Drivers in Ontario pay some of the highest premiums for car insurance in the country. So kudos to you for using Insurance Hero to help you compare car insurance rates in Ontario! We work with the top auto insurance providers in the province to get you the mandatory coverage you need while protecting you from overpriced insurance and optional coverage you don’t need. Below we’ve provided information on the hows and whys of comparing car insurance rates in Ontario.
Why You Should Compare Car Insurance Rates in Ontario
While car insurance rates are all based on the same information, each insurance company can evaluate your information differently based on its own data, which will give them a different result when they calculate the risk of insuring you. This is why you will get different quotes from different companies. And this is one of the biggest reasons for comparing car insurance rates before choosing an insurer. Even if the difference in premium is a few dollars a month, that adds up over time!
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But money isn’t the only consideration when it comes to car insurance. Going for the cheapest rate you find may not suit your needs. If you’re insuring a new vehicle or a vehicle your family relies on, going for the bare minimum coverage can leave you with nothing if you are the fault driver in an accident or your car is stolen. Which means that comparing car insurance rates is incomplete without comparing the coverages you get for those rates.
You also want to take the intangibles into account like what the insurance company’s customer service is like and what perks they can offer with their comprehensive insurance coverage. Which is why it’s a good idea to have a Hero guide you on such an important decision – we know what you can expect from your policy and the insurance company providing it!
Click here and get an online quote for Ontario Car Insurance in minutes or call us at 1 (855) 777-4376
How Car Insurance in Ontario Covers Accidents
The first thing to know about car insurance in Ontario is that it is no-fault. That doesn’t mean that it doesn’t matter how the accident happened and who is at fault, it just means that regardless of who is at fault, drivers use their own insurance companies for their coverages.
With your mandatory insurance coverage, you’re covered for the following in case of an accident:
- Third-party liability – this provides additional coverage in case you are sued for the accident if you were at fault.
- Direct compensation – Property damage – covers damage to your vehicle and/or contents inside it and loss of use of your car if you were not at fault or partially at fault (you are covered for the percentage that you are not at fault).
- Uninsured automobile insurance – provides coverage in case of an injury or killed and coverage for damage to your vehicle if you’re involved in a hit-and-run accident.
- Statutory accident benefits coverage – provides coverage for healthcare, attendant care and other costs not covered by OHIP if you are injured in an accident, regardless of who is at fault.
Click here and get an online quote for Ontario Car Insurance in minutes or call us at 1 (855) 777-4376
Again, this is the bare minimum of coverage and, as discussed in the previous section, it may not be the type of insurance auto insurance coverage you need. If you want to be covered for an accident that is your fault, for example, you should take a look at adding collision insurance (collision coverage) which can protect you from paying out of your own pocket for repair or replacement costs for these other situations as well:
- Accidents with an uninsured driver (not a hit-and-run)
- Damage you cause to your own car by hitting a guardrail, signpost, parking structure or any other objects in the ground
- Rollover accidents and more
For theft or damage to your car from vandalism, fires, weather events and other non-driving related damage, you would need a comprehensive car insurance policy.
Safety Considerations When Comparing Car Insurance in Ontario
Click here and get an online quote for Ontario Car Insurance in minutes or call us at 1 (855) 777-4376
FAQs
- Why do Ontario car insurance rates change?
Car insurance rates in Ontario change based on several reasons but mostly because of the number of claims and the average cost of each claim. We see increasing car insurance rates in Ontario partly because there are increasing claims and the claims costs are getting more expensive; fraudulent insurance claims are also increasing; distracted driving is leading to more accidents than any other cause and weather events are getting more severe and causing more property damage.
It’s important to know that the auto insurance industry in Ontario is regulated by the Financial Services Regulatory Authority of Ontario (FSRA) and that insurance companies have to apply to them if they want to raise auto insurance premiums on car insurance.
- How much is the annual average car insurance plan in Ontario?
According to the Financial Services Regulatory Authority of Ontario (FSRA), the average premium for annual car insurance in Ontario is $1.664. That works out to about $139/month. In case you’re interested, the average annual premium in the Greater Toronto Area is $2,252, in other urban areas in Ontario it’s $1,566 and in rural Ontario, the average auto insurance annual premium is $1,286.
Remember that your own insurance premium is based on factors like your driving history, the vehicle you drive, the deductible and auto insurance policy you choose and other factors besides demographic information.
- Are the cost auto insurance rates I see guaranteed?
They are if you get your auto insurance quotes from an Insurance Hero! Be careful with any of those ‘compare car insurance’ sites out there that make guarantees. Only a licensed insurance broker can guarantee a quote.
