Car insurance is among those things that every person requires and everybody wish to spend less for. Rates for car insurance can often change, so the insurance company that gave you the best rate in earlier times, may no longer give you the best rate nowadays, therefore, the most effective way to pick the best for you is to shop around.
Some facts you need to know about Car Insurance in Canada
Wherever you reside in Canada, you will need to have auto insurance, and although every province and territory determines unique required minimum insurance coverages, you can find many similarities in Canada about Canadian car insurance in general.
The driving record will affect your car insurance premium. Speaking of your driving record, you should know that it is based on the number of years you have been licensed and whether or not you might have experienced any judgments of convictions ( regarding the traffic violations) or maybe being involved in at-fault collisions. In case you have a clean driving record, your premium is going to be lower than if you have experienced a conviction or accident. So, it is good to have a clean driving record.
Your car insurance premium can be affected by the car you drive. Like drivers, cars can be rated differently as well. Insurance coverage functions that way simply because stealing rates, the historical repair costs and vehicle safety ratings can vary significantly.
How frequently as well as how far you drive factors into the car insurance rate. This works very simple – the more hours you spend driving, the higher the possibility is that you will be in a collision. In a case you work near your home (or maybe you use the public transit), chances are you will pay much less for the car insurance compared to someone that commutes an hour a day, each way.
Some optional coverages as well as endorsements are available. Although each province has required minimums that you must have as part of your policy, you can find and some optional coverages and endorsements that you can add to your policy for a certain fee. Here are some of the more popular:
- Collision coverage: This covers the damage that can affect your vehicle as a consequence of an impact or perhaps crash with another vehicle or object.
- Comprehensive coverage: This insures your car against damage triggered by occasions such as vandalism or theft.
- Loss of Use: For instance you have collision coverage, and you find yourself in an accident. Loss of use is here to cover your transportation costs (such as a rental car for example) during the time your vehicle is being repaired or replaced.
Parts of your policy may have insurance deductibles. A deductible present that portion of an insurance that claim that you agree to pay, and the insurance company is covering the remaining cost. The deductibles play a role in how your auto insurance rates are determined. Based on the fact how much financial responsibility you take on in the event of a claim, the rates will reflect your commitment. So, in a case you take on more responsibility (i.e. increase your deductibles) and your rates will lower, take on less responsibility (i.e. decrease your deductibles) and the rates will increase.
What should you check when you compare Canadian auto insurance companies?
It’s definitely advisable to start with exploring a few car insurance providers. Find a list of quotes on the web by giving some elementary details about yourself. This can help you to get an idea of the expense will be responsible to pay and make it easier for you to eliminate companies offering a minimal policy for a high premium.
You can additionally check some of the online forums, There are people talking about their experiences, either negative and positive, with different companies. In the end, you can also try to talk to some local repair shop managers in the area you live.
Some of the popular insurance companies operating in Canada
Below, you can check some of the best insurance companies operating in Canada rated by different factors such as rankings of customer satisfaction and direct written premiums.
- SGI CANADA is the trade name of the property and casualty insurance division of Saskatchewan Government Insurance (SGI). This company offers products in more than half of Canada’s provinces and is one of the best leaders od the auto insurance companies in Canada.
- Manitoba Public Insurance (MPI, is also called Manitoba Public Insurance Corporation, or MPIC) and presents a non-profit Crown corporation based in Manitoba that has offered basic public auto insurance since 1971.
MPI also has 22 claim centers, plus 2 customer support centers in 13 different locations across Manitoba. DVL (Driver and Vehicle Licensing) services can be found through 147 agents in 123 communities, which includes one hundred photo licensing agencies, and mobile testing units that service 69 communities.
- The Insurance Corporation of British Columbia (ICBC) is a provincial crown corporation in British Columbia formed in 1973 from the NDP government of British Columbia. The ICBC was created with the original purpose to provide universal public auto insurance in British Columbia. Today, their responsibilities have enlarged to incorporate driver licensing and vehicle registration and licensing.
- For over sixty years Belairdirect has been offering full car and home insurance solutions direct to their clients. In 1997, this company became the 1st auto insurance company in North America to offer an online car insurance quote directly to consumers. This company is constructed on innovation. Today the company also offer multiple services on the web to help you compare and choose a car insurance which is best for you.
- Intact Financial Corporation is a Canadian insurance company, previously the ING Group subsidiary ING Canada. This company is one of the Canada’s most trusted providers of property and casualty insurance (auto, home and business, so it takes a 17% of the Canadian market). Also, it serves the private, public and commercial (snowmobiles and trucks) vehicle market, plus it covers vandalism and theft, and also offers other forms of business insurance.
- Desjardins Insurance is a trademark, the property of Desjardins General Insurance Group Inc., and a registered business name used by its subsidiary Certas Direct Insurance Company to sell auto and home insurance products in Ontario and Alberta. Desjardins General Insurance Group (DGIG) is among the biggest and the most successful insurance companies in Canada, and have one of the greatest customer service ratings in the insurance industry. They have been meeting the home and auto insurance demands of Canadians for more than 60 years.
- TD Insurance is part of the TD Bank Group, one of Canada’s largest financial services organizations. This company works in 2 sectors: general insurance and life and health insurance. They have earned their place as the largest direct-response home and auto insurance group and one of the top three personal home and auto insurance groups in Canada.
- Established in 1974, The Personal Insurance Company (The Personal) is a Canadian property and casualty (P&C) group insurance company that focuses in home insurance and auto insurance. They offer insurance to employees and members of over 560 organizations across Canada, including unions, financial institutions, as well as the government sector.
- Aviva Canada Inc. is a Canadian property and casualty insurance company and a wholly owned subsidiary of the UK-based Aviva plc. They offers home, automobile, personal, recreational vehicle, and business insurance to more than 3 million clients They have around 3,000 employees, 30 locations and 1,700 independent broker partners.
- Allianz Canada provides complete car and motorcycle insurance that include standard liability, accident and physical damage along with legal protection.