A Complete Guide to Ottawa Car Insurance
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What is the lowest rate for car insurance in Ottawa? At Kanetix.ca
, we know how to get the best rate for the lowest price without sacrificing any of the coverage you need. We help you shop the market for the biggest savings on car insurance available.
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Car Insurance in Ottawa
Everyone knows that you need car insurance to drive; it's the law. What you don't need though is to overpay for it and you can avoid this by shopping around. Shopping around is key because rates often change and the company who gave you the best rate last time you got auto insurance may not be the company who will give you the best rate this year
- Rates change frequently, about every three months. The Financial Services Commission of Ontario (FSCO) reviews and approves the latest changes on a quarterly basis. Keep track of your Ottawa auto insurance with the Car Insurance Rate Tracker.
The basics of your car insurance policy
Your car insurance policy is made up of some mandatory coverages, as well as a few optional coverages. The following is a summary of both:
- Accident Benefits: If you're injured in an accident, this coverage can include medical and rehabilitation costs, funeral expenses, death benefits, as well as income replacement.
- Third Party Liability: If you're held legally responsible for a collision that causes injury or damage to a third party, this coverage helps with the legal claim. The minimum limit is $200,000 although most drivers go with at least $1 million.
- Direct Compensation - Property Damage: This provides coverage for damage to your car and any property inside the car as a result of an automobile accident in which you are not-at-fault.
- Uninsured Motorist Coverage: This component of the standard Ontario auto insurance policy provides coverage for you and your family if you are injured or killed by hit-and-run driver or by a driver who is not insured.
There are optional coverages as well, and the following are the two most common:
- Collision: This covers damage to your vehicle as a result of an impact or collision with another vehicle or object.
- Comprehensive: This insures your car against damage caused by events like theft and vandalism.
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; generally the higher the deductible the lower your rates
What goes into your Ottawa car insurance rate?
Since 2001, the population of Ottawa has climbed almost 8 per cent to 870,250. This means that more drivers are on the road and the traffic situation continues to build.
In Ottawa, the average age of drivers shopping for car insurance at Kanetix.ca is 40 and male drivers shopping around for coverage (69%) outnumber females (31%) by a significant degree. As many car insurance shoppers in Ottawa have discovered, the rate offered by insurance companies relies on several different measures.
A few of the factors that will affect the rate you pay for auto insurance include, where you live in Ottawa, your commute, the car you drive, and your driving history.
Where you live in Ottawa
The rising population and the increasing number of drivers in Ottawa are indeed elements that may affect your rate. Drivers in search of the best rates should become familiar with any cost savings opportunity available like asking about discounts and shopping around.
Those who commute for longer periods and travel 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
The vehicle model and year is a major component in determining your auto insurance rate. Not only do different cars have higher theft rates than others but repair costs may vary considerably depending on the vehicle model. A vehicle's safety rating is another factor that may go into setting your car insurance premiums.
Drivers shopping for auto insurance in Ottawa at Kanetix.ca, list the Honda Civic as the most popular car, followed by the Toyota Corolla, Mazda3, Hyundai Elantra, and Honda Accord.
If you're in the market to buy a new car make sure you factor in the cost of insurance. Compare car insurance quotes for multiple vehicles, side by side
Your driving history
Auto insurance companies examine your driving record carefully while calculating car insurance rates. Insurance premiums will reflect your past driving behaviour with close attention paid to all accidents, infractions, tickets or charges. If you have a stellar driving history, which displays safe driving habits, you should certainly qualify for lower insurance premiums.
More than half of all drivers in Ottawa have had at least one car accident, as reported while getting their auto insurance quotes. In fact, 57 per cent have reported at least one incident. Significantly less drivers (40%), report that they have received at least one ticket. Almost half of all male drivers (45%) indicated they had at least one ticket, which is considerably higher when compared to the female group at 27%.
Keep Driving Safely and Save
The overwhelming majority of Kanetix.ca customers in the nation's capital (91%) appear to use winter tires to steer clear of potential hazards. You`d expect that most Ottawa drivers buy and install four winter tires in November and keep them on until April to take advantage of the winter tire discount offered by car insurance providers in Ontario to motorists who do so.
Some auto insurance companies will consider lowering insurance rates as well for drivers who use some form of roadside assistance program. In Ottawa, 31 per cent of car insurance shoppers admit to using roadside assistance programs.
Seek Further Discounts
Auto insurance companies offer significant cost savings to customers that hold multiple policies, and Ottawa drivers have caught on to this as slightly more than half (51%) expecting to benefit by applying for multi-line discount plans from their insurance providers.
While comparison shopping, it is a good idea to ask about all of the discounts offered. For example, completing a driver training course, installing additional security features on your vehicle, or having an alarm system in your garage could all lead to more favourable insurance rates.
Shop around to see if you can save money
Shop around to make certain that you're not overpaying for your car insurance coverage. Compare rates annually at renewal, but also if you get married, move, or buy a new car. Anytime there's a lifestyle change is a good time to shop around to see if a cheaper car insurance rate
*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.
How to save with Kanetix