Car Insurance in Mississauga
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Car Insurance in Mississauga
The cost of owning and operating a vehicle comes with quite a price tag, and often doesn't just end there. When you get behind the wheel, you need to ensure that you have auto coverage. It's a legal requirement and the consequences can be quite substantial if you don't have it. With so many expenses associated with having your own car, it's important to find savings where you can.
Find your insurance savings
Rates change about every three months. The Financial Services Commission of Ontario (FSCO) each quarter, reviews, approves and publishes the rate changes. That means since rates change frequently, shopping around is vital to ensure you're getting the best rate for your needs. The rate you can get now compared to a year ago can be significant savings in your pocket!
Make sure you're up to date on your Mississauga car insurance rates by comparing your rates frequently.
Real rates for real customers.
Mississauga car insurance policy 101
Your Mississauga car insurance policy is made up of some mandatory and some optional variety of 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.
As of June 2016, there are changes to your standard Accident Benefits coverage. Learn more about what's different and read, "Ontario Car Insurance Is Changing. What You Need to Know" Two of the most common optional coverages that can be added to your Mississauga 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 Mississauga car insurance rate?
As many car insurance shoppers in Mississauga have found, the rate offered by auto insurance firms relies on several different elements like the following:
- Where you live: As one of the fastest growing major communities in Canada, Mississauga continues to experience busy traffic conditions and the proximity to the largest city in the nation adds to the driving challenges. Residing in certain areas of a busy city where there is more traffic congestion and other demanding driving conditions will sometimes result in a heavier insurance premium than living in quieter, more remote locations.
- Your commute: Thousands of Mississauga residents commute to Toronto and other neighbouring communities for long periods. Those travelling greater distances by car to get to work are at risk for paying a bigger premium than those who work near their homes or make use of public transit to reach their place of employment.
- The car you drive: Motorists, who currently hold insurance policies or those in the process of researching the best rates, realize the vehicle model and year is a major component in determining an auto insurance rate. Some cars have higher theft rates than others. Other models cost more to repair while some score higher on safety. These variations and dozens of other differences are examined carefully when generating insurance premiums. Drivers shopping for auto insurance in Mississauga, list the Honda Civic as the most popular car. The Toyota Corolla is the second most commonly insured automobile followed by the Honda Accord. The Mazda3 and Toyota Camry hold the fourth and fifth spot in terms of popularity among drivers searching for low rates on Kanetix.ca.
- Your driving history: It should surprise no motorist that his or her driving record will be carefully scrutinized while calculating car insurance rates. Insurance premiums will reflect your past driving behaviour as insurance professionals examine all accidents, infractions, tickets or charges that appear on your driving record. A stellar driving history, with exemplary driving habits, will certainly be treated with high regard and therefore should qualify you for lower insurance premiums.
More than half of all drivers in Mississauga have had at least one car accident, as reported while getting their auto insurance quotes. In fact, 62 per cent have reported at least one incident. Significantly less drivers (39%), report that they have received at least one ticket. Less than half of all male drivers (42%) indicated they had at least one ticket, which is a little higher when compared to the female group at 34%.
How to save even more on auto insurance
Comparing Mississauga auto insurance rates on a regular basis will ensure you're not overpaying for your coverage when it's time to renew. When your lifestyle changes, or you get married, move, or buy a new car, these are also good times to save and get a lower auto insurance rate.
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