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Car insurance in Markham
When it comes to driving, it's not as simple as buying a car and having a license. The associated costs can really add up; maintenance, gas, car washes, and more. Driving can get expensive, but that doesn't mean there aren't ways to save.
The easiest way to save
A Financial Services Commission of Ontario (FSCO) survey shows that more than half (52 per cent) of Ontario drivers just automatically pay their rate when it comes time to renew. If you're wondering if that's a big deal, then the answer is yes. The reason? With auto insurance reforms and rates that change every quarter, chances are it's costing drivers hundreds of dollars in savings.
Every three months, the FSCO reviews, approves and publishes rate changes. Since rates change frequently, chances are the rate you got a year ago can be a lower now with another insurer. The easiest way to ensure you're paying the lowest rate is to keep track of your Markham car insurance rates with the Kanetix.ca Car Insurance Rate Tracker.
Auto Insurance Rates from Real Drivers
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What your policy covers
Your car insurance policy is made up of mandatory and optional coverages. The following are some of the mandatory coverages:
- Accident benefits: Accident benefits are benefits you receive if you are injured in a collision, regardless of who was at fault.
- Third party liability: Third party liability coverage pays for a legal claim for a collision that causes injury or damage to a third party. The minimum limit requirement is $200,000 although most drivers go with at least $1 million.
- Direct compensation - Property damage (DCPD): This provides coverage for damage to your car and any property inside the car as a result of a collision in which you are not to blame.
- Uninsured motorist coverage: This portion of your policy provides protection if you are in an accident and injured or killed by an uninsured driver or a hit-and-run driver.
Two of the most common optional coverages that can be added to your car insurance policy are:
- Collision: Damage to your vehicle as a result of impact or collision with another vehicle or object is covered.
- Comprehensive: In the event your car is damaged in non-collision events like theft, vandalism or severe weather, you are covered.
Both of these optional coverages typically come with a deductible. A deductible is the portion of an insurance claim you agree to pay. Your deductibles will factor into how your auto insurance rates are calculated. The higher the deductible the lower your rates.
What goes into your rate?
When it comes to how much you pay for your coverage, there are several factors that are considered. These factors include the following:
- Where you live: If you live in a busy area where there is more traffic congestion, you'll likely pay more for your coverage than someone living in a more remote area with less traffic.
- Your commute: Having a long commute puts you at risk of paying a higher premium. Those who work close to home with a short commute or take public transit spend less time on the road, and save money.
- The car you drive: It matters what you drive. Vehicle model and year is something insurers consider because of a few things, including theft rates, repair costs, and safety scores.
- Your driving history: Your driving record is essentially your report card on your driving behavior. Insurers look at accidents, infractions, tickets, and charges that appear on your driving record. The cleaner your driving history, the lower your rates will be.
Easy ways to save more
Get peace of mind by investing in a roadside assistance program. If the added cost doesn't seem worth it, keep in mind that it may qualify you for a discount on your premium.
Insurers offer savings to customers that hold multiple policies. Find out from your insurer what discounts are available to you. Driver training, installing additional security features in your car and having an alarm system in your garage are easy ways to save.
Life can change pretty quickly sometimes and that can affect your rate. When you retire, get married (or divorced), move, buy a new car, or have a teen learning to drive, those are good times to let your insurer know.
Another key time to compare rates is when it's time to renew. The cost of letting your policy automatically renew could be costing you hundreds of dollars. The good news is you don't have to wait for your renewal to come up to compare rates; checking rates on a regular basis will ensure you're not overpaying for your premium.
Not ready to shop for insurance today?Set a renewal reminder and we'll let you know when it's time to save.
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