In this article, I want to Help you with the process of getting your car insurance!
As we know the car insurances are mandatory in Canada and it takes a big chunk out of people's money. So the best practice is to find the best insurance for your car,
The most expensive provinces in Canada
According to the study published by Ernst & Young's "Canadian Private Passenger Vehicle Insurance Rate Comparison" which was released in October 2022, Alberta had the highest amount of insurance Premiums . The second and the third places were, consecutively, Nova Scotia and Ontario, Meanwhile, Saskatchewan has the lowest premium among the provinces.
( https://www.icbc.com/about-icbc/company-info/Documents/Canadian-Insurance-Rate-Comparisons-Oct-2022.pdf ) . For complete information check out the link above.
Here is the list of most expensive provinces to the least expensive provinces.
Alberta
Nova Scotia
Ontario
New Brunswick
Newfoundland
British Columbia
Prince Edward Island
Manitoba
Saskatchewan
There are other factors that impact insurance premium which are:
your age ( younger drivers pay more for insurance)
your gender ( Male drivers tend to pay an increased premium until about the age of 40 )
where you live
what car you drive
how much you use your car
your driving record
your claim history
the type of coverage you choose
the amount of your deductible ( deductible is the amount you pay out of your pocket before insurance pay the rest of it and higher deductible equals lower payments)
how to pick the best insurance for your car ?
1- Do not pick a car insurance because your friend says their insurance is the best insurance! . You see, everybody thinks what they do is correct and most of the newcomers, are inexperience and think the people who have been here knows everything better. well they don't. people want to show other people that they have the best thing and want to help. consider their providers but do not rush into this.
2- compare lots of insurance providers. get online quotes. call insurance companies.
( https://hellosafe.ca/en/car-insurance ) or check out the list of the insurance providers ( https://www.finder.com/ca/car-insurance/a-z-list-of-car-insurance-provider-reviews ).
You want to get the best quote for that.
3- pick the best car. if you want the best price and you car how much you pay for insurance, picking the right car is one of the major factor in getting the best insurance possible. the data from Lowetrates.ca compares quotes from 2019 to 2021 and the data shows: Nissan wins the first place for the most expensive car brand to insure in Ontario. Nissan owners pay around 11% more for car insurance than the provincial average premium for brands included in this study.
The most expensive car brands to insure were :
Nissan (11% more expensive than the provincial average)
Hyundai (10% more expensive than the provincial average)
Toyota (9% more expensive than the provincial average)
Honda (8% more expensive than the provincial average)
Mazda (6% more expensive than the provincial average)
GMC owners, meanwhile, have the cheapest car insurance and pay approximately 30% less for their policies than the provincial average.
Least expensive car brands to insure:
GMC (30% less expensive than the provincial average)
Chevrolet (26% less expensive than the provincial average)
Ford (20% less expensive than the provincial average)
Dodge/Ram (17% less expensive than the provincial average)
Acura (13% less expensive than the provincial average)
4- Get "two-way" coverage instead of "one-way" coverage. The one way coverage only covers the damage to the others and any damage to your car will not be covered.
Insurance Terms Explained!
Let's talk about some insurance Terms that might seem confusing but Important for decision making.
All Peril : This coverage is an optional coverage the insure your car in case of direct and indirect damages such as collusions, thief, missile, civil disturbance, vandalism and ... ( https://www.fsrao.ca/consumers/auto-insurance/purchasing-your-policy/extra-coverage-loss-or-damage-your-vehicle#:~:text=All%20perils%20coverage%3A,repairs%20that%20vehicle%20steals%20it. )
Accident forgiveness: this Coverage is offered by some insurance companies. if you this coverage, your insurance company promises not to increase your next year premium for your first at-fault or partially at-fault accident. (This increases your premium)n
Depreciation waiver : Your insurance company , In the case of Total loss claim, will Reimburse you for a brand new vehicle. this option is available for brand new vehicles.
Total loss : This means that the cost of repairing your car is higher than the total loss threshold ( this is a percentage of value at which your insurance company will declare your car a total loss) .
I believe i covered the most important factors on how to get the best insurance possible.
always research.
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