is when you are almost up for renewal. If you pay monthly for your car insurance, you may be able to modify your plan to reduce costs. However, depending on the insurance company you have your auto insurance with, you may face penalties which can end up costing you money when everything is said and done. Therefore, if you have any specific questions regarding lowering your insurance premium when you are not up for renewal any time soon, make sure to reach out to your insurance company or insurance broker for more information.
Get Your Complimentary Insurance Quote With Levitt Insurance Brokers Today
Are you looking to save money on your car insurance in Ontario? If the answer is yes, the experienced and knowledgeable insurance brokers at Levitt Insurance Brokers are able to help. Get a quote right away! It will be our pleasure to offer you the insurance options you require for a more affordable price!