Your Essential Car Insurance GuideEasily and quickly save on your car insurance by comparison shopping at Kanetix.ca.
Car insurance is one of those things that everyone needs and everyone wants to pay less for and the single most effective way to do this is to shop around. Car insurance rates often change, and the insurance provider who gave you the best rate in the past, may no longer offer you the best rate today.
Kanetix.ca shops the market for you. No one else covers as much of the market as we do, and we make it quicker and easier for you to get quotes and your coverage from the top providers all in one place. Compare car insurance quotes today for a better price.
Save today and get quotes for: Alberta car insurance, Ontario, Quebec, New Brunswick, Nova Scotia and PEI.
Cheap car insurance in Canada
No matter where you live in Canada, you must have auto insurance, and even though each province and territory establishes their own required minimum insurance coverages, there are many similarities across Canada about Canadian car insurance in general.
Insurance for new drivers will likely be expensive
To get the best car insurance premium, you have to build a history that shows you are not a high-risk driver. This takes time. Young drivers typically start off by being listed as an occasional driver on their parent's vehicle to get those ever-valuable years of experience.
Your driving record will affect your car insurance premium
Your driving record is based on the number of years you've been licensed and whether or not you've had any convictions (traffic violations) or been involved in at-fault collisions. If you have a clean driving record, your premium will be lower than if you've had a conviction or accident. It pays to have a clean driving record.
The type of car you drive will affect your car insurance premium
Like drivers, vehicles are rated differently too. Insurance works this way because theft rates
, vehicle safety ratings, and the historical repair costs for a vehicle can vary significantly.
If you're shopping for a car, you can easily compare quotes for multiple vehicles, side by side. It's never been easier to see how rates differ between vehicles.
How often and how far you drive factors into your auto insurance rate
The more time you spend on the road, the greater the chance you'll be in a collision. If you work close to home (or take public transit), chances are you'll pay less for your car insurance than someone who commutes an hour a day, each way.
Where you live affects how much you pay in insurance
Where you live and drive is one of the factors in determining your car insurance rate. If you live in a rural area, chances are you'll pay less than someone who lives and drives in a city where there are more drivers on the road, and the likelihood of getting into a collision is higher. Also, more vehicles tend to be stolen in urban areas.
Optional Coverages and Endorsements are available
While every province has compulsory minimums that you must have as part of your policy, there are also optional coverages and endorsements that you can add to your policy for a fee. A few of the more popular include:
- Collision coverage: This covers damage to your vehicle as a result of an impact or collision with another vehicle or object.
- Comprehensive coverage: This insures your car against damage caused by events like theft and vandalism.
- Loss of Use: Let's say you have collision coverage, and you're in an accident. Loss of use will cover your transportation costs (like a rental car) while your vehicle is being repaired or replaced.
- Rental Car: If you frequently rent cars, this endorsement will ensure that your rental has both collision and comprehensive coverage.
- Depreciation Waiver: If you have a new car, this endorsement ensures you will receive the full value of your vehicle should it end up being considered a total loss.
Parts of your insurance policy may have deductibles. A deductible is the portion of an insurance claim you agree to pay. Your insurance company
covers the remaining cost. Your deductibles play a part in how your auto insurance rates are calculated. Depending on how much financial responsibility you take on in the event of a claim, your rates will reflect your commitment. Take on more responsibility (i.e. increase your deductibles) and your rates will lower, take on less responsibility (i.e. decrease your deductibles) and your rates will increase.
Shopping around can save you money
Whether you own or lease your vehicle, it's important to compare rates regularly to ensure you're not overpaying for your coverage. At minimum, you should compare rates annually at renewal. You should also shop around when life changes: you get married, move, buy a new car, add drivers to your policy (like your teen), get a ticket, are involved in a collision, change jobs or retire. These are all times when you should be shopping around
to see if there's a cheaper car insurance rate available.
*60% of Kanetix customers in Ontario who participated in the survey said Kanetix helped them identify an average savings amount of $776.58 (December 1, 2015 - February 29, 2016) on their car insurance. The cited amount represents the average difference between the best quote obtained at www.kanetix.ca and the current premium amount of participants in the survey. The savings amount varies by individual and does not constitute a guarantee; in each individual case, the difference may be smaller or greater than the savings amount cited.