What Affects Rates
Every insurance company selling private automobile insurance in Ontario has its own rating system and can set its rates in a manner consistent with government regulations. The rates depend on each person's own situation and thus no one company can claim to have the best rate in all situations.
When shopping for automobile insurance consider the product you are purchasing, the price you are charged, the discounts that apply and the service and other benefits you can expect to receive from your insurance provider.
The premium you pay for your automobile insurance will depend on a number of factors, including:
- The Drivers
- Number of drivers
- Age, gender and marital status
- Claims history
- Driving record
- Driver's training
- The Usage
- Where you live
- Annual mileage
- Type of driving – business use, commuting, leisure
- Distance to work
- The Vehicle
- Make, model and year
- Be aware that some vehicles are more expensive to repair or more likely to get stolen than others. Find out how your car measures up by reviewing the Canadian Loss Experience Automobile Rating (CLEAR) information provided by the Insurance Bureau of Canada (IBC).
- Underwriting Criteria
- The rules and criteria applied to coverages, deductibles, discounts and services impact the pricing related to the individual risk insured.
- In Ontario, automobile insurance is regulated through the Financial Services Commission of Ontario.
- The Insurance Policy
- Would you like any additional coverages? Income Replacement Benefit; Medical, Rehabilitation and Attendant Care Benefits; Caregiver Benefits; Dependant Care Benefits; Death and Funeral Benefits; Indexing; Specified Perils; Comprehensive; Collision/Upset; All Perils
- Do you qualify for any discounts?
- Which deductible you choose
- Collision; All Perils; Comprehensive; Direct Compensation - Property Damage
- Range from $500 to $2,500 (in most cases)
- Are you interested in any optional coverages?
- Transportation Replacement
- Family Protection
- Removing Depreciation Deduction
- Liability for Damage to Non-owned Automobile
- 9/6 Star Accident Protection
- Satellite Program