In Ontario, car insurance premiums can change depending on a wide variety of factors, like your age, driving record, and the type of car you’re driving. If you’re looking to find the cheapest car insurance company in the province, it’s important to shop around to get the best rates. To help you make a decision, we’ve put together a list of major car insurance companies in Ontario and their estimated cost of coverage.
One of the cheapest car insurance companies in Ontario is the Intact Insurance Company. Intact offers a range of coverage options with competitive prices, depending on your specific circumstances. For example, for a driver under 25, Intact offers basic coverage at around $800 per year. For comprehensive coverage, the price difference could be less than $1,000.
Desjardins Insurance also provides some of the lowest car insurance premiums in the province. Desjardins offers a range of products, including a basic coverage plan which averages around $800 per year and a comprehensive plan that averages around $1,100 per year. Some of the benefits of choosing Desjardins include a three-year coverage period and optional add-on coverage.
Another affordable option is Belairdirect Insurance Company. They offer coverage for all types of cars, from sedans to luxury vehicles, and some of the best rates in the province for young drivers. On average, basic coverage from Belairdirect is around $800 per year, with comprehensive coverage between $1,000 and $1,200 per year.
The Allstate Insurance Company is also an affordable option for car insurance in Ontario. They offer a range of coverage options that can save drivers thousands of dollars each year, including optional coverages like accident forgiveness and new car replacement. Their basic coverage plan averages around $800 per year, while their comprehensive plan averages between $1,000 and $1,100 per year.
Finally, the State Farm Insurance Company is also a great choice for Ontario drivers looking for affordable policies. They offer a variety of coverage options and discounts on a range of services, including roadside assistance, accident forgiveness, and theft protection. Basic coverage from the State Farm Insurance Company averages around $800, while comprehensive coverage will cost around $1,100.
Factors Affecting Insurance Prices
The cost of car insurance will vary depending on an individual’s circumstances, and there are a few key factors that will affect the overall price of a policy. While some factors are out of your control, like your age and location, there are other factors that you can work on to get the best rate possible.
The type of car you’re driving is also a major determining factor in insurance prices. Generally speaking, smaller cars with fewer features, like a sedan or hatchback, will be cheaper to insure than larger vehicles with more powerful engines, like an SUV or a luxury car. Driving record and claims history will also have an impact on your insurance cost.
Your insurance rate can also be affected by how often you drive, and how far you drive each day. Studies have shown that drivers who drive fewer kilometres per year are more likely to be offered better rates than drivers who cover a lot of ground. The type of coverage you choose is also a major factor. If you’re looking for basic coverage, you’re likely to get a lower rate than if you’re looking for comprehensive coverage.
Comparison Shopping to Find the Best Rate
When it comes to finding the best car insurance rates, one of the most important things to do is to compare the rates of different insurers in your area. The best way to do this is by using an online comparison tool, which will allow you to quickly see the prices that different providers are offering. You can also speak to an insurance broker to get a more tailored estimate.
It’s also important to read the fine print of any policy you’re considering to make sure you understand what you’re getting into. Be aware of any additional costs or exclusions that could be included in the policy, as well as any discounts you might be eligible for. The more you know about the policies offered by different companies, the easier it will be to make an informed decision about the best car insurance for your needs.
Additional Benefits and Services
When shopping for car insurance, it’s important to look for more than just the lowest price. The best insurance companies will provide a full range of services and special features to ensure you get the coverage you need. These can include additional accident coverage, roadside assistance, and optional add-ons, such as gap insurance and identity theft coverage.
It’s also a good idea to check the customer service ratings of an insurance company before making a decision. You’ll want to make sure you’re working with a provider that is responsive to customer inquiries and willing to provide helpful service. It’s also important to understand what types of claims the company covers and what steps you’ll have to take in the event of an accident or other claim.
Minimize Risk and Externalities
When purchasing car insurance, it’s important to prioritize your safety and the safety of other drivers on the road. One way to do this is to look for providers that offer discounts for installing safety features in your car, such as airbags, anti-theft alarms, and other features. Additionally, some insurers offer discounts for drivers who take a defensive driving course or demonstrate responsible driving habits.
It’s also essential to consider the financial stability of the companies you’re considering. Insurers with a history of paying out claims quickly and fairly are more likely to be able to cover your costs in the event of a loss. Reputable providers should also be able to provide you with an understanding of their insurance rating and financial strength.
Conclusion
Finding the right car insurance can be a challenge, but it’s a crucial part of protecting yourself and your vehicle. By doing research and comparison shopping, you can find the best rates and coverage for your needs. Be sure to pay attention to factors such as safety discounts, customer service ratings, and financial strength when making your selection.
