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Why Oakville drivers should compare rates
You may be thinking, what is the point of comparing car insurance rates?
If you already have car insurance, auto-renewing your policy with the same provider every year seems easy enough.
Or if you plan on buying a car but currently don’t have car insurance, it may seem like the simple solution would be to go with, let’s say, the same provider as your parents, or maybe the same insurer that provides you with home insurance.
However, not all insurance providers offer the same rate, and some modify their rates regularly based on the claims they’ve recently paid out. If you continually auto-renew your policy, or go with the first rate you come across, you risk missing out on potentially lower rates offered by other providers for the same coverage.
Oakville is a town located on the shores of Lake Ontario in southern Ontario. As such, auto insurance rates for Oakville drivers are regulated by the Financial Services Commission of Ontario (FSCO). FSCO regularly approves rate change requests from insurers, and reports on average increases and decreases quarterly. Thus, it’s not uncommon for your provider to change your rate when it comes time to annually renew your policy.
In addition, your rate can easily be influenced if you:
- Get married: Whether you tied the knot or live common-in law, if two drivers live under the same roof, your rate may be different than what it would’ve been if you lived by yourself.
- Changed your address: If you move, your rate may change. Insurance providers look at the claims history in your area when calculating your premium, assessing things like the perceived likelihood of collisions, theft or vandalism in your new neighbourhood.
- Have a new driver in the house: If your teen recently got their G2, your rate could change. That being said, some insurers are more teen-friendly than others.
- Got a ticket or into an accident: If you’re found at-fault for an accident or got a ticket, it may affect your rate. However, some insurers do offer accident forgiveness for the first offence.
- Got a new job or retire: When calculating your premium, most insurers ask if the car is being used to commute to work, and if so, how far is the commute. If you work closer to home and spend less time on the road, you’ll likely pay a lower rate and vice versa. Or if you retire, removing that daily commute from your routine, this could potentially change your rate too.
- Bought a new car: Insurance providers consider the make and model of your vehicle when they give you a rate. This is because they assess if your car is statistically involved in more collisions or has a high theft rate.
There are so many reasons why your rate could change throughout the year. That’s why it’s so important to compare rates with us. Kanetix.ca compares almost the entire market, so Oakville drivers know their options. Don’t auto-renew or choose the first rate you see. With Kanetix.ca, you can easily find the best rate available for the coverage you need.
• Related Read: Breaking Bad Habits for Good: Auto Renewing Your Car Insurance
Oakville car insurance information
Oakville has a population of approximately 155,000 and is located midway between the cities of Toronto and Hamilton in the regional municipality of Halton.
Being a smaller community, insurers may offer Oakville drivers a break on their auto insurance. With fewer people and drivers on the road relative to more urban communities, Oakville residents likely enjoy lower rates on their auto insurance. This is because, statistically, areas with lower populations have fewer accidents than cities with heavy populations.
Don’t know if you’re paying a fair rate? Kanetix.ca can help Oakville drivers find the cheapest rate for their car insurance. We compare over 50 providers, giving you an array of quotes and coverage to choose from – all in one place. And getting insurance quotes online at Kanetix.ca is quick and easy, giving you access to personalized quotes based on your driving and insurance record. Compare Ontario auto insurance quotes today!
Ways to save on car insurance in Oakville
As mentioned before, Oakville is a smaller town, which is why drivers in Oakville may save more on their auto insurance than drivers in larger urban centres. Where you live plays a huge role in how your premium is calculated. But if Oakville residents are looking for more ways to save, they can see if they qualify for certain discounts. Some common discounts that insurers offer include:
- Multi-vehicle discount: If you and your spouse have a vehicle, you can save 10 to 20 per cent by putting multiple cars on the same policy.
- Multi-line discount: If you need home insurance, you can save five to 15 per cent by sticking with the same insurer and bundling your policies.
- Preferred parking discount: If you park your vehicle in a garage at night, it’s less likely to be stolen or vandalized, so this could be grounds for a discount.
- Good student discount or Student-away-from-home discount: If you have a smart student driver in the house or a student that only drives the vehicle when they’re occasionally home from school for the holidays, you may qualify for a discount.
- Driver training discount: If you’re a newly-licensed driver who took an approved driver’s training course in the last three years, you can save on your insurance.
- Usage-based discount: If you opt to install a telematics device in your vehicle that monitors your driving habits, you can easily save five to 10 per cent just for signing up. And if you’re found to have good driving habits, you can even save up to 25 per cent more.
- Winter tire discount: If you make the switch to winter tires in November and take them off by April, you can save up to five per cent on your policy. Ontario insurance providers are legally obligated to provide you with a discount if you change your tires seasonally.
Of course, all of these discounts are subject to the insurer, the policy holder and their profile. Not sure if you qualify? Contact your insurer and simply ask how you can save!
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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