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 when purchasing auto insurance, and can also help you know exactly what to do to lower your premium.
Age Affect On Car Insurance Ontario
According to statistics, young male drivers are more involved in accidents compared to older drivers. Younger drivers are known to be more reckless in their driving and as such they are subject to higher premium. Although the difference in premium costs is not usually drastic.
If you have ever been in an accident, made previous auto insurance claims or received any tickets, the insurance company will likely considered you high risk and you may pay higher premium compared to a driver that has an excellent driving record. In worse cases, some insurance companies will deny you coverage if you have a really bad driving record. After three years most tickets stop affecting your rate, while it may take up to five years for injury accidents to stop affecting your rate.
Statistics has proven that single people tend to have more accidents than married people; as a result, getting married (particularly for men) can significantly lower your insurance rate. The amount by which your rate decreases depends on your prior driving history – if you have a clean driving record, your rates could reduce by half.
Car related Factors
The model and make of your car can also affect your car insurance Ontario rates. Some car models are more attractive and are usually targeted by thieves. You will likely pay a higher rate if you drive such a car model. However, if your car has anti-theft features you can enjoy lower premium.