Comprehensive Car Insurance - Ontario
Insurance Solutions for Student Housing Owners
Did you know that Ontario has over 11 million licensed drivers? It’s a big province with lots of long highways where accidents are bound to happen. For example, distracted driving causes a car collision every half an hour in Ontario. While you could always be alert while driving, you can’t control other drivers on the road. Not only is car insurance legally required in Ontario, but it provides much-needed protection for your car and your finances. Introducing Acumen Insurance’s insurance solutions, including home and car insurance. We provide comprehensive and affordable car insurance products all across Ontario to protect drivers from the unexpected.
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Get a QuoteWhy Choose Acumen Insurance?
- Our brokers are adept at tailoring insurance solutions, fitted for you and only you.
- We listen to your needs and navigate dozens of the top insurance providers to get you the best deal.
- The expert brokers at Acumen Insurance will conduct a risk analysis to provide the best solution.
How Does Car Insurance Work?
Auto insurance is legally obligatory in Ontario. Every driver should hold a minimum required level of auto insurance and provide proof of insurance if stopped by a police officer. This general rule in Canada ensures all drivers carry a level of protection for their cars. If a driver is caught driving without insurance, they are subject to penalties, including expensive fines that can reach up to $5000, and potential license suspension for up to one year.
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What is the Mandatory Auto Insurance Coverage in Ontario?
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Third-Liability Coverage:
Drivers in Ontario are required to carry at least $200,000 in third liability insurance coverage. This coverage financially protects you if you accidentally injure someone or cause property damage. It pays for the medical and legal costs. Note that $200,000 is the lowest level of protection, and some drivers go for up to $1 or $2 million in third liability coverage. The more you invest in this coverage, the more protection you have.
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Accident Benefits Coverage:
If you get injured or killed in an accident in an auto accident, this coverage pays for the medical benefits and other expenses. Below is the minimum required accident benefits coverage.
- Medical payments: Up to $65,000 for non-catastrophic injuries or up to $1 million for catastrophic injuries.
- Funeral expenses: Up to $6,000.
- Disability income benefits: $185/week for 104 weeks.
- Death benefits: Minimum of $25,000 to spouse and $10,000 to dependants.
- Income replacement: 70% of gross wages. Maximum of $400 per week.
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Direct Compensation – Property Damage :
DCPD covers you if you’re injured in an accident that happened in the province but you’re not at fault. It pays for the costs of repairing your car and getting a loaner car. The other driver must also be insured. Direct Compensation – Property Damage is included in a standard policy by default, but you have the choice to remove it from your insurance policy.
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Uninsured Automobile Coverage:
Also known as uninsured motorist coverage, if you’re involved in an accident with an unidentified or uninsured driver, this coverage pays for the vehicle repair costs. By default, you carry $200,000 in uninsured automobile coverage. That way, you don’t have to pay the repair costs out of your pocket.
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Get a QuoteWhat Are Auto Insurance Optional Coverages?
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Collision Coverage:
The standard insurance policy doesn’t cover you if you’re fully or partially at fault in a collision accident. If you’re found at fault, you will need to pay the cost of the damage unless you have collision coverage. In other words, if you accidentally hit an object or another car, the insurance company will only pay for the repair costs if you carry collision coverage. If the car is completely destroyed, you receive the actual cash value of your vehicle to purchase a new one.
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Comprehensive Coverage:
Car accidents aren’t the only way for your car to get damaged. It can also get damaged from non-collision threats, like a falling tree or a wild animal. Comprehensive coverage covers most non-collision risks. It pays for the car damage repair costs after you pay the deductible. Although it’s an optional coverage, some auto lenders require it if you decide to rent your car.
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Specified Perils:
With specified perils coverage, you’re only protected from the perils you specify. For example, you may list fire, theft, hail, and water as your chosen perils. If your car gets damaged from other perils, the insurance company will not cover the repair costs. Specified perils costs less than comprehensive coverage but offers less protection.
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All Perils:
All Perils is the most comprehensive out of all coverage options. It combines collision and comprehensive coverages into one. In a nutshell, it covers all risks except for ones that are excluded from the policy. For example, if the exclusion list includes earthquakes, that means earthquakes aren’t covered.
What is the Average Cost of Auto Insurance in Ontario?
The average annual cost of auto insurance in Ontario is $2,407.45 . The price differs according to many factors, like location, age, gender, car model, and more. Let’s take a look at some of the price differences across factors.
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Age:
Drivers under 25 pay $4,047.89 in car insurance premium, while drivers aged 25-50 pay $2,745.02 . Statistically, older and more mature drivers are less reckless, making them less likely to get into accidents.
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Location:
Drivers in Cambridge pay an average of $2,382.74 , while drivers in Kitchener pay around $2,216.14 . In general, a mid-sized city with a lower population density, like Kitchener, would pay less than a large overly-populated city, like Cambridge. Moreover, Cambridge has a higher claims history, as well as a higher theft and vandalism rate.
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Gender:
Male drivers in Ontario pay $226.52 while female drivers pay slightly less or $204.94 on average. According to statistics, female drivers are less likely to get into car accidents.
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Vehicle Model:
If you drive a Ford F-150, you pay as low as$185.19 . On the other hand, an expensive car, like a Nissan Rogue costs $254.31 in monthly premiums. A new expensive model, like the Nissan Rogue, costs significantly more to insure than a mid-range older model, like the Ford F-150.
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Get a QuoteWhat Are Other Factors That Affect Auto Insurance Premiums?
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Driving Record:
Your driving history affects your car insurance premiums, as it’s an indicator of the potential occurrence of future claims. Insurance companies look for tickets, accidents, cancellations, and suspensions to build your risk profile. The more traffic violations and at-fault accidents you have, the higher you pay.
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Coverage Options:
Adding more coverages and riders increases your car insurance rate. If you only get the minimum required coverage, you pay significantly less than if you add comprehensive and collision coverages. It’s a good option if you’re on a budget and want to abide by the law. However, it offers minimal protection against unforeseen events. Our brokers can help you get tailored coverage at an affordable price.
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Claims History:
If you’ve made auto insurance claims before, your insurance premiums will increase by default. That’s because statistically, previous claims indicate more future claims. Note that if you bundle car and home insurance, the insurance provider may also look at your home insurance claims history.
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Mileage:
The more you drive, the higher you pay, especially if you partake in the usage-based insurance program (UBI) approach. With UBI, you present your mileage and driving data to the insurance company, and if you drive less than the average, you may get a discount.
How to Save Money When Purchasing Auto Insurance?
Car insurance costs can add up and become costly. Here are our top tips to get cheaper auto insurance coverage.
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Increase Deductible:
The deductible is the amount you pay out-of-pocket in the event of a claim. The higher your deductible is, the lower the insurance premium. It’s recommended to set a high deductible only if you’re ready to pay the amount at any point.
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Compare Quotes:
Car insurance quotes differ significantly from one insurance provider to another. That’s because each insurance company uses different metrics to set prices. Before choosing an insurance policy, make sure you’ve shopped around enough to get the best deal. An insurance broker can help advise you on what deals offer the best coverage at the best price.
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Upgrade Your Car’s Security:
Security upgrades show that you’re serious about your safety. Most upgrades, like alarm systems, steering wheel locks, and kill switches, aim to prevent theft. If you plan to purchase a new car, it’s wise to get a modern car with good safety features.
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Drive Safely:
Following safe driving behaviours will protect you from accidents, as it will ensure you don’t get an expensive insurance premium. When you drive safely, you’re less likely to be found involved in an accident, let alone an at-fault accident.
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Bundle Home and Auto Insurance:
Most companies offer home and auto insurance bundles that are cheaper than getting separate policies.
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Drive a Hybrid or Electric Vehicle:
Many insurance companies offer discounts for driving hybrid or electric vehicles because they’re safer and better for the environment.
Ontario Auto Insurance FAQs
The average car insurance price in Ontario is $2,407.45 . Note that this is just an estimated number, as each individual gets a different price based on many factors, like age, gender, location, and driving history. Contact us to get a quote now.
Get a QuoteThere are several ways to get cheaper car insurance in Ontario. You could save money if you bundle your car insurance with your home insurance policy, maintain a clean driving record, and increase your deductible.
When it comes to car insurance, Ontario mandates all drivers to carry a minimum level of insurance protection. Failing to provide proof of insurance results in penalties, like fines and suspensions.
Auto insurance rates have lately increased in Ontario for several reasons:
- Inflation
- Increasing theft rates
- Increasing collision rates
- Expensive repair costs
- Climate change
- High traffic.
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