Your overall car insurance rate is affected by several factors. Some of these factors are beyond your control, but knowing what they are and how they affect your rate can help you make an informed decision, and help you know exactly what to do to lower your premium.
The Effect of Age on Car Insurance Ontario
According to statistics, young male drivers are involved in more accidents than female peers and older drivers. Younger drivers are stereotypically more reckless in their driving and are automatically subject to a higher premium. However, these premium increases are usually not drastic.
If you have ever been in an accident, made previous auto insurance claims or received any tickets, the insurance company will likely consider you a high risk, and you may be subjected to a higher premium than a driver who has an excellent driving record. Some insurance companies may go so far as to deny coverage to drivers with a bad driving record. After three years, most tickets stop affecting your insurance rate, although serious offenses involving injury may take up to five years to stop affecting your rate.
Statistics proves that single people tend to have more accidents than married people; as a result, getting married can significantly lower your insurance rate (particularly for men). The amount by which your rate decreases depends on your prior driving history—if you have a clean driving record, your rates could be reduced by half.
The model and make of your car can also affect your car insurance rates. Some car models are more attractive and are usually targeted by thieves. You will likely pay a higher rate if you drive a luxury car. However, if your car has anti-theft features your premium may be lowered.