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How to get cheap car insurance in Waterloo
At Kanetix.ca, we offer you a quick, easy and free way to get personalized auto insurance quotes from the top insurance companies in Canada. If you think you are paying too much for your car insurance in Windsor, enter your postal code now and find the most competitive Ontario auto insurance premiums. You're bound to find low-cost coverage that suits your needs.
Get a better rate by shopping around
Shopping around is important; every three months, the Financial Services Commission of Ontario (FSCO) reviews and approves insurance rate changes. This means that the insurance company who gave you the best rate last time you bought insurance, may have a completely different rate now. Why not choose a different company this year to get the lowest rate? You can stay on top of tracking your auto insurance rate with the Car Insurance Rate Tracker.
Auto Insurance Rates from Real Drivers
What is covered in a car insurance policy
Your car insurance policy is made up of the following mandatory coverages:
- 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 while you're incapacitated.
- 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 amount of coverage is $200,000, although most drivers take 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 accident of 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.
Common optional coverages include:
- 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.
Collision and comprehensive coverage typically come with a deductible. A deductible is the portion of an insurance claim you agree to pay while your insurer picks up the rest. By agreeing to take on more financial responsibility in the event of a claim, your insurer considers you less of a risk and will adjust your rate to reflect that. So the higher your deductible, the lower your rates.
What determines your car insurance rate in Waterloo?
Waterloo has a smaller population than many other Canadian cities, and as such, there are relatively fewer cars and fewer accidents than one would find in more populated areas. This may mean that Waterloo residents pay relatively less for their car insurance than people might pay when living in more populated centres.
Other factors that can affect the premium you pay for your auto coverage include:
- Your commute: Living close to work has a lot of perks besides lunch breaks at home. On top of the short commute time, drivers are usually assigned a lower premium, which means more savings in your pocket. Longer commutes mean increased risk of getting into an accident, and higher premiums as a result.
- The car you drive: Insurers use vehicle data to compare safety ratings, repair costs and rate of theft when calculating your rate, so your vehicle model and year matter.
- Your driving history: Accidents, infractions, tickets and charges will all factor into your rate. Those with a clean driving record save more on their insurance.
How to lower your insurance rate
To ensure you're never overpaying for your insurance, you should generally compare rates whenever you can - especially when life changes and more opportunities open up for you to save. For example, when you get married or divorced, move, buy a new car or house, or retire. It may sound like a hassle, but at Kanetix.ca, it's fast, easy and free for you to compare rates, whenever, wherever.
Ontario drivers benefit from a discount of up to 5 per cent on their auto insurance when they install four winter tires in November and keep them on until April. And being enrolled in a roadside assistance program or installing other driver assistance systems may qualify you for a slight discount on your premium as well.
Before you finalize your policy with your insurer, ask if you are eligible for any other discounts. If you have taken a driver training course, retired or joined an association or organization, there may be additional discounts available.
Having multiple drivers and vehicles at home may sound costly, but having multiple policies with one insurance firm could save everyone in your household some money. Ask about multi-line policies or even look into bundling your home and auto insurance policies with the same company for discounts on both.
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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