Getting your very own car for the first time can be exciting, and with new beginnings like these it is prudent to start off right. Let's take a look at some tips for getting and understanding your auto insurance when you are a first time car owner in Canada.
- Related Read: 18 Myths About Car Insurance
Auto insurance is the mandatory
Regardless of where you may be driving in Canada, if you plan to drive a vehicle on public roads the vehicle must be covered under an insurance policy with certain minimum compulsory coverages. It is the law in all provinces and territories.
Auto insurance will probably be expensive for new drivers
Unfortunate but true. It's kind of like going to the bank to get a loan for the first time. They want to know about your history before offering you the best rate. Insurance is similar; you have to build a history that shows you are not a high-risk driver, and this takes time.
Factors that go into calculating your insurance rate
There are many factors that go into calculating your auto insurance rate, including: