No consideration of your driving experience: Some insurers will accept the fact that you can buy car insurance (with a newly received Canadian driving licence) but will treat you like somebody who has just got a driving licence and has no driving experience. If you are a young driver in Ontario, your rates can reach $250-$350 per month – not a very attractive scenario!
Many universities and colleges have partnerships with a major insurance company to provide cheaper car insurance to current students as well as alumni. They will usually offer other discounts if you bundle with home insurance, as well as priority customer service if you are contacting them for information or to make a claim. Call your school’s representative to find out what benefits you can get, and as always make sure you still compare their quotes in case you can save more money elsewhere.
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Rental car insurance and credit cards: Many Canadian credit cards include rental car insurance coverage, but there is something very important to know about this. It DOES NOT cover 3rd party liability, meaning that if you damage somebody’s else property, it is not covered. This type of insurance is called a damage/collision wavier, and, as opposed to a real car insurance policy, it is only good for covering scratches/damages on the rental car itself.
You might think that car insurance quotes for the same driver/car would be similar across all providers, but every auto insurance company has its own costs to cover, based on data about all of their existing users/claims. In fact, an insurance rate calculation has many subtle complexities to it and multiple factors contribute to the final rate you receive. Based on the information you provide for your driving profile a car insurance company will categorize your risk potential and calculate a personalized rate. Unfortunately, some factors are out of your control, but there are still a few that you are 100% in the driver’s seat for, so being in the know could save you money on your auto insurance policy. Here are seven factors that auto insurance companies will consider before offering you a personalized car insurance rate.
We know that you want to get the best car insurance rates and coverage. Getting the best auto insurance is somewhat subjective. It all depends on your current situation, driving and insurance needs. For some people, the best car insurance is based on getting the cheapest car insurance rates. For others, it’s about getting specific coverage or having access to Toronto insurance brokers who provide great customer service.
Other insurance conditions may arise depending on the type of vehicle, its use, and any customizations or modifications made to the vehicle. For example, if you have altered your vehicle to enhance its performance or appearance, most insurance companies would need to assess the vehicle to determine if they could insure it. If you plan on modifying your vehicle, call us first! We will let you know if the changes you plan on making could have an impact on your policy.