Canada Car Insurance
AR INSURANCE IN ONTARIO, CANADA According to Ontario Law, every driver must have car insurance on the vehicle that they drive, and every insurance policy must include the following:
Third-Party Liability Coverage — with a $200,000 minimum in case someone else is killed or injured or their property is damaged as a result of a car accident you are in
Statutory Accident Benefits Coverage — provides you with benefits if you are injured in an accident even if you were at fault
Direct Compensation & Property Damage Coverage — for any damage to your vehicle and possessions inside it if you are in an accident and someone else was at fault
Uninsured Automobile Coverage — for you and your family if you are injured or killed by a vehicle that is uninsured or flees the scene before their identity can be determined
Any insurance you get must come through a company or broker who is licensed to sell car insurance by the Government of Ontario. There are three types of contacts to help you get insured:
Broker — sells you the best insurance rate from a number of different companies they represent
Agent — usually sells insurance only for a single company.
Direct Writer — represents a company that sells insurance directly to drivers.
These different options allow you as the driver to shop around to different companies and contacts so you can find the best insurance rate.
Cost of Car Insurance in Ontario
The cost of car insurance in Ontario depends on several factors. In general, the main things taken into account when setting someone’s policy cost include:
Driving Experience — how long you’ve been driving in Canada (your record in other countries is not counted)
Driving History — how many accidents or speeding tickets you have
Age — the older you are the lower your rates in general
Gender — women typically get lower rates than men
Location — there are more accidents in crowded cities like Toronto than in smaller towns
Vehicle — cars that are cheaper and have higher safety ratings do not cost as much to insure
Vehicle Usage — the more you drive the higher chance you get into an accident
Winter Tires — a new Ontario law allows for drivers to get an insurance discount for using winter tires during the snowy season.
Ontario has the highest average insurance rates in Canada out of any other province. This is due to a greater concern for insurance fraud compared to any other province, but also due to the nature of insurance laws. Ontario mandates better standard coverage and accident benefit laws, so the extra cost at least has extra benefits as well.